LS236 Lecture Notes - Lecture 3: Weregild

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plumtiger243

5 Mar 2018

School

University of Waterloo

Department

Legal Studies

Course

LS236

Professor

Dan Hutter

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Document Summary

Ordeals: each new anglo-sa(cid:454)o(cid:374) la(cid:449) (cid:272)ode (cid:858)added to the la(cid:449)s (cid:449)hi(cid:272)h thei(cid:396) fo(cid:396)efathe(cid:396)s had (cid:373)ade lo(cid:272)al(cid:859, the church had a great role in developing law codes over time. However, the main influence in creating law was tradition and the king: anglo-saxons respected the due process of the law. One was not to take the law into their own hands. If found guilty: o(cid:374)e(cid:859)s oath a(cid:374)d (cid:396)eputatio(cid:374) (cid:449)e(cid:396)e held i(cid:374) high (cid:396)ega(cid:396)d, a(cid:374)d (cid:449)e(cid:396)e (cid:374)ot t(cid:396)eated lightl(cid:455, oaths before an alter were a sacred/solemn bond. Also showed the influence of christianity: to be guilty of perjury was a great social and legal liability. You could no longer swear an oath. You will find it hard to find people to provide surety. This is done to protect the honor of women. The(cid:455) (cid:373)a(cid:455) (cid:374)ot ha(cid:448)e a (cid:858)ki(cid:374)(cid:859) of thei(cid:396) o(cid:449)(cid:374) This buys protection while they establish themselves in society: animals, crops, trees and property were highly valued.

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Facts Carl Adle and Louise Bart formed a law firm as partners, and Anne Lily, Marvin Thomas, and Tim Jones joined the newly formed firm of Adle & Bart as associates (nonpartner employees). After about five years, Lily, Thomas, and Jones became disenchanted with the law firm and decided to form their own, to be called Lily, Thomas & Jones. Lily and Thomas suggested to Jones that they contact approximately five hundred of Adle & Bartâs current clients. Lily and Thomas had prepared a model letter to inform clients about the new law firm (Lily, Thomas & Jones) and to encourage them to leave Adle & Bart and to become clients of the new firm. The letter also indicated that Lily, Thomas & Jones would offer legal services far better than those of Adle & Bart: billing rates would be more reasonable, service more prompt, and legal representation more effective and successful. The reference to success was aimed, in part, at three large clients who recently lost lawsuits under Adle & Bart representation. Although the losses had not resulted from malpractice or mishandling by Adle & Bart, Lily and Thomas knew that significant amounts of money had been at issue and that the clients were sensitive about the results of the lengthy litigation. The letter included two postage-paid form letters for the prospective client to sign and mail. One form letter was addressed to Adle & Bart, informing them of the clientâs desire to discontinue the client-attorney relationship and requesting the firm to forward all files to Lily, Thomas & Jones. The other form letter, addressed to Lily, Thomas & Jones, requested representation. Jones is reluctant about the proposed mailing. Lily and Thomas, in turn, argue that their new firm is not doing as well as they expected. They essentially give Jones an ultimatum: join in the letter or leave the firm. Jones, who has thoroughly alienated Adle & Bart, does not believe he has any immediate alternative job opportunities. Social, Policy, and Ethical Considerations 1. Should Jones agree to the proposed mailing? Is it ethical for those forming the new firm to use a client list of their former employer when seeking clients? 2. What practical steps could Jones take to assist him in his decision? 3. What are the competing social interests at stake in this controversy? 4. How would your answers differ,if at all, if the firms were accounting firms rather than law firms? 5. In what manner,if at all, should the law protect existing businesses from competition? Under what circumstances might competition become unfair, and how should laws be tailored to deter unfair practices? 6. Should Jones be concerned about the comparisons the letter makes between the new firm and Adle & Bart?

