Sullivan, et al v. SII Investments, Inc.

Filing 44

ORDER DIRECTING BRIEFING (Illston, Susan) (Filed on 3/8/2018)

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1 UNITED STATES DISTRICT COURT 2 NORTHERN DISTRICT OF CALIFORNIA 3 4 TIMOTHY C SULLIVAN, ET AL., Plaintiffs, 5 6 7 8 Case No. 18-cv-00666-SI ORDER DIRECTING RESPONSE v. Re: Dkt. No. 32 SII INVESTMENTS, INC., Defendant. 9 10 The Court is considering plaintiffs’ motion for leave to file a motion for partial United States District Court Northern District of California 11 reconsideration of this Court’s Order (Dkt. No. 30) denying plaintiffs’ application for a TRO. 12 Among other things, plaintiffs assert in that motion that defendant SII Investment, Inc. has 13 “block[ed] the transfer of accounts” for which plaintiffs’ clients have submitted the necessary 14 paperwork to transfer their accounts to plaintiffs’ current brokerage firm. Dkt. No. 35 at ¶ 8-10. 15 16 Plaintiffs allege this block is not industry protocol, that the custodial broker-dealer Pershing refused to process the transfer because the accounts were “blocked” and that SSI has imposed the 17 18 19 20 21 22 block. Plaintiffs also allege that when they inquired as to the status of their accounts SII told them “[a]ll your accounts are frozen.” The Court directs defendant to respond in writing on this issue, explaining whether, when and by what authority any such block was imposed. Such response shall be filed no later than March 12, 2018. 23 24 25 26 27 28 IT IS SO ORDERED. Dated: March 8, 2018 ______________________________________ SUSAN ILLSTON United States District Judge

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