Louis K. Liggett Co. v. Lee
Louis K. Liggett Co. v. Lee, 288 U.S. 517 (1933), is a corporate law decision from the United States Supreme Court. Background. The case involved retail business taxes in the Florida being based on the number of stores and not the value or sales of the stores. Decision. Justice Brandeis agreed with the race to the bottom theory of corporate law, proposed by Adolf Berle and Gardiner Means in "The Modern Corporation and Private Property" (1932).