Inside Business Law

The May 2014 issue of the The Business Lawyer includes two excellent articles. 

Rethinking Basic
By Lucian A. Bebchuk and Allen Ferrell

In the Halliburton case, the United States Supreme Court reconsidered the ruling in the decision of Basic Inc. v. Levinson that, 25 years ago, adopted the fraud-on-the-market theory, which has since facilitated securities class action litigation. Professors Bebchuk and Ferrell seek to contribute to this reconsideration by providing a conceptual and economic framework for a reexamination of the Basic rule, taking into account and relating their analysis to the Justices' questions at the Halliburton oral argument. 

“Rethinking Basic” can be found here.

Equity Receivers and the In Pari Delicto Defense
By Hon. Steven Rhodes and Kathy Bazoian Phelps

Federal equity receivers are creations of equity. The in pari delicto doctrine is similarly a defense based in equity. When equity receivers are called upon to administer the assets of a receivership entity for the benefit of defrauded victims, courts sitting in equity must balance the needs of the victims with the rights of the defendants to assert the in pari delicto defense to litigation claims brought by the receiver against them. The competing equities reveal the great discretion that courts can exercise in permitting litigation claims to proceed in the face of the assertion of the in pari delicto defense. Courts, however, must also be mindful of a variety of issues and obstacles in deciding whether to allow the in pari delicto defense. 

“Equity Receivers and the In Pari Delicto Defense” can be found here.

Take a look at the May edition for a wide variety of surveys, reports, and papers prepared for the May 2013 Seminar of the Working Group on Legal Opinions, which commemorated the 40th  anniversary of publication in The Business Lawyer of the seminal article on third-party closing legal opinions by James J. Fuld, titled “Legal Opinions in Business Transactions—An Attempt to Bring Some Order Out of Some Chaos.”

The full May 2014 issue of the The Business Lawyer can be found here.

The Business Law Section Annual Meeting

The Business Law Section will hold its first Business Law Section Annual Meeting September 10 – 13, 2014 at the Hyatt Regency Chicago. 

Highlights for the event include:

  • More than 65 CLE programs prepared and presented by practice-area experts;
  • Up-to-the-minute topical sessions covering the latest business law issues relevant to your practice;
  • Social events designed to facilitate networking with new contacts and reconnecting with old friends; and
  • Hundreds of Committee and Subcommittee meetings addressing field developments and upcoming or ongoing projects.

A kick-off event at the Section Annual Meeting will be the first ever in-person In The Know program.  In The Know is a monthly CLE series sponsored by the Business Law Section and is free of charge to all Section members.  The September program will be held at the Hyatt Regency Chicago on September 10, 2014 from 5:00 – 6:30 pm EDT (4:00 – 5:30 pm CDT).  The Program is titled “Ethics Basics for Business Lawyers” and will be sponsored by the Professional Responsibility Committee.  If you are unable to join us in person for the program, it will also be presented as a webinar. Webinar participants should register in advance at

To help young lawyers and lawyers new to the meeting navigate the many offerings, the Young Lawyer Committee has curated the Young Lawyer Institute Track of programs offered at the Section Annual Meeting.  The Institute Track can be found here and includes 16 programs and meetings, as well as Committee meetings, receptions and social events. All CLE programs in the Young Lawyer Institute Track provide an introductory or overview focus on a particular area of the law. The Institute Track is a great starting point to help plan your meeting schedule.

If you are not yet registered for the Section Annual Meeting, you can register in advance through August 22.  For detailed information about the Section Annual Meeting, go to the Meeting webpage at where you will find a detailed schedule, maps, a list of special events, and meeting amenities. Please plan on joining us for what promises to be a fabulous event.



Question: In 2013, Edward Snowden facilitated the release of more than 58,000 classified documents and exposed the Section 215 bulk data collection and PRISM monitoring programs. Who is credited in some circles as pulling off the first network “hack” in history? 

Please see Inside Business Law for the answer to this month’s Business Law Section Trivia Question.

The June 2016 issue of Business Law Today will have two main themes: compliance and white collar crime. Compliance topics include practical tips ranging from hiring in the workplace to regulatory compliance with company jets. White collar crime will look inside encryption for lawyers as well as multijurisdictional bribery enforcement. In this issue, readers will get acquainted with the brand-new cyber technology column and the second piece in a three-part series on commercial contracts.

Do you have a great idea for a BLT article? Would you like to see more of a featured column? Let us know how we can make Business Law Today the best resource for you and your clients. We welcome any suggestions. Please send us your feedback here.

Saratoga Institute on Equine, Racing and Gaming Law
August 9-10, 2016
Saratoga Springs, NY

Business Law Section Annual Meeting
September 8-10, 2016
Boston, MA

Miscellaneous IT Related Legal News (MIRLN) 17 April - 7 May 2016 (v19.07)

BLT is a web-based publication drawing upon the best of the Section's resources, including featured articles and other information from around the Section. Stay informed on the latest business law practice news and information that will benefit you and your clients.