Local Attorney Scores Major Win For Lenders And Borrowers In State Supreme Court
Posted Thursday, May 9, 2019 - 6:31 pm
By Victoria Talbot
Beverly Hills attorney Ronald Richards scored a major victory today in the Supreme Court of California that will have broad implications for borrowers and banking in the landmark case of Black Sky Capital, LLC v. Michael Cobb, et al.
“Since 1992, California lenders have been subject to a judge-made rule that has restricted, rather than expanded credit to existing borrowers,” said Richards. “The rule was not supported by the text of the law nor any legislative history. Our office, with the support of our client, set out to change 27 years of intermediate court rulings that did not adhere to the Supreme Court’s stare decisis (to stand by things decided) in its seminal opinion on the subject, pronounced in 1963.”
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