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CALIFORNIA CORPORATE & SECURITIES LAW

Is Certiorari A Possibility For SLUSA Question Not Addressed By Any Federal Circuit Court?

In Luther v. Countrywide Financial Corp., 195 Cal. App. 4th 789 (2011), the trial court ruled that state courts do not enjoy concurrent jurisdiction when a class action meeting the definition of a “covered class action” under the Securities Litigation Uniform Standards Act of 1998 (aka “SLUSA”) did not involve a “covered security”, as also…

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Broad Coalition Delivers Blunt Rebuke To SEC Chairman

Last month, I wrote that the SEC’s about face in responding to the no-action letter request of Whole Foods Market, Inc. “clearly wasn’t the SEC’s finest hour.”  See SEC’s Rule 14a-8 Volte-Face Is Pointlessly Outré But It Does Have Real World Ramifications.  Several days later, a coalition of some 17 different organizations delivered a much less…

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Joint Oversight Hearing Scheduled Regarding Dodd-Frank Act Impacts

The Assembly Banking and Finance and the Senate Banking and Financial Institutions Committees will be holding an oversight hearing on March 23.  According to the Assembly Daily File, the purpose of the hearing is to consider “intial reactions, initial steps, and likely impacts”.  The witness list includes the Commissioners of the Departments of Corporations, Financial Institutions, and…

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Placement Agent Bill to be Heard Today

Earlier this year, Assemblymember Edward Hernandez introduced AB 1743 to require placement agents who assist in obtaining business from California public retirement systems, such as CalPERS and CalSTRS, to register as lobbyists.  Although there are a number of consequences to being classified as a lobbyist, the one that has attracted the most attention is the…

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