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CALIFORNIA CORPORATE & SECURITIES LAW

Legislature Tries Again To Put Citizens United On California Ballot

Nearly two years ago, I wrote that the California Supreme Court had blocked an effort to include an advisory vote in the statewide ballot.  Proposition 49 asked whether the United States Congress and California Legislature should approve an amendment to the U.S. Constitution overturning the United States Supreme Court decision in Citizens United v. Federal Election Commission, 130 S.…

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CalPERS To Consider Support For Corporate Political Spending Disclosure Mandate

Next week, the California Public Employees Retirement System will consider a staff recommendation “to update the legislative and policy guidelines to include support for Securities and Exchange Commission (SEC) rulemaking on disclosure of the use of corporate resources for charitable and political activities.”  Under the California Constitution (Art. XVI, § 17(b)), the members of CalPERS’…

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Judge Puts Off Decision On Whether Receiver’s CalPERS Benefits Are Unconstitutional

Did CalPERS Make A Gift Of Public Funds? On January 23, 2008, the federal court appointed J. Clark Kelso as a receiver for California’s prison health care system.   In 2011, a taxpayer filed a petition for writ of mandamus challenging Mr. Kelso’s membership in the California Public Employees’ Retirement System (CalPERS).  According to the taxpayer, Mr. Kelso is not…

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