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Academic

: Conglomerate

Links: Litigation Finance, Litigation Finance, Tanier

By Gordon Smith, Christine, Hurt, Vic Fleischer, Fred Tung, Lisa Fairfax, David Zaring

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  • I participated in the Penn Journal of Business Law/Journal of International Law symposium on Friday, on a panel with Bill Bratton, Chris Brummer, Eric Pan (academics all), and former SEC Enforcement chief counsel Joan McKown.  Joan relayed the discomfort the business community has with Dodd-Frank's whistleblower provisions, which basically turn the statute into a qui tam arrangement - that is, the uncoverer of fraud gets a chunk of the recovery.  When paired with foreign corrupt practices practice - Siemens just paid out a billion dollars in fines to various regulators for an Italian bribe - you can see how you're talking about real money.  Anyway, the Times has an overview of the implementation issue - my own sense is that qui tam arrangements work worst when quasi-wrongdoers (someone who saw the bribery, but didn't say anything about it) or corporate compliance officers (once you discover wrongdoing, should you tell your bosses, or try to retire on the news, via the government?) get to recover.  You can imagine the conflicts, and the SEC has proposed exempting these sorts of people from recovery.  We'll see if that's what Congress wanted.
  • And of course, there's this litigation finance story too.
  • I think that David Post is late to the Mike Tanier admiration club, which I've belonged to since he started at the Times, and others in the olden, Football Outsiders days.  He's totally right, though - Tanier can really write.

Full post as published by Conglomerate on November 15, 2010 (boomark / email).

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