Calif. Insurance Chief Fights To Bar $1B Asset Sale

Law360, New York (August 31, 2009, 5:43 PM EDT) -- California Insurance Commissioner Steve Poizner has sued to block the state's sale of $1 billion in assets belonging to the State Compensation Insurance Fund, asking a state court to declare efforts by the Legislature and the governor to dip into the fund unconstitutional.

The complaint, filed Thursday in the Superior Court of the State of California for the County of Sacramento, asks the court to stop the sale of the fund's assets for purposes other than workers' compensation and to halt the transfer of the insurance...
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