coralhamster231

CASE DEBATE. Write down Background/Summary , Pro Highlights and con highlights ( Min 4 points for both Pro and Cos ) for topic INSIDER TRADING. Topic / Subject: Insider Trading Background/Summary: Pro Highlights Con Highlights Everyone would like to get a stock tip that will yield a huge return on a small investment. Thatâs human nature. But stock tips can be mixed blessings. Consider the following example: Dr. Sam Waksal developed a promising cancer drug called Erbitux. As the CEO of ImClone, Waksal was an entrepreneur as well as an immunologist. Waksal sold an interest in Erbitux to the pharmaceutical company Bristol Myers for $42 million. It was a Bristol Myers executive who informed Waksal that the Federal Drug Administration (FDA) was not going to approve the drug because there were insuffi cient data to determine its effectiveness; thus, new clinical trials were needed. Investors had expected approval, and once the FDA decision was made public, ImClone stock was certain to face a sharp decline in price. At least in the short term, some people were going to lose a lot of money. One of those people was, of course, Waksal himself. He had millions of shares of ImClone. So did his family. Waksal told his daughter and father to sell their shares. In addition, Waksal transferred 79,000 of his own shares to his daughter to sell. Waksal knew that it was illegal under federal law for him or his family members to trade on inside information. And in the end, all three were indicted and later convicted of violating federal security laws. Waksal was guilty of insider trading. As we pointed out in Chapter 1, insider trading results from information asymmetry, which arises when one party in a business transaction has information that is unavailable to the other parties in the transaction. To be legally actionable, insider trading must involve information that has not been publicly announced, as you might expect. In addition, the information must be material. Material means that the information will cause a significant change in the stock priceâthe price will go either up or down as a result of the event the information concerns. Examples of material corporate events include the introduction of a new product line, an acquisition, a divestiture, a key executive appointment, and thefailure or success of a product under development. Martha Stewart Enters the Picture Waksalâs conviction is not the only part of this story. Waksal was friends with the celebrity Martha Stewart, who also owned ImClone stock. On the day before the negative FDA announcement, Stewart sold 4,000 shares of ImClone worth $230,000. Did Stewart sell her shares on the basis of inside information regarding the FDA decision? Stewartâs sale certainly looked suspicious, and the Securities and Exchange Commission (SEC) started an investigation and asked her to explain her sale. In her discussions with the SEC, Stewart did not admit to insider trading. Stewart claimed that she had a prearranged order in place to sell her Im-Clone stock when it dipped below $60 per share. The stock did dip below $60 the day before the FDA announcement. Federal prosecutors, however, alleged that she and her broker, Peter Bacanovic, had doctored stock transaction records to support her story. In the SEC indictment, it was that they did not believe her explanation. It is also interesting to note that Stewart is not alleged to have received a tip from Waksal himself. Indeed, she contacted Waksal only after the sale, when she called him to ask what was happening to the company. However, it is alleged that her broker, Bacanovic, received a tip that Waksal and his daughter had placed orders to sell shares of ImClone. Martha Stewart was eventually convicted in a criminal trial, but convicted of what? The most serious charges, which involved securities fraud and insider trading, were thrown out of court. She was convicted only of lying to investigators. However, Stewart was also charged in a civil suit, and in that suit, the insider trading charge would have been allowed in court. After serving a jail term, Stewart eventually reached an agreement with the SEC to settle the insider trading accusations. Under the agreement, she had to pay $195,000, covering her gains from the trading and penalties, although she did not admit to any wrongdoing. Conclusions What can we conclude about insider trading? The ethical issues can be analyzed at two levels: At the institutional level, we can ask whether the insider trading laws are ethical. At the individual level, we can ask why a person would engage in this illegal behavior.

Lance H. and Wanda B. Dean are married and live at 431 YuccaDrive, Santa Fe, NM 87501. Lance works for the convention bureau ofthe local Chamber of Commerce, while Wanda is employed part-time asa paralegal for a law firm.

During 2016, the Deans had the following receipts:

Salaries ($60,000 for Lance, $41,000 for Wanda)		$101,000
Interest incomeâ
City of Albuquerque general purposebonds	$1,000
Ford Motor company bonds	1,100
Ally Bank certificate of deposit	400	2,500
Child support payments from John Allen		7,200
Annual gifts from parents		26,000
Settlement from Roadrunner Touring Company		90,000
Lottery winnings		600
Federal income tax refund (for tax year 2015)		400

Wanda was previously married to John Allen. When they divorcedseveral years ago, Wanda was awarded custody of their two children,Penny and Kyle. (Note: Wanda has never issued a Form 8332 waiver.)Under the divorce decree, John was obligated to pay alimony andchild supportâthe alimony payments were to terminate if Wandaremarried.

In July, while going to lunch in downtown Santa Fe, Wanda wasinjured by a tour bus. As the driver was clearly at fault, theowner of the bus, Roadrunner Touring Company, paid her medicalexpenses (including a one-week stay in a hospital). To avoid alawsuit, Roadrunner also transferred $90,000 to her in settlementof the personal injuries she sustained.

The Deans had the following expenditures for 2016:

Medical expenses (not covered by insurance)		$7,200
Taxesâ
Property taxes on personal residence	$3,600
State of New Mexico income tax (includesamount withheld
from wages during 2016)	4,200	7,800
Interest on home mortgage (First National Bank)		6,000
Paid church pledge		3,600
Life insurance premiums (policy on Lance's life)		1,200
Contribution to traditional IRA (on Wanda's behalf)		5,000
Traffic fines		300
Contribution to the reelection campaign fund of the mayor ofSanta Fe		500
Funeral expenses for Wayne Boyle		6,300

The life insurance policy was taken out by Lance several yearsago and designates Wanda as the beneficiary. As a part-timeemployee, Wanda is excluded from coverage under her employer'spension plan. Consequently, she provides for her own retirementwith a traditional IRA obtained at a local trust company. Becausethe mayor is a member of the local Chamber of Commerce, Lance feltcompelled to make the political contribution.

The Deans' household includes the following, for whom theyprovide more than half of the support:

	Social Security Number	Birth Date
Lance Dean (age 42)	123-45-6786	12/16/1974
Wanda Dean (age 40)	123-45-6787	08/08/1976
Penny Allen (age 19)	123-45-6788	10/09/1997
Kyle Allen (age 17)	123-45-6789	05/03/1999
Wayne Boyle (age 75)	123-45-6785	06/15/1941

Penny graduated from high school on May 9, 2016, and isundecided about college. During 2016, she earned $8,500 (placed ina savings account) playing a harp in the lobby of a local hotel.Wayne is Wanda's widower father who died on January 20, 2016. Forthe past few years, Wayne qualified as a dependent of theDeans.

Federal income tax withheld is $5,200 (Lance) and $3,100(Wanda). The proper amount of Social Security and Medicare tax waswithheld.

how to find taxable interest? line 8a on 1040 form

LS236 Lecture Notes - Lecture 3: Weregild

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