tag:blogger.com,1999:blog-91044151958677657852023-11-16T09:52:43.169-08:00Center for Business LawWebmasterhttp://www.blogger.com/profile/05506162355597607649noreply@blogger.comBlogger19125tag:blogger.com,1999:blog-9104415195867765785.post-83251231494849297232017-05-12T16:23:00.001-07:002017-05-12T16:23:34.678-07:00Interesting Piece on Compliance in the New YorkerThere was a very interesting <span id="goog_1558584756"></span><a href="https://draft.blogger.com/">piece<span id="goog_1558584757"></span></a> in the recent New Yorker on Compliance and the Trump Administration.eluhttp://www.blogger.com/profile/14781083614618004146noreply@blogger.com0tag:blogger.com,1999:blog-9104415195867765785.post-66016538885091884032016-03-16T08:41:00.006-07:002016-03-16T08:55:45.468-07:00IP and Politics: Prof. Karol on IP Issues Related to John Oliver and DrumpfProfessor Peter Karol has written a very interesting piece for our Faculty Blog on John Oliver's Claim for Trademark Protection on the term "Drumpf." Check it out at <a href="https://newenglrev.com/2016/03/16/drumpf/">https://newenglrev.com/2016/03/16/drumpf/</a>eluhttp://www.blogger.com/profile/14781083614618004146noreply@blogger.com0tag:blogger.com,1999:blog-9104415195867765785.post-45260098773956382862016-03-08T10:56:00.002-08:002016-03-08T10:56:38.472-08:00Fall Conference on Commercial Law Slated<!--[if gte mso 9]><xml>
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Our fall conference on commercial law has been scheduled for
Thursday, October 6, 2016. Details will follow on the day’s agenda and
speakers, but please take this opportunity to mark your calendars accordingly.</div>
Webmasterhttp://www.blogger.com/profile/05506162355597607649noreply@blogger.com0tag:blogger.com,1999:blog-9104415195867765785.post-30306476646117799112015-12-01T17:59:00.001-08:002015-12-01T17:59:13.080-08:00Giving Tuesday: Great "On Point" PodcastToday is Giving Tuesday and there was a great panel discussion on the<a href="http://onpoint.wbur.org/2015/12/01/giving-tuesday-charity-crowdsourcing#comments"> On Point Podcast</a>. Definitely worth a listen. Great topics ranging from problems with IRS enforcement to the effect of Donor Advised Funds on overall giving. Prof. Ray Madoff from BC gave her critique of these funds. Good discussion on statistics of giving as well as the effectiveness of giving.<br />
<br />
Click <a href="https://www.bc.edu/schools/law/newsevents/events/philanthropy-forum/events/donor-advised-funds-program-.html">here</a> for more on Donor Advised Funds.<br />
<br />
.eluhttp://www.blogger.com/profile/14781083614618004146noreply@blogger.com0tag:blogger.com,1999:blog-9104415195867765785.post-8365731433953066322015-11-12T18:24:00.000-08:002015-12-02T10:31:45.511-08:00Mark Your Calendars for A Special Event with Clark Pager '84 of Restaurant Depot (Th. 1/14/16 from 4-6 in the Cherry Room)Clark Pager '84 has a great story to tell. He is a co-founder of the very successful and innovative <a href="http://www.restaurantdepot.com/">Restaurant Depot</a> national chain of "cash and carry" restaurant supply stores, as profiled in the recent issue of <a href="http://www.nesl.edu/media/TheBridgeFall2015/#/24"><i>The Bridge.</i></a><i> </i>He is coming to our school on Thursday, January 14, 2016 (4-6 in the Cherry Room), and will explain how his New England Law | Boston education was
“instrumental” in growing a single store operation into today's multi-billion
dollar company.<br />
<br />
This special event is co-sponsored by New England Law’s Business Law Society and the Center for Business Law. Mark your calendars for a fascinating discussion that promises to be of interest to all law students, alumni, and anyone interested in succeeding in the business world. We will post additional details about the event as they become available. eluhttp://www.blogger.com/profile/14781083614618004146noreply@blogger.com0tag:blogger.com,1999:blog-9104415195867765785.post-52321205892974358652015-11-12T09:16:00.005-08:002015-11-12T11:37:30.042-08:00Nice Profile on Amy Peterson, sports lawyer and low-profit LLC (L3C) PartnerOur alumni publication, <i>The Bridge</i>, was just published. The issue included very nice<a href="http://www.nesl.edu/media/TheBridgeFall2015/#/24"> profile on Amy Peterson</a> who is associate general counsel for the Detroit Tigers. Her work as a with the L3C is particularly interesting.eluhttp://www.blogger.com/profile/14781083614618004146noreply@blogger.com0tag:blogger.com,1999:blog-9104415195867765785.post-11401594663743115452015-11-09T14:33:00.002-08:002015-11-09T14:33:31.802-08:00Events for the Week of 11/9Three events on Thursday, Nov. 12<br />
<br />
