April 28, 2015 – The Sixth Appellate District of California found that plaintiff Cypress Semiconductor was liable for the attorney’s fees of defendant Maxim Integrated Products, Inc. under the Uniform Trade Secrets Act (California Civil Code Section 3426 et seq.) because its claim that Maxim’s hiring of its former employees constituted a bad faith claim for misappropriation of trade secrets. In the decision, the court makes clear that a business is entitled to recruit the employees of a competitor in California.
February, 2015 Nickolay “Nick” Kotyrlo Appointed Deputy Commissioner for Broker Dealer/Investment Advisor Division at the California Department of Business Oversight
February 3, 2015, the Financial Industry Regulatory Authority (FINRA) issued a new report on cyber security, which details practices that firms can tailor to their business model as they strengthen their cyber security efforts. The top 3 threats identified in the 2011 and 2014 surveys are:
- hackers penetrating firm systems;
- insiders compromising firm or client data; and
- operational risks.
January, 2015 – The 2014 annual reports for Lenders and Brokers Licensed under the California Finance Lenders Law (CFLL), and licensees under the California Deferred Deposit Transaction Law (CDDTL) is due Mar. 15, 2015
January 6, 2015, FINRA notes that it observes shortcomings in five key areas of broker-dealer activity.
- alignment of firms’ interests with those of their customers;
- standards of ethical behavior;
- development of strong supervisory and risk management systems;
- development, marketing and sale of novel products and services; and
- management of conflicts of interest.
October, 2014 – The Department of Business Oversight released the 2013 Report of California Finance Lender License activity shows that licensee made $7.9B on $59.5B of commercial loans, and $3.57B on $18.5B of consumer loans with the average commercial loan being $106,650, and the average consumer loan $43,521. Real estate secured 87.3% of consumer loans.
July, 2014, California Judicial Council reports that it receives around 1% of the state’s general fund budget, giving an idea of the judicial system’s importance to the legislature.
Los Angeles County Superior Court. All probate cases pending in district courthouses, except in the North District, will be transferred to Department 29 in the Central District. Individual transfer notices for each reassigned case will be sent to the petitioning parties. The date and time of the hearing will remain as currently set.
Probate cases include matters concerned with wills, trusts, estates, guardianships and conservatorships.
Los Angeles County Superior Court. Effective June 14, 2013, the Los Angeles Superior Court will no longer provide court reporters for general jurisdiction civil matters, except in the writs departments – 82, 85 and 86 – located in the Stanley Mosk Courthouse. The writs departments will continue to use the established matrix for court reporter assignments.
Los Angeles County Superior Court. Effective April 8, 2013, except as to those cases that may be filed in the North District (Antelope Valley Courthouse) pursuant to LASC Local Rule 2.3 (a)(1)(B), all Los Angeles Superior Court probate cases (all actions and proceedings to which the Probate Code applies) must be filed in Room 429 in the Stanley Mosk Courthouse, located at 111 N. Hill St., Los Angeles 90012.