Securities And Exchange Commission v. Wu et al

Filing 62

ORDER GRANTING 61 Joint MOTION to Continue Discovery and Trial Schedule. Case Management Statement due by 4/18/2014. Case Management Conference set for 4/25/2014 11:00 AM in Courtroom 5, 2nd Floor, Oakland.. Signed by Judge JEFFREY S. WHITE on 2/25/14. (jjoS, COURT STAFF) (Filed on 2/25/2014)

Case3:11-cv-04988-JSW Document61 Filed02/19/14 Page1 of 3

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JINA L. CHOI (New York Bar. No. 154425)
MICHAEL S. DICKE (Cal. Bar No. 158187)
LLOYD FARNHAM (Cal. Bar No. 202231)
[e-mail]
Attorneys for Plaintiff
SECURITIES AND EXCHANGE COMMISSION
44 Montgomery Street, Suite 2800
San Francisco, California 94104
Telephone: [phone]
Facsimile: [phone]

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UNITED STATES DISTRICT COURT

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NORTHERN DISTRICT OF CALIFORNIA

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SAN FRANCISCO DIVISION

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Case No. 3:11-cv-04988-JSW

SECURITIES AND EXCHANGE
COMMISSION,

JOINT ADMINISTRATIVE MOTION
TO CONTINUE DISCOVERY AND
TRIAL SCHEDULE

Plaintiff,
v.
THOMAS S. WU, and THOMAS T. YU,

[PROPOSED] ORDER
Defendants.

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The Plaintiff Securities and Exchange Commission (the “Commission”) submits this

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Joint Administrative Motion to Continue the Discovery and Trial Schedule in this case. The

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motion is submitted on behalf of the Commission and the remaining defendants in the action,

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Thomas Wu and Thomas Yu. Counsel for the parties agree that the pending criminal

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proceedings against Thomas Yu make it impractical to complete discovery in this case, and a

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trial on the civil charges against the defendants will be more efficient and expeditious after the

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criminal proceedings are completed. For these reasons, the parties request that the Court vacate

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the current discovery and trial schedule, and set a Continued Case Management Conference in
SEC V. THOMAS S. WU, ET AL.
CASE NO. 3:11-CV-04988-JSW

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JOINT ADMINISTRATIVE MOTION
TO CONTINUE DISCOVERY AND TRIAL

Case3:11-cv-04988-JSW Document61 Filed02/19/14 Page2 of 3

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approximately six months to discuss a revised schedule in the case.

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This action was filed on October 11, 2011, and named three former officers and

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employees of UCBH Holdings, Inc. and United Commercial Bank, Thomas Wu, Thomas Yu,

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and Ebrahim Shabudin. Also on that day, indictments were unsealed charging Thomas Yu and

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Shabudin with securities fraud and other charges. This criminal action is pending before this

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Court, and no trial date has been set. The Commission accepted an offer of settlement from

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defendant Shabudin, and on August 8, 2013, the Court entered final judgment against Shabudin,

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imposing a civil penalty and issuing a permanent injunction.

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Thomas Yu and Thomas Wu have not filed substantive answers to the Commission’s

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complaint. In their answers to the Commission complaint, filed on December 13 and 14, 2011,

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both defendants stated that they lacked sufficient information to respond to the allegations

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because they did not have access to relevant documents, and each asserted rights under the Fifth

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Amendment to the U.S. Constitution and declined to respond to allegations in the Commission’s

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complaint. According to Counsel for Thomas Yu, he will continue to assert his Fifth

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Amendment privilege at a deposition or trial during the pendency of the criminal proceedings.

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Because of the pending criminal case has made it impractical to complete further

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discovery in the civil case, the parties request that the Court vacate and reset the current

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deadlines. The parties also seek to continue the trial date in order to permit the parties to conduct

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discovery and prepare for trial either after the criminal trial schedule has been determined or

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after the conclusion of the pending criminal case.

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A proposed for of order is submitted with this motion.

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Dated: February 19, 2014

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Respectfully submitted,
/s/ Lloyd Farnham
LLOYD FARNHAM
Attorney for Plaintiff
SECURITIES AND EXCHANGE COMMISSION

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SEC V. THOMAS S. WU, ET AL.
CASE NO. 3:11-CV-04988-JSW

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JOINT ADMINISTRATIVE MOTION
TO CONTINUE DISCOVERY AND TRIAL

Case3:11-cv-04988-JSW Document61 Filed02/19/14 Page3 of 3

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/s/ Steven M. Bauer
STEVEN M. BAUER
Latham & Watkins LLP
505 Montgomery Street, Suite 2000
San Francisco, CA 94111
ATTORNEYS FOR DEFENDANT THOMAS WU

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/s/ Edward Seidel
EDWARD SEIDEL
Cooper, White & Cooper LLP
201 California Street, 17th Floor
San Francisco, CA 94111
ATTORNEYS FOR DEFENDANT THOMAS YU

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GENERAL ORDER 45 ATTESTATION

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In accordance with General Order 45, each of the signatories to this document has

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concurred in its filing, and I shall maintain records to support these concurrences.

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/s/ Lloyd Farnham
LLOYD FARNHAM
Attorney for Plaintiff
SECURITIES AND EXCHANGE COMMISSION

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[PROPOSED] ORDER
PURSUANT TO STIPULATION, and the information submitted with this motion, the

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Court vacates the trial and discovery deadlines in this case, and sets a CONTINUED CASE

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April 25, 2014
MANAGEMENT CONFERENCE for ____________________________. The parties shall file

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an updated Case Management Conference statement at least seven days prior.

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IT IS SO ORDERED.

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February 25
Dated: __________________, 2014
_______________________________
Judge Jeffrey S. White
United Stated District Court

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SEC V. THOMAS S. WU, ET AL.
CASE NO. 3:11-CV-04988-JSW

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JOINT ADMINISTRATIVE MOTION
TO CONTINUE DISCOVERY AND TRIAL