I-Flow Share Transfer Improper: Calif. High Court

Law360, New York (July 17, 2009, 6:53 PM EDT) -- Health care company I-Flow Corp. did not properly transfer shares belonging to Azure Ltd. to the state of California under unclaimed property laws and is therefore not immune to claims in Azure's lawsuit, California's top court has ruled.

Thursday's ruling, in the Supreme Court of California, affirmed a decision in the California Court of Appeal and, the top court said, also disproved a contrary conclusion reached by the state appeals court in a similar case called Harris v. Verizon Communications.

California law immunizes corporations from civil...
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