3:30-4:30 Room 501: CBL informal session on Sports Compliance and the Business Practice Credit. Dana LoSasso and Ali Theodore will share their experiences in this exciting practice area. Contact <a href="mailto:elustig@nesl.edu">elustig@nesl.edu</a> for more information<br />
<br />
5-6 Room 305: American Health Lawyers Association, Information Privacy Association and BLS: Ellen Giblin, privacy officer, Boston Children’s Hospital, will lead a
discussion and Q&A session on health care compliance centered on the
health care industry’s most notable compliance regime, the Health
Insurance Portability and Accountability Act (HIPAA). Contact Sean Nabil for more info.<br />
<br />
5:30-7:30 CSO: Suffolk Law School (RSVP required). Compliance Networking Eventeluhttp://www.blogger.com/profile/14781083614618004146noreply@blogger.com0tag:blogger.com,1999:blog-9104415195867765785.post-90691729981630165522015-11-04T09:18:00.000-08:002015-11-04T09:18:20.693-08:00CBL Podcast #2: Professor Emeritus Susan R. Finneran a/k/a "SRF"Please join us as the CBL takes to the road to chat with SRF and hear more about the founding the CBL, the Business Practice Credit, Compliance, and reflections on teaching. And for those former SRF students, learn the truth about "Steve."<br />
<br />
<a href="https://media.nesl.edu/Mediasite/Play/a303ccddb0684685acbd475e62d4b0771d">Listen to the podcast</a>eluhttp://www.blogger.com/profile/14781083614618004146noreply@blogger.com0tag:blogger.com,1999:blog-9104415195867765785.post-58972652475783003522015-11-04T04:08:00.000-08:002015-11-04T04:08:14.144-08:00ADR Event Today (11/4) at 6 in the Cherry RoomThe BLS and ADR Society are sponsoring an ADR event today. It looks to be really interesting and the recent coverage of ADR will be addressed.<br />
<br />
<div>
<h2>
Business Law and Alternative Dispute Resolution Society presentation</h2>
(Boston, Revised-10/28/15) New England Law | Boston: Discover how
lawyers and businesses work together to “Get the Deal Done!” This panel
discussion will take place on Wednesday, November 4, 2015, from 6-8
p.m. in the Cherry Room at New England Law | Boston. <br />
<br />
Sponsored by the law school’s Business Law and Alternative Dispute
Resolution (“ADR”) Society, the panel of distinguished attorneys will
discuss how parties use different types of ADR processes to resolve
conflicts that arise, for example, after a contract has been breached or
to settle employment law or torts claims. <br />
<div class="captionBox">
<img alt="Attorney Jerome" src="http://www.nesl.edu/Jerome200.jpg" height="200" width="200" /> Attorney Brian Jerome '80</div>
Alternative Dispute Resolution is a growing field in the American
legal system, impacting the way parties solve their legal disputes.
According to the American Bar Association, “dispute resolution” is a
term that refers to a number of processes that can be used to resolve a
conflict, dispute or claim. Commonly referred to as alternative dispute
resolution, there are several advantages to using these processes; it
takes less time than litigation, and is also less expensive. ADR gives
parties more flexibility in reaching a solution as well as more control
over the outcome of the dispute. The three main types of alternative
dispute resolution are arbitration, negotiation, and mediation. <br />
<br />
Attorneys Brian Jerome '80, Conna Weiner, and John Wofford will discuss
how lawyers today use the various alternative dispute resolution
processes to solve legal and non-legal problems between parties when the
deal goes bad.<br />
<div class="captionBox">
<img alt="Attorney Weiner" src="http://www.nesl.edu/Weiner200.jpg" height="200" width="200" /> Attorney Conna Weiner</div>
<h3>
Panelist Biographies</h3>
<a href="http://www.mdrs.com/neutrals/brian-r-jerome-esq/" target="_blank">Attorney Brian R. Jerome</a>
is the founder and director of Massachusetts Dispute Resolution
Services (MDRS), one of the first full-service ADR firms established in
Massachusetts. Since 1991, Mr. Jerome has served exclusively as a
mediator and arbitrator at MDRS, and has handled over 10,000 cases.
Prior to founding MDRS, he worked in private practice at the Boston law
firm Parker, Coulter, Daley and White, focusing on matters of civil
litigation and trial, where he represented both plaintiffs and
defendants on matters of civil litigation and trial. <br />
<br />
<a href="http://connaweineradr.com/" target="_blank">Attorney Conna Weiner</a>
Attorney Weiner has over 25 years of experience as a litigator and
in-house counsel in multinational corporations (including as a general
counsel) and is now a mediator and arbitrator. As a neutral, she has
served as an arbitrator in biotechnology evaluation, health plan
provider termination, health plan coverage, franchise, creditor-debtor,
general commercial and professional fee disputes (attorney-client). Ms.
