In Bridge v. E*Trade Securities LLC, 2012 WL 3249508 (N.D. Cal. Aug. 7, 2012), the District Court granted E*Trade’s motion for an order directing expungement of plaintiffs’ complaint from the Central Registration Depository (“CRD”) record of its employee pursuant to FINRA Rule 2080. In doing so, the court noted that “case law regarding the standard for CRD expungement is scarce” and adopted the standard used by the Western District of Texas in Reinking v. Financial Industry Regulatory Authority, Case No. A-11-CA-813-§ (W.D. Tex. Dec. 1, 2011), which standard is “predicated upon whether or not allegations’ continued inclusion on the CRD [have] ‘regulatory value.’” … [Read more...] about California Northern District Court Adopts ‘Regulatory Value’ Standard in Granting Motion for Expungement of CRD Records
California northern district bankruptcy
The third eligibility requirement is that the municipality be insolvent. Insolvent as defined in the Bankruptcy Code, means, with reference to a municipality, that the municipality is (i) generally not paying its debts as they become due unless such debts are the subject of a bona fide dispute, or (ii) unable to pay its debts as they become due. The court overseeing the City of Stockton chapter 9 bankruptcy recently addressed the insolvency eligibility requirement for putative municipal debtors at some length. The Stockton court noted that three types of insolvency inform the analysis of §109(c)(3), i.e., the insolvency eligibility requirement: cash insolvency, budget insolvency and service delivery insolvency. In re City of Stockton, 493 B.R. 772, 788 (Bankr. E.D. Cal. 2013). The Stockton court concluded that “when a municipality lacks the funds to pay its contractual obligations within the current or … [Read more...] about Chapter 9: An Rx for Health Care Districts and Public Hospital Authorities?
U.S. Bankruptcy Judge Dennis Montali of the Northern District of California agreed, allowing the trustee to subpoena law firms that took in Howrey partners for billing records of former Howrey clients. Forbes discussed the history of the unfinished business rule affecting dissolved partnerships back in 2012 when this decision was made. … [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
A 1984 California case, Jewel v. Boxer, held that a dissolved law firm is entitled to fees from cases that originated at the firm, unless the partnership agreement provides otherwise. The Heller partnership agreement doesn’t specify that partners can take fees with them to new firms, but the dissolution agreement attempted to allow it, the Daily Journal story says. … [Read more...] about Malpractice and Partner Liability at Issue in Heller Bankruptcy