United States v. O'Hagan: pragmatism returns to the law of insider trading
Article Abstract:
The US Supreme Court in United States v. O'Hagan formulated a federal regulatory framework for addressing fiduciaries' misappropriating material, nonpublic securities information. The Court stopped short of formulating a unified theory of deception because of problems of proof regarding the tipee's knowledge of a breach of the insiders' fiduciary duties. The Court's reasoning was based on SEC Rule 10(b) and section 10(b) of the Securities and Exchange Act of 1934 and was concerned with the public policy goal of protecting investors from informational disparities.
Publication Name: The Journal of Corporation Law
Subject: Law
ISSN: 0360-795X
Year: 1998
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A proposal for an exit tax on nonprofit conversion transactions
Article Abstract:
An exit tax should be charged on transactions that convert nonprofit hospitals to for-profit hospitals. The tax would allow government to claim value on benefits it had granted to exempt organizations. A conversion policy that involves tax calculation would ensure regulators scrupulously analyze the transaction. Communities would benefit from tax proceeds. Government officials should ensure tax policies do not interfere with efficient market operations.
Publication Name: The Journal of Corporation Law
Subject: Law
ISSN: 0360-795X
Year: 1998
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Unsettled standing: who (else) should enforce the duties of charitable fiduciaries?
Article Abstract:
Deciding who has the right to sue charitable fiduciaries raises questions as complicated as the society in which charities exist. There is no simple solution, even though there are alternative models depending on the kind of charity in question and the role it plays in society. Laws responding to the question should not be uniform and rigid, but flexible and diverse enough to account for the different roles charities play in society.
Publication Name: The Journal of Corporation Law
Subject: Law
ISSN: 0360-795X
Year: 1998
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