Andrew Verstein

Professor of Law
Faculty Co-Director, Lowell Milken Institute for Business Law and Policy

Andrew Verstein is a Professor of Law and Faculty Co-Director of the Lowell Milken Institute for Business Law and Policy. Professor Verstein studies market abuse, corporate governance, and the functional role of corporations.

Professor Verstein’s recent articles have addressed topics such as insider trading, financial indices and benchmarks, directors & officers insurance, national security, the legal theory of the firm, and jurisprudence. This research has been published in periodicals such as the Duke Law Review, the Michigan Law Review, the Northwestern University Law Review, the Virginia Law Review, the University of Chicago Law Review, and the Yale Law Journal. He is the author, with Lynn M. LoPucki, of Business Associations: A Systems Approach (Aspen Casebook Series 2020).

Professor Verstein received his A.B summa cum laude at Dartmouth College and his J.D. at Yale Law School. He is a member of the American Law Institute and has been quoted in news media such as the Wall Street Journal and The Financial Times. He has previously taught at East China University of Political Science and Law, Fudan University, the University of Chicago Law School, Wake Forest University of Law, and the Yale Law School.


  • Books
    • Business Associations: A Systems Approach (with Lynn M. LoPucki). Wolters Kluwer (2024).
  • Articles And Chapters
    • Insider Trading by Other Means (with Nejat Sehun, Cindy Schipani, and Burcu Avci), Harvard Business Law Review ___ (forthcoming).
    • Majority Rules, 119 Northwestern University Law Review __ (forthcoming).
    • Incorporating Responsibility, Yale Journal on Regulation (forthcoming).
    • Deconstructing the Senior Creditor (with Anthony J. Casey), in Encyclopedia Of Law And Economics, (2024). Full Text
    • A Theory of the REIT (with Jason Oh), 133 Y.L.J. 3 (2024). Full Text
    • Sharing where Bargains are Impossible (with Saul Levmore), 5 Corp. & Bus. L.J. 24 (2024). Full Text
    • Changing Guards: Improving Corporate Governance with D&O Insurer Rotations, 108 Vriginia Law Review 4 (2022). Full Text
    • Insider Giving (with S. Burcu Avci, Cindy A. Schipani, and H. Nejat Seyhun), 71 Duke Law Journal 619 (2021). Full Text
    • Mixed Motives Insider Trading, 106 Iowa Law Review 1253 (2020). Full Text
    • The Systems Approach to Teaching Business Associations (with Lynn LoPucki), 2020 Michagan State Law Review 703 (2020.3). Full Text
    • Changing Guards: Improving Corporate Governance with D&O Insurer Rotations, UCLA School of Law, Law-Econ Research Paper No. 20-06 (2020). Full Text
    • Introduction and Overview (with Lynn M. LoPucki), in Business Associations: A Systems Approach, (Wolters Kluwer, 2020). Full Text
    • Crypto Assets and Insider Trading Law’s Domain, 105 Iowa Law Review 1 (2019). Full Text
    • Upstream Liability, Entities as Boards, and the Theory of the Firm, 74 The Business Lawyer 313 (2019).
    • The Failure of Mixed Motives, 86 University of Chicago Law Review 725 (2019). Full Text
    • Privatizing Personalized Law, 86 University of Chicago Law Review 551 (2019). Full Text
    • The Enduring Distinction Between Business Entities and Security Interests (with Ofer Eldar), 92 Southern California Law Review 213 (2019). Full Text
    • Insider Trading: Are Insolvent Firms Different?, 13 Brooklyn Journal of Corporate, Financial and Commercial Law 53 (2019). Full Text
    • Insider Tainting: Strategic Tipping with Material Non-Public Information, 112 Northwestern University Law Review 725 (2018). Reprinted in Securities Law Review. Full Text
    • The Jurisprudence of Mixed-Motives, 127 Yale Law Journal 1106 (2018). Full Text
    • The Corporate Governance of National Security, 95 Washington University Law Review 775 (2018). Full Text
    • Who Cares about the cult of Ptolemy? A Surreply to Katz, 127 Yale Law Review Forum 577 (2018).
    • Wrong-Termism, Right-Termism, and the Liability Structure of Time Horizons, 41 Seattle University Law Review 577 (2018). Full Text
    • Enterprise Without Entities, 116 Michigan Law Review 247 (2017). Full Text
    • Insider Trading in Commodities Markets, 102 Virginia Law Review 447 (2016). Reprinted in 58 Corporate Practice Commentator 1047 (2016). Full Text
    • Integrating Transactional Skills Training Into the Doctrinal Curriculum, 18 Transactions: The Tennessee Journal of Business Law 438 (2016).
    • Benchmark Manipulation, 56 Boston College Law Review 215 (2015). Full Text
    • Ex Tempore Contracting, 55 William & Mary Law Review 1869 (2014). Full Text
    • White-Collar Violent Crime, 49 Wake Forest Law Review 873 (2015).
    • Assessing Transnational Private Regulation of the OTC Derivatives Market: ISDA, the BBA, and the Future of Financial Reform (with Gabriel V. Rauterberg), 54 Virginia Journal of International Law 9 (2014). Full Text
    • Index Theory: The Law, Promise, and Failure of Financial Indices (with Gabriel v. Rauterberg), 30 Yale Journal on Regulation 1 (2013). Full Text
    • Revolution in Manipulation Law: The New CFTC Rules and the Urgent Need for Economic and Empirical Analyses (with Rosa Abrantes-Metz & Gabriel V. Rauterberg), 15 University of Pennsylvania Journal of Business Law 357 (2013).
    • Trustee or Delegate? Understanding Representation to Illuminate Shareholder Governance and Regulatory Change, 9 European Company and Financial Law Review 74 (2012). Full Text
    • The Misregulation of Person-to-Person Lending, 45 U.C. Davis Law Review 445 (2011).
    • Bad Policy for Good Policies: Article 9’s Insurance Exclusion, 17 Connecticut Insurance Law Journal 287 (2011). Full Text
  • Other Publications
    • Andrew Verstein on the Salman Personal Benefit Standard for Tipping Liability, (Jan. 2, 2017). Full Text
    • Brief For Amici Curiae Financial Markets Law Professors In Support Of Plaintiffs-Appellants, In re Libor Antitrust Litigation, In the United States Court of Appeals for the Second Circuit, 13-3565-cv(L) (May 27, 2015) (coauthored)..
    • Legal Confusion as to Spoofing, Huffington Post (May 12, 2015). (co-authored) Full Text
    • The Law and Economics of Benchmark Manipulation, The Columbia Law School Blue Sky Blog (Aug. 27, 2014). Full Text
    • Untangling the Libor and Forex Scandals, Huffington Post (Nov. 18, 2013). Full Text
    • What is Libor and Why Should I Care?, Huffington Post (Nov. 8, 2013). Full Text
    • Deterring Libor Manipulation and Improving Benchmarks, The Columbia Law School Blue Sky Blog (April 11, 2013). Full Text
    • Compliance Failures that Facilitated Libor Rigging (with James Bowers), Law360 (Jan. 17, 2013). Full Text
    • Peer-to-Peer Lending: Update and Regulatory Considerations, 1 Filene Research Institute 154 (2008).