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Does The Victims Of Corporate Fraud Compensation Fund Deny Due Process?

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 corporate fraud”. Several years later, Sacramento Bee reporter Dan Morain wrote a devastating article on the fund: Fraud Victims Fund…

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Aren’t All Administrative Decisions Precedential?

As lawyers, we are used to citing earlier decisions as precedent.  Thus, we might expect that the Department of Corporations is free to rely on its earlier administrative decisions as precedent.  Surprisingly, this is not the case.  In fact, the Administrative Procedure Act prohibits a state agency from expressly relying on a decision as precedent…

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A Program Guide To The Facebook Fairness Hearing

As discussed in this earlier post, Facebook, Inc. has requested a fairness hearing before the California Department of Corporations.  Technically, the hearing is being held pursuant to Corporations Code Section 25142 in connection with Facebook’s application for a permit authorizing the issuance of securities to effect its proposed acquisition of Instagram, Inc.   Since a permit may…

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