California Corporate & Securities Law

In notorious defiance of the California Constitution, the legislature in 2002 established the Victims of Corporate Fraud Compensation Fund.  See Victims of Corporate Fraud. The purpose of the fund is to provide "restitution to the victims of a...

Last August, the Department of Corporations approved the acquisition of Instagram, Inc. by Facebook, Inc. following a fairness hearing.  See DOC Calls It Fair.  According to this Los Angeles Times story by Salvador Rodriguez, Facebook officially...

Section 25400(d) of the California Corporations Code declares it unlawful for any broker-dealer or "other person selling or offering for sale" to make a false or misleading statement for the purpose of inducing the purchase or sale of a security if...

Justice Russell C. Ostrander: “judges are not business experts." Dodge v. Ford Motor Co., 204 Mich. 459, 508 (1919) 

The Nevada Securities Law (Chapter 90 of Nevada Revised Statutes) is administered and enforced by the Securities Division of the Nevada Secretary of State.  Last week, Nevada Secretary of State Ross Miller issued this press release warning investors...

Yesterday, I wrote about a recent memorandum opinion by U.S. District Court Judge Dale S. Fischer that led to a jury verdict awarding nearly $169 million in damages against three former corporate officers. Among other things, Judge Fischer ruled...

Last Friday, the jury in FDIC v. Van Dellen (C.D. Cal. Case No. CV 10-4915 DSF (SHx)) returned a verdict totalling nearly $169 million against three former officers of the home builder division of IndyMac Bank, F.S.B. The Office of Thrift...

In 2006, then Assembly Member Jerome Horton authored AB 1418 to require the Board of Equalization and the Franchise Tax Board to make publicly available lists of the 250 largest tax delinquencies in excess of $100,000. In California, the BOE...

Last April, the Consumer Financial Protection Bureau issued this Bulletin cautioning supervised banks and certain non-depository financial services companies that they must have "an effective process for managing the risks of service provider...