Public pension and labor union funds have been the driving force in diversified shareholder activism. They have also fended off attacks on jobs and proactively created jobs for fund contributors. These funds currently represent almost $4 trillion in assets over which workers have substantial...

The recent emergence of public pension funds as frequent lead plaintiffs in securities class actions has prompted speculation that the funds' litigation activism is driven by “pay-to-play”. “Pay-to-play” posits that public pension funds are driven by politician board members to obtain...

No issue in America today better illustrates the divergent interests of working Americans and the 1 percent than pension reform. Substantial empirical evidence shows that America’s favored retirement vehicle — the 401(k), recently renounced by its own inventors — is grossly inadequate and...

This is a transcript of my remarks as 2016 Visiting Scholar in Corporate and Business Law at Delaware Law Widener University, delivered to the members of the Delaware Judiciary and Bar at the Wilmington Club on September 12, 2016. I introduce the idea of multipreference shareholders whose...

This Article examines how the stock market reacts to the filing of lawsuits against mergers and acquisitions targets as the quality of the plaintiffs' law firm varies. Our primary dataset includes all cases of this type filed in the Delaware Chancery Court from November 2003–September 2008. We...

The recent financial crisis has jeopardized the retirement savings of twenty-seven million Americans who depend on public pension funds, leading to cuts in benefits, increased employee contributions, job losses, and the rollback of legal rights like collective bargaining. This Article examines...

David H. Webber shines a light on labor's most potent remaining weapon: its multitrillion-dollar pension funds. Outmaneuvered at the bargaining table and in the courts, state houses, and Washington, worker organizations are beginning to exercise muscle through markets. Shareholder activism is a...

Major index fund operators have been criticized as ineffective stewards of the firms in which they are now the largest shareholders. While scholars debate whether this passivity is a serious problem, index funds' generally docile approach to ownership is broadly acknowledged. However, this...