Weiner mediates regularly in connection with diverse matters, including
construction, landlord-tenant, land, contract, and minor criminal
disputes; Mediation Services of North Central Massachusetts; and other
agencies. Ms. Weiner currently serves on the panels of neutrals for the
American Health Lawyers Association, International Institute for
Conflict Prevention and Resolution (CPR), and Commercial Panel of the
American Arbitration Association.<br />
<div class="captionBox">
<img alt="Attorney Wofford" src="http://www.nesl.edu/Wofford200.jpg" height="200" width="200" /> Attorney Jack Wofford</div>
<a href="http://www.reba.net/page/panel_jw" target="_blank">Attorney John ("Jack") Wofford</a>
is a mediator, facilitator and arbitrator with his own national and
international practice based in Cambridge, MA. A lawyer, he has
provided impartial services for over 25 years in hundreds of matters in
a wide range of subject areas, including commercial, construction,
development, employment, environment, family business, insurance,
organizations, public policy, real estate, small business, and
transportation. He is a past co-chair of the ADR Committee of the Labor
& Employment Law Section of the Boston Bar Association and has had
his own dispute resolution practice since 1993.<br />
</div>
<br />
<br />
<hr style="margin-top: 24px;" />
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<span style="color: black;">Massachusetts Law School
Consortium & New England Law Boston</span></div>
<div class="MsoNormal">
<span style="color: black;">Present</span></div>
<div class="MsoNormal">
<span style="color: black;">“Careers In Compliance”</span></div>
<div class="MsoNormal">
<span style="color: black;">A networking event with compliance
professionals from various industries</span></div>
<div class="MsoNormal">
<span style="color: black;">November 12 * 5:30PM-7:30PM *
Suffolk University Law School</span></div>
<div class="MsoNormal">
<span style="color: black;">RSVP to <a href="mailto:cso@nesl.edu" target="_blank">cso@nesl.edu as soon as you can</a></span></div>
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<span style="color: black;">Dress Code is Business Casual </span></div>
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<br /></div>
eluhttp://www.blogger.com/profile/14781083614618004146noreply@blogger.com0tag:blogger.com,1999:blog-9104415195867765785.post-15577510759246771922015-09-30T06:56:00.001-07:002015-09-30T06:56:19.183-07:00More from American Museum of Tort Law Grand OpeningOpening speech<br />
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<br />
Worst Toys Exhibit<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjAY9Lq9H9eOBhbUW6WJz0a4frY1y0UkE7I57ToIlJdBXkkVFLayliyt02Uh0E4Exa-z7hnRezsJXleBvrW8-IrW50kiFu2ZrmzhXthizmj_YJPJD25DjG3RDxufQV6JnduVQMSgaltNBt5/s1600/worst+toys.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjAY9Lq9H9eOBhbUW6WJz0a4frY1y0UkE7I57ToIlJdBXkkVFLayliyt02Uh0E4Exa-z7hnRezsJXleBvrW8-IrW50kiFu2ZrmzhXthizmj_YJPJD25DjG3RDxufQV6JnduVQMSgaltNBt5/s320/worst+toys.JPG" width="320" /></a></div>
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Thanks to Peter Saradjian for pictureseluhttp://www.blogger.com/profile/14781083614618004146noreply@blogger.com0tag:blogger.com,1999:blog-9104415195867765785.post-68680475177511277842015-09-29T15:28:00.001-07:002015-09-29T15:57:49.509-07:00New England Law Students attend Grand Opening of American Museum of Tort Law<br />
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<span style="font-family: Calibri;">Professor Lisa Laplante, Director of the Center for
International Law and Policy, took a road trip with a group of students to the
grand opening of the </span><a href="http://www.tortmuseum.org/"><span style="color: blue; font-family: Calibri;">American Museum of
Tort Law </span></a><span style="font-family: Calibri;"> in Winsted, Connecticut. T</span><span style="font-family: Calibri;"><span style="-webkit-text-stroke-width: 0px; float: none; widows: 1; word-spacing: 0px;"><span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: Tahoma; mso-hansi-font-family: Calibri;">he delegation was sponsored by the Center for
International Law and Policy (CILP) and the Center for Business Law
(CBL). Professor Laplante took the initiative to organize the
delegation with Professor Lustig after receiving a phone call from Ralph Nader
asking that the school be represented given that other law schools were also
planning on being present.</span></span><span style="mso-ascii-font-family: Calibri; mso-hansi-font-family: Calibri;"><o:p></o:p></span></span></div>
More on the Museum via <a href="http://www.newyorker.com/culture/culture-desk/ralph-naders-tort-museum">TortProf Blog and the New Yorker</a><br />
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Here are the students with Ralph Nader<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiQuaK_KT_arvDThnmmnozaYLLviDdgC3rsnx4aLRNMtjyUmWOMCK6gpzKXQy1Cpvj0wP0vkC5XZQlTp5UlSODrOFEWQTAqUz0kp_hgqY0NttWF92zzO8uX-hwrtcapp_xRELQSUorxpT0p/s1600/studentswithralph.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiQuaK_KT_arvDThnmmnozaYLLviDdgC3rsnx4aLRNMtjyUmWOMCK6gpzKXQy1Cpvj0wP0vkC5XZQlTp5UlSODrOFEWQTAqUz0kp_hgqY0NttWF92zzO8uX-hwrtcapp_xRELQSUorxpT0p/s320/studentswithralph.jpg" width="320" /></a></div>
