The Bridge opinion reinforces scarce authority upon which brokers and their counsel may rely when contemplating whether to seek expungement of erroneous or historical CRD disclosure items. Due to the heightened scrutiny of CRD records - by regulators, employers and customers - anyone considering pursuing expungement is encouraged to seek professional advice while these expungement options remain available. … [Read more...] about California Northern District Court Adopts ‘Regulatory Value’ Standard in Granting Motion for Expungement of CRD Records
Bankruptcy northern district california
The provisions of Chapter 9 limit the authority that a Bankruptcy Court may exercise over a municipal debtor. This limitation derives ultimately from the Tenth Amendment to the United States Constitution. Section 903 of the Bankruptcy Code states that Chapter 9 “does not limit or impair the power of a State to control by legislation or otherwise, a municipality of or in such State in the exercise of the political or governmental powers of the municipality, including expenditures for such exercise.” And Section 904 of the Bankruptcy Code states that “[n]otwithstanding any power of the [Bankruptcy Court], unless the debtor consents or the plan so provides, the [Bankruptcy Court] may not, by any stay, order or decree, in the case or otherwise, interfere with (1) any of the political or governmental powers of the debtor; (2) any of the property or revenues of the debtor; or (3) the debtor’s use or enjoyment of any income-producing … [Read more...] about Chapter 9: An Rx for Health Care Districts and Public Hospital Authorities?
The American Bar Association has filed an amicus brief arguing that the U.S. Court of Appeals for the District of Columbia Circuit should reject a bankruptcy trustee’s attempt to capture profits earned by law firms from clients previously served by the now-defunct Howrey law firm. … [Read more...] about ABA amicus: DC Circuit should reject bankruptcy trustee’s claim on ‘unfinished business’ profits
Three creditors to whom Howrey allegedly owes a total of less than $40,000 have filed a petition in the Northern District of California seeking an involuntary Chapter 7 bankruptcy for Howrey, reports the Am Law Daily. … [Read more...] about Howrey Creditors Seek Involuntary Chapter 7 Bankruptcy for Law Firm
Another issue likely to arise in the bankruptcy is whether Heller partners are liable for work they took to new firms and for partner draws they received when the firm was insolvent, according to the Daily Journal story. Montali is considering the partner liability issue in another case involving former partners at the dissolved law firm Brobeck, Phleger & Harrison. … [Read more...] about Malpractice and Partner Liability at Issue in Heller Bankruptcy