Download this Paper Open PDF in Browser

Litigating the Financial Crisis

78 Pages Posted: 16 Jan 2015  

David T. Zaring

University of Pennsylvania - Legal Studies Department

Date Written: 2014

Abstract

The government’s response to the financial crisis was dramatic, enormous, and unprecedented, and nothing about it has been overseen by the courts. In our federal system, the courts are supposed to put the policies of presidents and congresses to the test of judicial review, to evaluate decisions by the executive to sanction individuals for wrongdoing, and to resolve disputes between private parties. But during and after the financial crisis, there has been almost none of that sort of judicial review of government, few sanctions on the private sector for conduct during the crisis, especially criminal ones, for the courts to scrutinize, and a private dispute process that, while increasingly active, has resulted in settlements, rather than trials or verdicts. This Article tells the story of the marginal role of courts in the financial crisis, evaluates the costs of that role, and provides suggestions to ensure a real, if not all-encompassing, judicial role during the next economic emergency.

Suggested Citation

Zaring, David T., Litigating the Financial Crisis (2014). Virginia Law Review, Vol. 100, No. 7, 2014. Available at SSRN: https://ssrn.com/abstract=2549883

David T. Zaring (Contact Author)

University of Pennsylvania - Legal Studies Department ( email )

3730 Walnut Street
Suite 600
Philadelphia, PA 19104-6365
United States

Paper statistics

Downloads
160
Rank
155,855
Abstract Views
812