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And here is an example of one of the exhibits<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjJexcono32hdVpqhRUWjPHTs7R_M4D2DF6RF1Y5oHwq1SFk9C3dW_JHX3UquHD15fbtnODlKieeySca_noJcmkjDsZojuSsFaOugYnjhtrN-5Bf59U46LukL1Hsv6XipqK4oG3EZ4MSnbq/s1600/shopsmith.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjJexcono32hdVpqhRUWjPHTs7R_M4D2DF6RF1Y5oHwq1SFk9C3dW_JHX3UquHD15fbtnODlKieeySca_noJcmkjDsZojuSsFaOugYnjhtrN-5Bf59U46LukL1Hsv6XipqK4oG3EZ4MSnbq/s320/shopsmith.jpg" width="320" /></a></div>
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And, of course, who could forget the Corvair<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh-1sXPnN5cbTxZhgZeoAbNwgG1xSTmZjQdwWKnxKI_9lxhzPdGBbfxFaHKbvu82z4YTrgGML8JLX5MMzdoX0PHlYCGtVrHebqZKHcx3QdGCUM44OvrugAQdqTxP_RcUioZ_vLOo7Rjyu3c/s1600/corvair.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh-1sXPnN5cbTxZhgZeoAbNwgG1xSTmZjQdwWKnxKI_9lxhzPdGBbfxFaHKbvu82z4YTrgGML8JLX5MMzdoX0PHlYCGtVrHebqZKHcx3QdGCUM44OvrugAQdqTxP_RcUioZ_vLOo7Rjyu3c/s320/corvair.jpg" width="240" /></a></div>
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Many thanks to Professor Laplante and the students for reporting back to us from the Grand Opening.<br />
<br />eluhttp://www.blogger.com/profile/14781083614618004146noreply@blogger.com1tag:blogger.com,1999:blog-9104415195867765785.post-32781212260782818862015-09-18T04:36:00.001-07:002015-09-18T04:36:20.825-07:00New England Rolls out Compliance ProgramNew England Law has rolled out our <a href="https://www.nesl.edu/media/news.cfm?newsDetailID=4565">Compliance Program</a>. The CBL has been involved in the development of this important area and will continue to work to coordinate its various aspects now that it is in operation.<br />
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The posted story is great because it really ties together our school's strong alumni support and loyalty, experiential education, and hard-working students.<br />
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Eric Lustigeluhttp://www.blogger.com/profile/14781083614618004146noreply@blogger.com0tag:blogger.com,1999:blog-9104415195867765785.post-72887573286732518072015-09-17T14:19:00.003-07:002015-09-18T12:57:57.119-07:00CBL Podcast: Preview of Upcoming Conference on UCC: Understanding RemediesIn our <a href="http://media.nesl.edu/Mediasite/Play/8d3d2f35b7994624aacbab1b849cf2cc1d">inaugural podcast</a>, CBL faculty member Gary Monserud discusses the upcoming <a href="http://www.nesl.edu/centers/cblspring2015conference.cfm">UCC Conference on Remedies.</a> This is the fourth UCC Conference sponsored by the CBL. Prof. Monserud has put together great panels and we hope that you can join us for the conference.<br />
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Please <a href="http://media.nesl.edu/Mediasite/FileServer/Podcast/6b6109d9826849f5a8e4117fe8ce9f5b17/feed.xml">click here</a> if you would like to subscribe to our podcast feed.eluhttp://www.blogger.com/profile/14781083614618004146noreply@blogger.com0tag:blogger.com,1999:blog-9104415195867765785.post-72724209409391827802015-09-14T15:29:00.000-07:002015-09-14T15:29:16.370-07:00Prof. Schenkel on whether elite universities are abusing their tax subsidies
Professor Kent Schenkel adds his voice to the renewed controversy surrounding university endowments and tax exemption. This post is cross-posted to the <a href="http://professors.nesl.edu/2015/09/do-elite-universities-abuse-their-tax.html">New England Faculty Blog.</a><br />
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<div align="center" class="MsoNormal" style="margin: 0in 0in 10pt; text-align: center;">
Do Elite Universities
Abuse their Tax Subsidies?<o:p></o:p></div>
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<div class="MsoNormal" style="margin: 0in 0in 10pt;">
A <a href="http://www.nytimes.com/2015/08/19/opinion/stop-universities-from-hoarding-money.html?_r=0"><span style="color: blue;">recent
op-ed</span></a> in the New York Times with the provocative title “Stop Universities
from Hoarding Money” <a href="http://www.boston.com/news/education/higher/articles/2008/12/19/school_endowments_saving_for_what/"><span style="color: blue;">once
again</span></a> raises the issue of university endowments. It focuses in large part
on the extraordinary amounts elite universities either “hoard” or spend on fees
to investment advisors and hedge funds in contrast to the much smaller sums
spent on “tuition assistance, fellowships and prizes,” those things seen as the
university’s true mission. The <a href="https://www.sandiego.edu/law/faculty/profiles/bio.php?ID=1027"><span style="color: blue;">author</span></a>,
a tax professor, suggests that universities with endowments in excess of $100
million should be required to expend at least eight percent of their endowments
each year. This is not a new proposal; <a href="http://www.boston.com/news/education/higher/articles/2008/02/28/colleges_guard_soaring_endowments/?page=full"><span style="color: blue;">similar
proposals arise periodically</span></a>. Of course entities with such large sums
(Harvard’s endowment is <a href="http://www.usnews.com/education/best-colleges/the-short-list-college/articles/2015/01/13/10-universities-with-the-largest-financial-endowments"><span style="color: blue;">reported
