California Department of Corporations seeks to remand lawsuit against Lloyd's of London back to state court.LOS LOS Length of stay, see there ANGELES--(BUSINESS WIRE)--Feb. 28, 1996--In response to Citibank's civil action to have the California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). Department of Corporation's action against Lloyd's of London Not to be confused with Lloyds Bank or Lloyd's Register. Lloyd's of London is a British insurance market. It serves as a meeting place where multiple financial backers or “members”, whether individuals (traditionally known as removed to federal District Court, the Department of Corporations announced today its intention to file papers with the Federal court to have the case remanded back to State court. "Citibank's removal of this case to Federal court is without merit," said Gary Gary, city (1990 pop. 116,646), Lake co., NW Ind., a port of entry on Lake Michigan; inc. 1909. Gary was founded by the U.S. Steel Corporation, which purchased the land in 1905 and landscaped it for a city. Mendoza, Commissioner, California Department of Corporations. "This action jeopardizes the Department's ability to protect defrauded California investors. It is important that we stop Lloyd's of London from drawing down any further funds against the letters of credit posted by victimized California investors. "Since Citibank is a stakeholder stakeholder n. a person having in his/her possession (holding) money or property in which he/she has no interest, right or title, awaiting the outcome of a dispute between two or more claimants to the money or property. in the suit, not a defendant, the Department believes Citibank does not have any legal standing for seeking this change." In addition, the Department today announced that it has served desist and refrain orders on the managing agents of the Lloyd's syndicates to prevent them from soliciting and selling any new securities in California and from acting as a broker dealer in California without a certificate. "The Department's desist and refrain orders are further administrative actions to stop Lloyd's from continuing to sell securities in violation of California law California Law consists of 29 codes, covering various subject areas, the State Constitution and Statutes. See also
The California Department of Corporations is a regulatory and licensing agency that reports to the Business, Transportation and Housing Agency. CONTACT: California Department of Corporations John Barna, 916/323-5486 |
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