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Defendant lending corporation sought review of the decision of the Superior Court of Los Angeles County (California), which granted the plaintiff state board a preliminary injunction that prohibited the lending corporation from engaging in activities that allegedly constituted the practice of public accountancy. They have experience in due diligence acquisition checklist

California.

The state board filed an action to enjoin the lending corporation from engaging in activities that amounted to the practice of public accountancy. The trial court granted the injunction and the lending corporation appealed. On appeal, the court affirmed the grant of the injunction. The court found that the services, which the lending corporation offered to perform under its service agreement, on behalf of its clients and for compensation, were services that involved an examination, review, and presentation of accounting records. The court also found that the services performed included the preparation and certification of reports on examinations of balance sheets and other financial statements and reports for the purpose of obtaining credit. The court held that those activities fell under Cal. Bus. & Prof. Code § 5061, that defined the practice of accountancy and that the services constituted the practice of public accountancy. Finally, the court found that the injunction was limited to acts within California and that the assertion that the injunction was too broad and was vague and uncertain was not sustainable.

The court affirmed the trial court's grant of a preliminary injunction against the lending corporation. The court found that the lending corporation's activities constituted the practice of public accountancy as defined by state law and that the injunction was not too broad in scope.

Plaintiffs and intervenors, insurance companies, in two separate actions, appealed from a single order by the Superior Court of Fresno County, California, which denied a preliminary injunction to prevent the defendant, state insurance commissioner, from disclosing community service statement (CSS) data, which the insurance companies were required by Cal. Code Regs. tit. 10, § 2626.6 to file with the commissioner, to intervenors, consumer groups.

Consumer groups requested disclosure of CSS data submitted by the top five insurers in the state. The insurers filed suit to prevent that disclosure claiming that the data was a trade secret exempt from disclosure by Cal. Gov't Code § 6254(k). The trial court denied their motion for a preliminary injunction, finding that Cal. Ins. Code § 1861.07 required disclosure. The trial court did not consider whether the information was a trade secret. The appellate court stayed the trial court's order pending its review. The appellate court found that Cal. Code Regs. tit. 10, § 2626.6 was promulgated pursuant to Cal. Ins. Code art. 10, and thus, CSS data submitted pursuant to that regulation was subject to the disclosure requirements of Cal. Ins. Code § 1861.07. However, the court held that § 1861.07 only eliminated the specific exemption from publication found in Cal. Gov't Code § 6254(d) and not all other exemptions found in § 6254. Cal. Gov't Code § 6254(k), which exempted trade secret records that were privileged under Cal. Evid. Code § 1060, was available to prevent public disclosure of data provided to the commissioner pursuant to Cal. Ins. Code art. 10.

The court remanded the matter to the superior court for further proceedings, without deciding if the contested data was a trade secret exempt from disclosure.

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