to exceed $32.5 billion</span></a>) are formidable players in politics so these calls
generally go unheeded.<o:p></o:p></div>
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<div class="MsoNormal" style="margin: 0in 0in 10pt;">
To understand why we all have an interest in these matters one
must know a thing or two about federal tax law as it applies to charitable
organizations. Universities are classified as “public charities” which status means
that they can generally earn and accumulate money exempt from federal income
tax. Policy experts sometimes refer to these benefits as a taxpayer “<a href="http://www.stetson.edu/law/lawreview/media/theories-of-the-federal-income-tax-exemption-for-charities-thesis-antithesis-and-syntheses-27-2.pdf"><span style="color: blue;">subsidy</span></a>,”
to the university, because exempting the university from tax is the same as
taxing it like other entities and then returning to it its tax payments rather
than using them for other public benefit. Imagine the potential tax liability of
an institution like Harvard if its receipts (tuition, income and gains on
investments) were subject to the income tax. That figure would reach at least
tens of millions of dollars annually. The idea behind the tax exemption, of
course, is that it allows universities to provide more research, knowledge and
education—all seen as public goods. And tax-exemption is not the only federal
tax subsidy from which universities benefit. Donors’ taxes are reduced when
they make contributions to universities through generous tax deductions. Like
exempting universities from the income tax, subsidizing donations to those
institutions with taxpayer dollars increases the availability of the public
goods produced by universities.<o:p></o:p></div>
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<div class="MsoNormal" style="margin: 0in 0in 10pt;">
By implementing the foregoing tax benefits, Congress apparently
assumed that we (the taxpayers) are getting what we pay for. But is that true
as respects university endowments? Why does Harvard have $32.5 billion and what
is it doing with all that money? Why did Yale pay <a href="http://www.nytimes.com/2015/08/19/opinion/stop-universities-from-hoarding-money.html?_r=0"><span style="color: blue;">$480
million to private equity fund managers compared with $170 million for tuition
assistance, fellowships and prizes</span></a>? Should these wealthy elite universities
be spending more of their endowments on their core mission? That question has
been considered by a couple of scholars. Unfortunately, the results seem to
suggest that when it comes to at least some university endowments, we are not,
in fact, getting what we pay for.<o:p></o:p></div>
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<div class="MsoNormal" style="margin: 0in 0in 10pt;">
It seems to be generally accepted that a university should
spend no more of its endowment than the endowment generates in income and
(perhaps) capital appreciation. Many spend income only and allow capital
appreciation to accrue, which will generally allow an endowment to grow much
larger over time. These practices are justified on the basis of
“intergenerational equity.” Maintaining the endowment’s value over time means
that it can continue to support the university’s activities indefinitely. But a
<a href="http://www.jstor.org/stable/724411?seq=1#page_scan_tab_contents"><span style="color: blue;">1990 study</span></a>
found that the basis for the intergenerational equity argument had little merit.
And the fact remains that elite university endowments are growing at
substantial rates.<o:p></o:p></div>
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<div class="MsoNormal" style="margin: 0in 0in 10pt;">
A <a href="http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1444978"><span style="color: blue;">more recent
study</span></a>, undertaken in 2010 sought to determine why universities, in the immediate
aftermath of the 2008 financial crisis, slashed operating budgets, laid off
employees, froze salaries, and delayed expansion projects, among other things,
rather than dipping into multibillion dollar endowments. Reasons given by the
universities were that pre-crisis spending was unsustainable, the endowments
were legally restricted as to use, and that the investments were generally
illiquid and difficult to access. This study found each of these reasons to be
unpersuasive. The author concluded that the endowments served primarily as
status symbols, and that universities would reach for any other source of
funding to avoid diminishing their endowments.<o:p></o:p></div>
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<div class="MsoNormal" style="margin: 0in 0in 10pt;">
There is certainly precedent for requiring tax-exempt
organizations to expend a minimum percentage of their assets. <a href="http://www.irs.gov/Charities-&-Non-Profits/Charitable-Organizations/Private-Foundations"><span style="color: blue;">Private
foundations</span></a> are different from public charities in that rather than being
supported by a wide range of public contributions they might be funded only by
one family or even one individual. Because private foundations are not
“publicly-supported” federal tax statutes require them to expend at least five
percent of their net investment assets on charitable endeavors each year.
