Category: Volume 46

In Banks v. International Rental & Leasing Corp., the Virgin Islands Supreme Court departed from a provision in the Virgin Islands Code that had adopted the American Law Institute’s restatements as the common law of the Virgin Islands. Before Banks, the common law of the Virgin Islands was entirely imported, was implemented all at once…

In the 2011 seminal case of Banks v. International Rental & Leasing Corp., the Virgin Islands Supreme Court significantly altered the analytical framework that Virgin Islands courts must follow when deciding issues of first impression. Prior to Banks, Virgin Islands courts were statutorily obligated to follow the American Law Institute’s Restatements of the Law when…

This Article analyzes the complex and intriguing interplay among the several courts governing the United States Virgin Islands. The Authors begin by discussing the early history of the Virgin Islands, including the Virgin Islands’ transition from a civil law system to a common law system. The Authors then examine the more recent history, beginning with…

In 2015, the Yates Memorandum was distributed to senior officials at the United States Department of Justice. This Memorandum aims to increase the prosecution of individuals who are responsible for corporate wrongdoing by providing cooperation credit to corporations that provide evidence of the individual’s wrongdoing to assist the government in resolving the criminal investigations against…

In the United States, corporate criminal liability has developed and evolved over time as a response to growth of corporate economic power and the resulting public policy concerns. Most recently, the Department of Justice announced a new development that was articulated in Deputy Attorney General Sally Yates’ Memo, Individual Accountability for Corporate Wrongdoing. The new…

This Article analyzes the extent of corporate criminal liability in the Anglo‐ American legal system and provides a brief comparison of how this topic has developed in Israel, the United States, and the United Kingdom. The Author explains the American theory of respondeat superior and the factors that are taken into consideration when determining liability,…

For over two decades, widespread corporate corruption and oligarchy have plagued Ukraine’s sociopolitical framework. In light of this systemic corruption, Ukrainian lawmakers recently amended the Criminal Code of Ukraine by introducing quasi‐criminal liability for organizations. As a result, artificial legal entities in Ukraine may now be held criminally liable for economic misconduct. However, due to…

Owing to the tort law origins of corporate liability that the respondeat superior standard provides, corporations may be held criminally liable with relative ease. Criminal liability thus attaches to corporations without any requirement that the corporation to be charged is morally culpable for harm or deserving of punishment. The Author argues that when a criminal…

This Article discusses corporate criminal liability for insider trading violations under Sections 10(b) of the Securities Exchange Act of 1934 and Rule 10b–5 of the United States Securities and Exchange Commission. The Author begins by reviewing the basis for insider trading liability and tracking its development since the early 1930s. The Author discusses the required…