Only sort of.
James' is right according to me and the rest of the "just go with your gut" grammar crowd. But we're ultimately losing the battle, because all my English teacher colleagues (and the freaking MLA -- sell-out hippies!) teach "James's." So the right way, which "real grammar people" say is the wrong way, is becoming the wrong way! It's not that it's older -- it's just instinctual.
Next thing you know the MLA is going to start throwing silenht h's into everhything. Freaking neo-antiquated punks.
I'm also for the destruction of the semi-colon -- I breathe horizontally, not vertically!