Failure to comply subjects them to a potentially crippling <a href="http://www.irs.gov/Charities-&-Non-Profits/Private-Foundations/Taxes-on-Private-Foundation-Failure-to-Distribute-Income"><span style="color: blue;">penalty
tax</span></a>. Under the same principle, universities should be using their tax-subsidized
endowments to support their core charitable missions. Those who don’t should be
penalized.<o:p></o:p></div>
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<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<o:p> </o:p></div>
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<div class="MsoNormal" style="margin: 0in 0in 10pt;">
Kent D. Schenkel</div>
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<a href="mailto:kschenkel@nesl.edu">kschenkel@nesl.edu</a><o:p></o:p></div>
eluhttp://www.blogger.com/profile/14781083614618004146noreply@blogger.com0tag:blogger.com,1999:blog-9104415195867765785.post-22556464127574486772015-09-04T07:20:00.001-07:002015-09-04T07:20:03.250-07:00"The Universal Commercial Code: Understanding Remedies" symposium, October 1, 2015<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhX7BlU2eE2QsWUbh2tmsDORlpECKHXyBaXG_XZw-u77aiWPpUHbX5-b6kMnr0h4nU50RuXrp-y5jX1AwQnHyQg1skZKc_bQ4Cs6xbTovpBtyTR2lO3HmlJ9O2PdWn2vutnSgyN4as521wc/s1600/CBLfall15SympPosterFull.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhX7BlU2eE2QsWUbh2tmsDORlpECKHXyBaXG_XZw-u77aiWPpUHbX5-b6kMnr0h4nU50RuXrp-y5jX1AwQnHyQg1skZKc_bQ4Cs6xbTovpBtyTR2lO3HmlJ9O2PdWn2vutnSgyN4as521wc/s320/CBLfall15SympPosterFull.jpg" width="252" /></a></div>
The Center for Business Law's fall symposium, The Universal Commercial Code: Understanding Remedies, is slated for Thursday, October 1, 2015. Please visit <a href="http://www.nesl.edu/UCCconference" target="_blank">www.nesl.edu/UCCconference</a> for details.<br /><br />Webmasterhttp://www.blogger.com/profile/05506162355597607649noreply@blogger.com0tag:blogger.com,1999:blog-9104415195867765785.post-44486812527695358342015-09-04T07:04:00.000-07:002015-09-04T07:04:06.650-07:00Upcoming CBL EventsWe are hosting a couple of events and participating in a couple of other events. Feel free to stop by.<br />
<ul>
<li>9/8 Business Law Society General Meeting (3:15 room 305)</li>
</ul>
<br />
<ul>
<li>9/10 CBL Informational Meeting (5-5:55 room 501)</li>
</ul>
<br />
<ul>
<li>9/17 Introduction to the Academic Centers and Volunteer Opportunities at New England (4-5:30 Cherry Room)</li>
</ul>
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<ul>
<li>10/1 Annual Uniform Commercial Code Conference: Understanding Remedies (12:30-5 Cherry Room)</li>
</ul>
eluhttp://www.blogger.com/profile/14781083614618004146noreply@blogger.com0tag:blogger.com,1999:blog-9104415195867765785.post-37437750313740900682015-08-10T08:05:00.000-07:002015-09-04T07:27:59.948-07:00Professor Hyman on King v. BurwellOur first substantive post is cross-posted with the <a href="http://professors.nesl.edu/2015/08/recent-supreme-court-term-king-v-burwell.html">New England Law Faculty Blog</a>. Thanks to Wilton Hyman for his thoughts and comments on this important case. And thanks to Brandon Arey and the Law Review on-line staff for their editing work.<br />
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<b style="mso-bidi-font-weight: normal;">Recent Supreme Court Term: <i>King v. Burwell</i></b></div>
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<br /></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<b style="mso-bidi-font-weight: normal;">by Professor Wilton Hyman</b></div>
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“The issue in this
case is whether the Act’s [the Affordable Care Act] tax credits are available
in States that have a Federal Exchange rather than a State Exchange.”<i style="mso-bidi-font-style: normal;">King v. Burwell</i>, 576 U.S. __ (2015) (p.
5). The Affordable Care Act (ACA) requires each state to create its own health
insurance Exchange, however, if a state refuses to do so, then the Secretary of
Health and Human Services (HHS) is authorized to “establish and operate such
Exchange within the State.” Sec. 18041(c)(1).” (p. 5). Only sixteen States and
the District of Columbia created their own Exchanges, while thirty-four States
utilize the federal Exchange administered by the Department of Health and Human
Services. (p. 6).<br /></div>
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The tax credits, which are authorized by IRC sec. 36B, are
allowed to “applicable taxpayers” who obtain health insurance through “an
Exchange established by the State under section 1311 of the Patient Protection
and Affordable Care act….” (p. 5). The IRS addressed the availability of tax
credits to individuals acquiring health insurance through an HHS Exchange by adopting
the definition of “Exchange” as used in an HHS regulation, 45 CFR sec. 155.20,
which provided that taxpayers are eligible for a tax credit if they are
enrolled in an Exchange which serves the individual market, “regardless of
whether the Exchange is established and operated by a State… or by HHS….” (p.
