Sunday, November 2, 2008
The Supreme Court's Literalism and the Definition of 'Security' in the State Courts, by Douglas M. Branson, University of Pittsburgh School of Law, and Karl S. Okamoto, Drexel University College of Law, was recently posted on SSRN. Here is the abstract:
This Article argues that the Court should not have rejected an overarching economic realities approach to the scope of the federal securities laws. By viewing the developing standards under the famous Howey test as a movement toward a global standard for identifying "securities" rather than simply the subpart "investment contracts," the Court could have allowed for a more coherent doctrinal development.