Does the Securities Exchange Act Apply to Short-Swing Profits Abroad?
Section 16(b) of the Securities Exchange Act requires statutory “insiders” of companies that are registered with the Securities Exchange Commission (SEC)—such as officers, directors, and certain beneficial owners—to disgorge profits from “short-swing” trading within a six-month period. It is a strict liability provision that does not depend on the insiders’ intent. On May 23, 2025,…
Continue ReadingThrowback Thursday: Hilton v. Guyot
One hundred and thirty years ago this week, on June 3, 1895, the Supreme Court decided Hilton v. Guyot. Hilton is the seminal decision on recognizing and enforcing foreign judgments in U.S. courts. Although the federal common law rule that Hilton announced has been superseded by state law, Hilton continues to influence state rules in…
Continue ReadingZach Clopton Named Interim Dean of Northwestern
We are delighted to share that TLB Editor Zach Clopton has been named the interim dean of Northwestern University Pritzker School of Law. In light of his new responsibilities, Zach will be stepping away from his editorial duties at TLB. We have pasted below some of his “greatest hits” to highlight the breadth and depth…
Continue ReadingOne Century of Arbitration in the United States: Call for Papers
To celebrate the one hundredth anniversary of the Federal Arbitration Act, Transnational Dispute Management(TDM) is publishing a special issue, “One Century of Arbitration in the United States: The Federal Arbitration Act at Home and Abroad,” edited by Professor Björn Arp and Professor Kiran Nasir Gore. Proposals may be submitted to info@transnational-dispute-management.com and will be reviewed…
Continue ReadingWhy Canada’s Terrorism Exception Does Not Violate International Law
Like the United States, Canada has an exception in its State Immunity Act (SIA) for state supporters of terrorism. Canada has put Iran and Syria on the list of states against which claims for terrorism may be brought in Canadian courts. Under the SIA, Canadian courts have found Iran liable for shooting down a Ukraine…
Continue ReadingSecond Circuit Finds Provision of New York Convention Self-Executing
The Constitution’s Supremacy Clause states that “all Treaties made, or which shall be made, under the Authority of the United States, shall be the supreme Law of the Land,” but the U.S. Supreme Court has long distinguished between self-executing and non-self-executing treaties. Self-executing treaty provisions are effective as federal law without implementing legislation. Non-self-executing treaty…
Continue ReadingCall for Paper Proposals—ASIL Midyear Meeting
The American Society of International Law is soliciting scholarly paper proposals for the 2025 ASIL Research Forum to be held at ASIL’s Midyear Meeting, September 25-27, at Case Western Reserve University School of Law in Cleveland Ohio. Abstracts can be submitted by clicking here and then clicking on “Call for Paper Proposals.” The deadline is…
Continue ReadingHalkbank Files New Cert Petition
Halkbank, a Turkish state-owned bank accused of violating U.S. sanctions on Iran, filed a petition for certiorari last week seeking a second chance to convince the Supreme Court that it is immune from criminal prosecution in the United States. In its first trip to the Court, back in 2023, Halkbank argued that it was entitled…
Continue ReadingThe Impossibility of Schrödinger Service
In quantum physics, a system can exist in two states at the same time. When the system is observed, it settles into one of those states. The physicist Erwin Schrödinger found this notion somewhat absurd. In a thought experiment, he imagined a cat in a closed box with a flask of poison and a radioactive…
Continue ReadingNinth Circuit Addresses Common Law Immunity from Criminal Prosecution
Two years ago, in Turkiye Halk Bankasi A.S. v. United States (Halkbank) (2023), the U.S. Supreme Court held that the Foreign Sovereign Immunities Act (FSIA) does not apply to criminal proceedings and remanded the defendant’s claim of common law immunity to the Second Circuit. On remand, the Second Circuit deferred to the executive branch’s determination that Halkbank was not…
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