Stoody-Broser v. Bank of America, N.A. et al

Filing 137

ORDER GRANTING 136 Stipulation to Stay Discovery. Signed by Judge JEFFREY S. WHITE on 9/9/11. (jjoS, COURT STAFF) (Filed on 9/9/2011)

Case3:08-cv-02705-JSW Document136

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REED SMITH LLP

A limited liability partnership formed in the State of Delaware

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Filed09/08/11 Page1 of 4

David C. Powell (SBN 129781)
[e-mail]
David S. Reidy (SBN 225904)
[e-mail]
REED SMITH LLP
Two Embarcadero Center, Suite 2000
San Francisco, CA 94111-3922
Telephone: [phone]
Facsimile: [phone]
Mary J. Hackett (appearing pro hac vice)
[e-mail]
Sharon L. Rusnak (appearing pro hac vice)
[e-mail]
REED SMITH LLP
225 Fifth Avenue
Pittsburgh, PA 15222
Telephone: [phone]
Facsimile: [phone]

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Attorneys for Defendants Bank of America,
N.A. and Bank of America Corporation

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IN THE UNITED STATES DISTRICT COURT
FOR THE NORTHERN DISTRICT OF CALIFORNIA

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ELLEN STOODY-BROSER, An Individual,
Individually And On Behalf Of All Others
Similarly Situated,

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Plaintiff,

Case No. CV 08 2705 JSW
JOINT STIPULATION TO STAY
DISCOVERY AND ORDER

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v.

Compl. Filed: May 29, 2008
Trial Date:
None

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BANK OF AMERICA, N.A. and BANK OF
AMERICA CORPORATION,

Honorable Jeffrey S. White

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Defendants.

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Joint Stipulation to Stay Discovery and Order, Case No. CV 08-2705(JSW)

Case3:08-cv-02705-JSW Document136

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Filed09/08/11 Page2 of 4

Plaintiff Ellen Stoody-Broser and Defendants Bank of America, N.A. and Bank of America

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Corporation, for good cause, respectfully file this joint stipulation for a stay of discovery and

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proposed order.

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1.

Defendants moved to dismiss Plaintiff’s initial Complaint as preempted by the

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Securities Litigation Uniform Standards Act (“SLUSA”), 15 U.S.C. § 78bb(f). In addition to

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SLUSA, Defendants moved to dismiss on the grounds that Plaintiff and her counsel engaged in

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forum shopping. On August 25, 2009, this Court dismissed Plaintiff’s Complaint holding that

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SLUSA preempted the state law claims. See Stoody-Broser v. Bank of America, N.A., No. 08-02705,

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2009 WL 2707393 (N.D. Cal., Aug. 25, 2009). Plaintiff appealed.

REED SMITH LLP

A limited liability partnership formed in the State of Delaware

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2.

On June 6, 2011, in an unpublished decision, the Ninth Circuit affirmed this Court’s

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dismissal on SLUSA grounds but remanded to give Plaintiff an opportunity to amend. See Stoody-

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Broser v. Bank of America, N.A., 2011 WL 2181364 (9th Cir. Jun. 6, 2011). The Ninth Circuit issued

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the mandate on June 28, 2011 which was filed with this Court on July 7, 2011. See Docket Entry

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No. 132.

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3.

This Court held a Case Management Conference (“CMC”) on September 2, 2011. At

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the CMC, the parties advised the Court that they would consent to a stay of discovery pending

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resolution of a motion to dismiss Plaintiff’s Amended Complaint. By minute order entered on

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September 6, 2011, Plaintiff has until September 16, 2011 to file an Amended Complaint and the

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parties have until September 9, 2011 to file a Joint Stipulation to stay discovery for the Court’s

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consideration and approval.

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4.

The parties in this action respectfully submit that the facts and circumstances warrant

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an appropriate exercise of the Court’s discretion to enter a temporary stay of discovery pending the

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outcome of Defendants’ Motion to Dismiss.

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5.

The parties agree that no one will be prejudiced by the temporary stay of discovery

requested and that such a stay will avoid the risks of wasting both judicial and party resources.
6.

Accordingly, subject to the Court’s approval, Plaintiff Ellen Stoody-Broser and

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Defendants Bank of America, N.A. and Bank of America Corporation stipulate to a stay of discovery

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pending resolution of Defendants’ motion to dismiss Plaintiff’s Amended Complaint.
-2Joint Stipulation to Stay Discovery and Order, Case No. CV 08-2705(JSW)

Case3:08-cv-02705-JSW Document136

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Filed09/08/11 Page3 of 4

DATED: September 8, 2011
By

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/s/ David C. Powell
David C. Powell (SBN 129781)
David S. Reidy (SBN 225904)
REED SMITH LLP
Two Embarcadero Center, Suite 2000
San Francisco, CA 94111-3922
Telephone: [phone]
Facsimile: [phone]

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Mary J. Hackett (appearing pro hac vice)
Sharon L. Rusnak (appearing pro hac vice)
REED SMITH LLP
225 Fifth Avenue
Pittsburgh, PA 15222
Telephone: [phone]
Facsimile: [phone]

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Attorneys for Defendants Bank of America, N.A.
and Bank of America Corporation

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REED SMITH LLP

A limited liability partnership formed in the State of Delaware

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/s/ Niall P. McCarthy
Niall P. McCarthy (SBN 160175)
[e-mail]
COTCHETT PITRE & McCARTHY, LLP
San Francisco Airport Office Center
840 Malcolm Road, Suite 200
Burlingame, California 94010
Telephone:[phone]
Facsimile: [phone]

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Derek G. Howard (SBN 118082)

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By

[e-mail]
MINAMI TAMAKI, LLP
360 Post Street, 8th Floor
San Francisco, California 94109
Telephone:[phone]
Facsimile: [phone]

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Attorneys for Plaintiff and the Class

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-3Joint Stipulation to Stay Discovery and Order, Case No. CV 08-2705(JSW)

Case3:08-cv-02705-JSW Document136

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Filed09/08/11 Page4 of 4

ORDER
PURSUANT TO STIPULATION, IT IS SO ORDERED.

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The Honorable Jeffrey S. White
United States District Court Judge

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Dated:

September 9, 2011

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REED SMITH LLP

A limited liability partnership formed in the State of Delaware

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-4Joint Stipulation to Stay Discovery and Order, Case No. CV 08-2705(JSW)