Jill E. Fisch

In the Media: Jill E. Fisch

Companies often claim that their legal advice should be kept private. But that privilege applies only to the company that hired the lawyers, not its executives, said Jill E. Fisch, a corporate law professor at the University of Pennsylvania. That means that Kenneth Lewis would not be able to block lawyers from revealing information if the Bank of America decided to let them open up. (10/1/2009). New York Times.
In 2004, the U.S. Securities and Exchange Commission adopted a program that led to the SEC’s inability to fend off the 2008 economic crisis. “The program was voluntary,” wrote Jill Fisch, law professor at the University of Pennsylvania, in her piece, 'Top Cop or Regulatory Flop,' which looked at the SEC’s role in the crisis. “And the price demanded by the investment banks for their submission to SEC oversight was high.” (9/11/2009). Vancouver Sun.
Bank of America will likely face more embarrassing disclosures about bonuses paid at Merrill Lynch after a federal judge refused to rubber-stamp a settlement over the $3.6 billion of payouts, "but I see less of a risk to BofA than I do potentially to government officials," said Jill Fisch, a professor at the University of Pennsylvania Law School and co-director of its Institute for Law and Economics. "One of the things the settlement covers up is the government role, including that of the Federal Reserve," she added. "More disclosure of what went on could provide a check on overreaching by any one regulator." (8/11/2009). Reuters.
A recent study by Stephen Choi, Penn Law Professor Jill Fisch and Marcel Kahan finds that proxy advisory firms are information aggregators rather than "independent power centers." Their paper, "Director Elections and the Influence of Proxy Advisors," is available at www.ssrn.com. The study expands on the trio's earlier "Director Elections and the Role of Proxy Advisors," which is also available at www.ssrn.com and will appear in the Southern California Law Review later this year. (6/22/2009). The Deal.com.
Jill E. Fisch, a professor at the University of Pennsylvania Law School and an expert in securities regulation, suggested that in such areas of specialization, Judge Sotomayor’s opinions tend to be “fairly technical and restrained,” but without the flair of a jurist who feels deeply one way or another about the topic. “I don’t see this as one of her core interests,” she said, suggesting that in such cases the judge might “look at the letter of the law, and follow the leadership of those who have more passion for those questions.” (5/27/2009). New York Times.
Should the government share the results of its stress tests of 19 major banks? Experience shows that more disclosure rather than less is better when it comes to banks, says Penn Law Professor Jill Fisch, who specializes in securities issues. "We did get into this mess because we had a lot of sloppiness in the way financial institutions and others were required to disclose their values and models and risk," she said. "Going forward that can't be a good thing." (4/15/2009). Reuters.
Despite the epic volatility of the stock market last year, settlements in class-action securities cases fell more than 50% to the lowest levels since 2003. "There's a lot of cases against companies in the financial sector," said Jill Fisch, a professor of securities law at the University of Pennsylvania Law School. "When you've got the whole sector trading for less than $5 a share, what's the effect of the fraud?" (3/11/2009). Forbes.
Unlike the collapse of Enron, most legal experts predict that it will be tough to establish that crimes were committed leading to the current economic turmoil. “For a criminal prosecution, it has to be willful,” says Jill Fisch, a professor of securities regulation and litigation at the University of Pennsylvania Law School. “What does willful mean? It means you knew you were materially mischaracterizing. You have to cross that line.” With so many cases of poor judgment by financial executives, proving that the line was crossed will be difficult to prove. “It looks less like greed and more like horrible mistakes in judgment. And the problem is that is much harder to prosecute criminally,” Fisch says. (12/28/2008). Portfolio.com.
The Securities and Exchange Commission can bar individuals from being officers or directors in public companies, but not private companies like that owned by Mark Cuban, says Jill Fisch, professor of law at the University of Pennsylvania Law School. Cuban has been charged with illegal inside trading for his sale of a dot-com stock. (11/18/2008). USA Today.
Professor Jill Fisch, co-director of the Institute on Law and Economics, comments on the Wachovia, Citigroup, Wells Fargo battle. (10/7/2008). New York Times.
Jill Fisch comments on public disclosure of certain stocks. (9/29/2008). Wall Street Journal.
The Corporate Practice Commentator announces the results of its 10 best corporate and secruitites articles -- naming three Penn Law faculty: Professors Edward Rock and Gideon Parchomovsky and Visiting Professor Jill Fisch. (4/12/2007).

In the Media: Jill E. Fisch

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