What do Alex Jones, Purdue Pharma, and Johnson & Johnson have in common? They all used bankruptcy to try to get out of mass tort claims.[1] Alex Jones filed for bankruptcy when he lost the Sandy Hook case and was ordered to pay $50 million dollars to the parents of the victims in Sandy Hook.[2] Purdue Pharma filed for bankruptcy when it faced the opioid crisis, allowing the Sackler family to be protected from the lawsuits. Like Purdue Pharma, Johnson & Johnson attempted to do something similar, but used the Texas two-step to avoid huge liabilities. In October of 2021,…
Author: Daniel Kweon
On March 10th, 2023, Silicon Valley Bank (“SVB”) collapsed, marking the greatest bank failure since the 2008 recession.[1] SVB’s place in the market is particularly important because its clients were comprised mainly of start-ups and venture capital.[2] Its financial services allowed budding companies to lay a foundation and provide a good or service that could change the lives of Americans across the country. SVB’s gross revenue in 2022 was just shy of $7.4 billion.[3] This puts it on par with other financial giants like American Express and Citizen Financial Group.[4] Therefore, SVB’s status as a financial powerhouse cannot be understated.…
The Fordham Journal of Corporate & Financial Law will be hosting its annual Symposium on Friday, October 27, 2023 from 1:00PM-5:30PM. The topic of this year’s Symposium is “A Major Question for the SEC: Analyzing Constitutional Limits on Regulatory Authority.” The Symposium will be held at Fordham Law School (150 West 62nd Street, New York, NY 10023). A Zoom link will also be provided for virtual attendees.
T-Mobile is set to acquire Ka’ena Corporation, which owns various wireless companies, including Mint Mobile.[1] Although they are both players in the mobile network marketplace, T-Mobile and Mint Mobile are different kinds of players. Namely, in the U.S., T-Mobile is one of three Mobile Network Operators (“MNOs”) and Mint Mobile is one of dozens of Mobile Virtual Network Operators (“MVNOs”).[2] The principal difference is that MNOs own and service the infrastructure while MVNOs buy and resell network capacity from the MNO to their own customers.[3] MVNOs Are Competition This mobile marketplace paradigm complicates a competition analysis as the MNOs and…
On March 19th, 2023, the Union Bank of Switzerland (“UBS”) announced its intention to acquire Credit Suisse Group AG (“Credit Suisse”), a leading global wealth manager.[1] Over the past few years, Credit Suisse has had scandals, public legal battles, and escalating losses that diminished investor confidence and caused clients to withdraw their money.[2] On March 15th, after its largest shareholder, Saudi National Bank, refused to invest additional capital into the bank, Credit Suisse asked the Swiss National Bank for a public statement of support.[3] Despite the Swiss National Bank’s offer to lend Credit Suisse $54 billion and buy back up…
Towards the end of April 2023, the Catawba Indian Nation passed a new Banking and Financial Services Code as part of the Tribe’s efforts to build a “Digital Economic Zone” that is tailored to attract banks and fintech companies to its small tribal reservation outside of Charlotte, North Carolina. The Code is modeled on the banking laws of a combination of states, such as Wyoming, the Dakotas, and Delaware, that have been in the headlines in recent years for their combination of unique tax benefits, business friendly climates, and openness to hosting innovative fintech and digital currency operations. The…
The Fordham Journal of Corporate & Financial Law is now accepting submissions for its 2023- 2024 issues! As one of the premier student-edited business law journals in the country, the Journal ranks as the single most-cited specialty journal in banking and finance, and among the top-ten specialty journals in corporations and associations. Academic journals, the financial press, and the U.S. Supreme Court have cited the Journal. The Journal welcomes articles and essays addressing important issues in U.S. banking, bankruptcy, corporate governance, capital markets, finance, mergers and acquisitions, securities, and tax law and practice. Text and footnotes should conform to The…
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