Oklahoma Governor Kevin Stitt backs business court proposal

“One of the things I most want to see across the finish line…is a business court,” Stitt told the Broken Arrow Chamber of Commerce.

Approximately 30 states have courts that specialize in business disputes. The oldest is the Delaware Court of Chancery, established in 1792. Last year, Texas enacted legislation creating a business court system, which is expected to become operational this fall.

Oklahoma authorized business courts in Oklahoma and Tulsa counties in 2004, but they were never implemented.

“These are not intended for slip and fall accidents,” Stitt said. “I'm talking about business disputes, contractual disputes. They will go to a special court system. Highly trained business lawyers will decide on a resolution more quickly. . There are (cases) that take 10, 12 years to resolve. Businesses need certainty.'' And they need to do it faster. ”

Delaware's commercial law has long made the state a haven for incorporation. According to CNBC, 60% of Fortune 500 companies are legally headquartered there, but their “headquarters” may be little more than a post office box or a law firm.

But billionaire Elon Musk said in January that he would reincorporate in Texas after a Delaware judge rejected Musk's $56 billion compensation package from Tesla.

As an example of why a business court is needed, Stitt cited the $355 million judgment a New York court imposed on former President Donald Trump for years of misrepresenting asset values ​​on loan and insurance documents. .

New York has had business courts since the 1990s. Trump's case involving state civil fraud charges was heard in civil court.

“Look at New York,” he said. “Look at how the court system is punishing President Trump's business. Whether it's President Trump's business, whether it's President Biden's business, whether it's ABC's business, it doesn't matter to me. No. You can't have a court system that arbitrarily pulls things out of thin air and says it's for you.'' If there was no loss or damage, the judgment would be $355 million or Whatever it is, you owe money. ”

Mr. Trump and his defense argued that the false statements did not constitute fraud because Mr. Trump's company had repaid the loan.

The judge in the case, Arthur Engoron, acknowledged that Mr. Trump and his associates “did not rob banks,” but said their misconduct “shocks the conscience” and shows “a complete lack of contrition and remorse.” ” was revealed.