Shariah’s Black Box

[141] For a discussion of the broad sweep of state consumer fraud statutes, see Victor E. Schwartz & Cary Silverman, Common-Sense Construction of Consumer Protection Acts, 54 Kan. L. Rev. 1 (2005).

[142] The law, known as the Unfair Competition Law (“UCL”), is codified at Cal. Bus. & Prof. Code §§ 17200-17210 (Deering 2007).

[143] Supra note 126. The UCL recently was amended by Proposition 64 to eliminate the right of private plaintiffs to sue as “private attorneys general” without a showing of injury. See Schwartz & Silverman, supra note 141, at 34-37.

[144] David Monsma & John Buckley, Eighteenth Annual Corporate Law Symposium: Corporate Social Responsibility In The International Context: Is There An Emerging Fiduciary Duty To Consider Human Rights?, 74 U. Cin. L. Rev. 75 (2005).

[145] For Pennsylvania, see Denison v. Kelly, 759 F. Supp. 199, 202 (D. Pa. 1991) (referencing 73 Pa. Cons. Stat. §§ 201-1-202-9.3 (2007)).  For Illinois, see Onesti v. Thomson McKinnon Secur., Inc., 619 F. Supp. 1262, 1267 (D. Ill. 1985) (referencing Ill. Rev. Stat. ch. 121 1/2, § 262, et seq. (1985), now 815 Ill. Comp. Stat. 505/2 (2007)).  For Arizona, see State ex rel. Corbin v. Pickrell, 136Ariz. 589, 592 (Ariz. 1983) (referencing Ariz. Rev. Stat. Ann. §§ 44-1522 – 1531 (2007)).

[146] 15 U.S.C § 1125 (2006).

[147] 15 U.S.C. §§ 1601-1693r.

[148] 15 U.S.C. app. 12 CFR § 226.

[149] Pub. L. No. 103-325, 108 Stat. 2190 (codified as amended in scattered sections of 15 U.S.C.).

[150] Loss & Seligman, supra note 10, at 1205 (defense of reasonable care under Section 12(a)(2) of the 1933 Act); id. at 1227-1239 (reasonable care and “expertizing” defenses under Section 11 of the 1933 Act).

About David Yerushalmi

Mr. Yerushalmi is a lawyer specializing in litigation and risk analysis, especially as it relates to geo-strategic policy, national security, international business relations, securities law, disclosure and due diligence requirements for domestic and international concerns. David Yerushalmi has been involved in international legal and constitutional matters for over 25 years. David Yerushalmi is today considered an expert on Islamic law and its intersection with Islamic terrorism and national security. In this capacity, he has published widely on the subject including the principle critical scholarship on Shariah-compliant finance published in the Utah Law Review (2008, Issue 3). This work and the empirical investigation known as the Mapping Shariah project in America was the focus of a recent monograph published by the McCormack Foundation and the Center for Security Policy.