California Regents Needn’t Disclose Private-Equity Return
The University of California won a court ruling that it doesn’t have to obtain and make public records of its investments with Sequoia Capital and Kleiner Perkins Caufield & Byers.
A California appeals court in San Francisco reversed a trial-court ruling and denied a petition by Reuters America LLC to force the university to get the records of its investment returns and release them.
“This is a complete and total victory for us,” Dianne Klein, a spokeswoman for the UC Regents, said in a phone interview. The records sought by Reuters aren’t covered by California’s Public Records Act, and the appeals court recognized that Reuters “overstepped the boundaries of the act” when it sought to compel the university to obtain records about investments made with Sequoia and Kleiner, she said
The ruling came in a public records lawsuit against the university filed by the unit of Thomson Reuters Corp. (TRI) The data and news service is a competitor of Bloomberg News and its parent, Bloomberg LP.
Barbara Burg, a Reuters spokeswoman, didn’t immediately respond to an e-mail seeking comment on the ruling.
The case is Regents of the University of California v. The Superior Court of Alameda County, A138136, Court of Appeal of the State of California, First Appellate District (San Francisco).
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