6).<br /></div>
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In prior proceedings, the U.S. District Court for the
Eastern District of Virginia granted the Defendants’ Motion to Dismiss, 997
F.Supp.2d 415 (2014), and the District Court judgment was affirmed by the U.S.
Court of Appeals for the 4<sup>th</sup> Circuit, 759 F.3d 358 (2014).<br /></div>
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Justice Roberts, who was joined by Justices Kennedy,
Ginsberg, Breyer, Sotomayor, and Kagan, wrote the majority opinion, and held
that tax credits for health insurance under IRC sec. 36B applied to individuals
acquiring coverage on federal health insurance exchanges under the Affordable
Care Act (ACA), even though sec. 36B states that the credits apply to insurance
plans that are enrolled in through “an Exchange established by the State under
[42 U.S.C. sec. 18031].” Justice Roberts’ reasoning was based on the ambiguity
reflected in sec. 36B when it was interpreted in connection with other
provisions of the ACA, and the manner in which those ambiguities were either consistent
or inconsistent with Congress’ intent that the ACA expand health care coverage,
and lower the cost of health insurance as a means of facilitating that
expansion of coverage. The Congressional intent to expand health insurance
coverage through the ACA would have been undermined if the sec. 36B tax credits
were not applicable to individuals enrolled in health insurance plans through
the federal exchanges. <br /></div>
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Justice Roberts discussed the history of health reform in
the United States and how states which instituted guaranteed issue, which
required insurers to cover persons regardless of health status, and community
rating, which restricted insurers from taking health status into account in
setting premiums, ultimately led to “adverse selection,” which occurred when a
person would only seek insurance once they became sick or in need of health
care coverage. Because insurers were required to cover persons regardless of health
status and could not take health status into account in setting premiums for
specific insureds, they were forced to raise rates for all insureds in order to
account for the higher health costs, increasing the cost of coverage and
reducing the numbers of individuals who could afford coverage. Justice Roberts
wrote that “This led to an economic “death spiral.” As premiums rose higher and
higher, and the number of people buying insurance sank lower and lower,
insurers began to leave the market entirely.” (p. 2).<br /></div>
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Congress, relying on the Massachusetts health reform effort
in 2006, included in the ACA a guaranteed issue and community rating component,
but also included an individual mandate requiring most individuals to maintain
health insurance coverage (either employer-provided, private coverage, or
government-subsidized coverage), or pay a penalty. For individuals whose
household income is between 100% and 400% of the federal poverty level income
amount, they are eligible for a tax credit pursuant to IRC sec. 36B. The tax
credit lowers the cost of health insurance for working class and middle class
taxpayers, while the mandate brings into the health insurance pool more young
and healthy persons (who would otherwise not obtain coverage) whose premiums
subsidize the cost of coverage for sick and older persons under the ACA. (
p.4).</div>
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Justice Roberts, in discussing Congress’ awareness of the
necessity of the individual mandate and the tax credit to the reform effort,
writes: “These three reforms are closely intertwined. As noted, Congress found
that the guaranteed issue and community rating requirements would not work
without the coverage requirement. Sec. 18091(2)(I). And the coverage
requirement would not work without the tax credits. “The reason is that,
without the tax credits, the cost of buying insurance would exceed eight
percent of income for a large number of individuals, which would exempt them
from the coverage requirement. Given the relationship between these three
reforms, the Act provided that they should take effect on the same day—January
1, 2014....” (p. 5). <br /></div>
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Justice Roberts determined that due to the “economic and
political significance” of the tax credits and their central role in the
statutory scheme Congress created under the ACA, “It is especially unlikely
that Congress would have delegated” to the IRS the authority to resolve any
ambiguities with the tax credit under its regulatory authority without
expressly doing so. He concludes that it is the Court’s, and not the IRS’s duty
to determine the correct interpretation of sec. 36B. (p 8).<br /></div>
<div class="MsoNormal">
Justice Roberts’ analysis first finds that the authority
granted to the Secretary of HHS to “establish and operate such Exchange within
the State,” pursuant to sec. 18041(c)(1) of the ACA, shows that the HHS
exchanges and the state Exchanges under sec. 18031 “are equivalent” by virtue
of HHS establishing “such Exchange” under 18041, or, that HHS is to establish
“the same Exchange that the State was directed to establish under Section
18031.” (p. 9-10).<br /></div>
<div class="MsoNormal">
Justice Roberts then analyzes sec. 36B in context with other
provisions of the ACA (sec. 18032 defining “qualified individual” and sec.
300gg-91(d)(21) defining “Exchange”) and determines that a federal Exchange may
be considered as one “established by the State” in order for the federal
Exchange to function consistently with those other provisions within the
statutory scheme of the ACA, resulting in ambiguity in the interpretation of
sec. 36B within the context of the ACA’s statutory scheme, as compared to a
literal interpretation of “established by the State” under sec. 36B. (p.
