California Supreme Court justices’ financial disclosure statements show safeguards have been implemented to avoid mass recusals

In Wednesday’s Daily Journal [subscription required], Laura Ernde had an article regarding the justices’ recent filings of their annual Statements of Economic Interest. This year’s statements show that five of the six justices hold oil industry stocks. This is noteworthy because, in November 2007, four justices’ ownership of oil company defendants’ stock compelled those justices’ recusal and the Court’s dismissal of a toxic tort case after briefing on the merits and extensive amicus briefing had been completed. Lockheed Litigation Cases, S132167. Since then, however, safeguards have been put in place to prevent a repeat of that unfortunate incident. As a result, as Ernde reports, this year “no more than two justices own stock in any single oil company.” Full disclosure: Horvitz & Levy LLP was counsel of record in the Lockheed Litigation Cases for defendants Exxonmobil Corporation and Union Oil Company of California.