NEW JOB: Former L.A. City Attorney Rocky Delgadillo has been hired as chief executive of the Los Angeles County Medical Association, the area’s largest professional organization for physicians. The association noted that as city attorney, Delgadillo successfully sued insurers for fraudulent business practices that led to denial-of-care claims and cancellation of policies. He also pushed for passage of a first-of-its-kind city ordinance to stop patient dumping by hospitals. Delgadillo is a partner at the law firm of Liner Grode Stein Yankelevitz Sunshine Regenstreif & Taylor LLP. He will continue to work for the firm as well as the medical association, which represents physicians, medical students, interns and residents.
PROPERTY BUY: Kennedy Wilson has acquired stakes in three office buildings in the L.A. area in transactions totaling $111 million. The L.A. real estate investment and services firm’s ownership position is about 37 percent, with the remaining equity owned by affiliate Kennedy Wilson Real Estate Fund IV, longtime partner Fairfax Financial and the LeFrak Organization. One property, 9301 Wilshire, is in Beverly Hills’ Golden Triangle with tenants that include entertainment agencies, boutique professional firms and medical specialists. The other offices are in Encino and El Monte.
CFO NAMED: Hanmi Financial Corp. has named Lonny Robinson chief financial officer. Robinson, 54, joined the bank as interim CFO on Oct. 11, and the bank made the appointment official last week after receiving regulatory approval. He has more than 25 years of banking experience, and served as chief financial officer for several community banks, including Koreatown’s Center Financial Corp., parent of Center Bank.
MORE TOYS: Jakks Pacific Inc. has completed its acquisition of Moose Mountain Toymakers Ltd., a Hong Kong maker of licensed arcade-style games, children’s vehicles and other toys. The Malibu toymaker, which also specializes in toys based on licensed characters, did not disclose what it paid to acquire Moose Mountain, a 15-year-old privately held company, and its Parsippany, N.J.-based affiliate, Moose Mountain Marketing Inc., which makes products branded with properties owned by Walt Disney Co., Nickelodeon and Hasbro. Jakks has licenses that range from Ultimate Fighting Championship and Pokémon to Hello Kitty and Cabbage Patch Kids.
WEDBUSH SUIT: Wedbush Securities Inc. in Los Angeles has sued two former employees and trading platform Liquidnet Holdings Inc.. The defendants are accused of taking customer lists, documents and disclosures from the firm. The suit alleges that New York-based Liquidnet, used by institutional investors to buy and sell large blocks of shares, and the former employees, Louis Kerner and Michael Silverstein, worked together to take proprietary information from Wedbush to start the same business at Liquidnet. Liquidnet said that it had hired Kerner to run a new group focused on private companies. Wedbush filed the lawsuit in New York State Supreme Court in Manhattan. Liquidnet received the lawsuit and is reviewing it closely, said Melissa Kanter, a spokeswoman for the company. She declined to comment further on the complaint.
MORE FORECLOSURES: Banks revived their California foreclosures in the third quarter, after a nearly yearlong lull that began amid widespread revelations that banks were improperly seizing homes from delinquent borrowers. A big August surge in foreclosure actions, led by Bank of America, sent the numbers up in the third quarter, according to DataQuick, a real estate information service in San Diego. Notices of default, the first formal step in the foreclosure process, jumped 26 percent over the second quarter, when such filings had dropped to a three-year low. News of the increase comes as talks have stalled over a broad foreclosure settlement by state attorneys general with the nation’s five largest mortgage servicers. California recently stepped out of those discussions, saying it would pursue its own path. State and federal officials are trying to lure the state back into talks.
RELOCATION: Cherokee Inc. has announced plans for larger offices in Van Nuys in order to accommodate its growth. The apparel brand licenser said it will move to a 10,000-square-foot facility at Tri-Center Plaza on Sepulveda Boulevard by Dec. 1, about two miles away from its current headquarters. It noted that the depressed commercial estate market enabled it to negotiate advantageous rates on a five-year lease with a five-year extension option. Cherokee licenses its own brand, Carole Little and other apparel lines sold at Target Stores in the United States, Tesco in the United Kingdom and similar retailers around the world.
LAWSUIT: Natural Resources Defense Council has filed a lawsuit against the two major railroads that operate in Los Angeles, alleging they produce harmful amounts of diesel pollution. The environmental group this summer had sent letters warning Union Pacific Railroad and Burlington Northern Santa Fe Railway Co. that a federal suit would be filed if the companies didn’t cut pollution at rail yards across California. The lawsuit alleges that diesel pollution from the yards, including ones in Carson, Commerce and downtown Los Angeles, is harmful to residents’ health. The suit seeks to force the railroads to clean up the properties.
EARNINGS: Mattel Inc. reported third quarter net income of nearly $301 million, 6 percent higher than the same period a year earlier. Revenue rose 9 percent to $2 billion. … City National Corp. reported third quarter net income of $41.4 million, 20 percent higher than the same period a year earlier. Net interest income rose 7 percent to nearly $204 million, while noninterest income rose 4 percent to $69.6 million. … East West Bancorp Inc. reported third quarter net income of $60.7 million, 51 percent higher than the same period a year earlier. Net interest income rose 4.6 percent to nearly $238 million. The bank recorded a noninterest loss of $13.5 million. … Cathay General Bancorp reported third quarter net income of $22 million, 67 percent higher than the same period a year earlier. Net interest income rose 10 percent to $81 million and noninterest income rose 333 percent $16.8 million. … Hanmi Financial Corp. reported third quarter net income of $4.2 million, compared with a net loss of $14.5 million the same period a year earlier. Net interest income fell 14 percent to $25.2 million, and noninterest income rose 5.5 percent to $5.98 million. … Jakks Pacific Inc. reported third quarter net income of $34.8 million, 14 percent higher than in the same period a year earlier. Revenue fell 5 percent to $332 million. … Cheesecake Factory Inc. reported third quarter income of $20.6 million, 6 percent lower than in the same period a year earlier. Revenue rose 2.3 percent to more than $430 million. … CVB Financial Corp. reported third quarter net income of $22.4 million, 25 percent higher than in the same period a year earlier. Interest income and fees on loans fell 10 percent to $52.8 million.
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