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.



Nominations Sought for Section Leadership Positions

Do you know anyone who has what it takes to be a good Section leader? The Nominating Committee of the Section needs your recommendations for leadership positions for the 2017-2018 association year. Nominees will be selected for: Chair-elect (who automatically assumes the position of chair the following year); Secretary (who automatically assumes the position of vice chair the following year); Content Officer; two Section Delegates to the ABA House of Delegates; and five additional Council members for a four-year term expiring in 2021. The Nominating Committee will take into account the following principles in making its selections. It will: select nominees who have been substantial and active contributors to the Section; seek geographic diversity in the leadership of the Section; strive for representation from a broad cross-section of the areas of law represented in the Section; and seek to draw leaders from a broad cross-section of the various sectors of practice, including corporate law departments, government, academia and private law firms; and actively recruit nominees that reflect the diversity of the Section. Please send your nominations by email to no later than November 18.

Question: Between November 2, 2015 and November 4, 2015, Harris Poll conducted an online survey of 2,017 adults ages 18 and older on behalf of NerdWallet, Inc. to understand U.S. consumers’ credit card payment habits and feelings around different types of debt. The results of this study were published in the 2015 American Household Credit Card Debt Study. According to the 2015 American Household Credit Card Debt Study, what percentage of U.S. adults would be more embarrassed to tell others about credit card debt than any other type of debt?
A. 10%
B. 35%
C. 55%
D. 90%

Question: From the late 1600s to the early 1800s, “debtors’ prisons” were commonplace with many cities and states operating brick-and-mortar detention facilities that were designed for incarcerating individuals who were unable or unwilling to pay their debts. Imprisonment for indebtedness was so commonplace that two signatories of the Declaration of Independence were jailed for failure to pay their debts. Can you name those two signatories?

The November issue of Business Law Today will focus on Nonprofits. Articles will range from the “Delaware Advantage” to nonprofit organizations needing nonprofit lawyers. In addition, other features include keeping pace with disruptive technological change, insurance bad faith recoveries, and constitutional issues in granting Americans a “Right to Dispute.”

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.

Business Law Section Fall Meeting
November 18-19, 2016
Washington, DC

Business Law Section Spring Meeting
April 6-8, 2017
New Orleans, LA

Miscellaneous IT Related Legal News (MIRLN) 25 September - 15 October 2016 (v19.14)

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.