10-13).<span style="mso-spacerun: yes;"> <br /></span></div>
<div class="MsoNormal">
Applying the principle of statutory interpretation that “the
words of a statute must be read in their context with a view to their place in
the overall statutory scheme,” Justice Roberts concludes that a strict
interpretation of sec. 36B must be rejected because “it would destabilize the
individual insurance market in any State with a Federal Exchange, and likely
create the very ‘death spirals’ that Congress designed the Act to avoid.” (p. 9,
15).<br /></div>
<div class="MsoNormal">
Justice Roberts holds that the sec. 36B tax credits are
allowed for health insurance purchased on “any Exchange created under the Act.”<br /></div>
<div class="MsoNormal">
Justice Scalia wrote the dissenting opinion and was joined
by Justices Thomas and Alito. Justice Scalia applies a literal interpretation
of sec. 36B and concludes that the tax credits only apply to Exchanges
established by the States, therefore, no tax credits are allowed for health
insurance purchased on a federal Exchange. (p. 2). <br /></div>
<div class="MsoNormal">
In contrast to Justice Roberts’ broad-based ambiguity
analysis, which relies on his interpretation of sec. 36B in the context of the
purpose and design of the ACA and his conclusion that a literal interpretation
of the statute would conflict with the ACA’s design and purpose, Justice Scalia
focuses solely on the language of the statute itself in determining whether
there is any ambiguity, and finding no ambiguity in the statutory language, concludes
that there is no reason to consider the ACA’s purpose and design for the
purpose of interpreting sec. 36B. (p. 13).<br /></div>
<div class="MsoNormal">
Justice Scalia suggests that the design of the ACA was
intended to incentivize states to create and operate their own exchanges and
that limiting the 36B tax credits to health insurance plans purchased on a
state exchange was one means of encouraging states to create their own
exchanges. (p. 15-16). In light of that suggestion, he finds that interpreting
sec. 36B to allow tax credits for health insurance purchased on a federal
Exchange eliminates any need on the part of the state to create its own
Exchange since the tax credit will be available on a federal Exchange. (p. 16).
<br /></div>
<div class="MsoNormal">
Justice Scalia also states that the majority, rather than
interpreting sec. 36B is actually rewriting the statute, which is a duty belonging
to Congress.<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;">Discussion</b></div>
<div class="MsoNormal">
This case, at its most basic level, is a statutory
interpretation dispute. The lower courts which decided this case came to the
same judgment as the Supreme Court, but each with slightly different reasoning.
</div>
<div class="MsoNormal">
Justice Roberts’ opinion applies a broad and policy-based
analysis of both the legislative intent and design of the ACA in order to
determine not only how the health insurance Exchanges were intended to operate,
but also as a means of determining which interpretation of sec. 36B was most
consistent with Congress’ purpose and design for the ACA.<br /></div>
<div class="MsoNormal">
Justice Scalia applied a more limited analysis, focusing
solely on the statutory language of sec. 36B, and finding no ambiguity in the
statute itself, determined that there was no need to analyze the purpose and the
design of the ACA in interpreting the statutory language. <br /></div>
<div class="MsoNormal">
Justice Scalia’s criticism that the Court is rewriting the
statute, not interpreting it, is very interesting. I think that your conclusion
as to whether the Court is interpreting sec. 36B, or rewriting it, depends upon
whether you agree with Justice Roberts’ or Justice Scalia’s approach in
determining and analyzing statutory ambiguity. In light of the complex design
and interlocking provisions of the ACA, and the need to analyze sec. 36B in the
context of those aspects of the law in order to fully comprehend how it fit
within the statutory scheme, Justice Roberts, as well as the lower courts,
decided the case correctly.</div>
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eluhttp://www.blogger.com/profile/14781083614618004146noreply@blogger.com0tag:blogger.com,1999:blog-9104415195867765785.post-29262917098537593262015-08-10T07:43:00.002-07:002015-08-10T07:43:48.359-07:00Welcome to the New England Law|Boston Center for Business Law (CBL) Blog. The CBL is one of three academic centers at New England Law. Our mission in its most simple terms is to help students prepare for the practice of business law. We define both business and practice quite broadly.<br />
<br />
The <a href="http://www.nesl.edu/centers/cbl_faculty.cfm">CBL faculty</a> (Gary Bishop, Allison Dussias, Wilton Hyman, Peter Karol, Wayne Lewis, Eric Lustig, Gary Monserud, Kent Schenkel and Russ VerSteeg) bring a wide range of professional and scholarly background to our mission. We also work with an extensive network of alumni and other professional contacts.<br />
<br />
So please look at our <a href="http://www.nesl.edu/centers/cbl.cfm">website</a> for more information. And please follow us on <a href="http://nelbostonbuslaw/">Twitter</a> (@NELBostonBusLaw)<br />
<br />
Your input is welcome. Please let us know what you think.<br />
<br />
Thanks for looking.<br />
<br />
<a href="mailto:cbl@nesl.edu">Eric Lustig</a><br />
Director of CBLeluhttp://www.blogger.com/profile/14781083614618004146noreply@blogger.com0