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CALIFORNIA CORPORATE & SECURITIES LAW

SB 1272 (NKA Proposition 49) – The Secretary of State’s Pretend Invitation

Last week, I wrote that Governor Brown had allowed SB 1272 to become law without his signature.  To say that SB 1272 became law is an hyperbole because, as Governor Brown observed, the bill “has no legal effect whatsoever”.  The bill, authored by Senator Ted Lieu, calls for an advisory vote on whether the United States Congress and California…

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Bill Illustrates Ills Besetting Corporate Fraud Fund

In 2002, the Legislature enacted AB 55 creating the victims of corporate fraud fund.  Since the fund was created, it has collected about $15 million and nearly 800 claims have been submitted.  In a devastating article published last fall by the Sacramento Bee, Dan Morain reported that only 10 people had been paid with a total…

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