Trans Pacific National Bank v. UBS AG et al

Filing 38

STIPULATION AND ORDER re 36 Proposed Order filed by Lincoln Benefit Life Company, Trans Pacific National Bank, UBS AG. Signed by Judge ARMSTRONG on 11/1/10. (lrc, COURT STAFF) (Filed on 11/2/2010)

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Trans Pacific National Bank v. UBS AG et al Doc. 38 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 GILBERT R. SEROTA (No. 75305) gserota@howardrice.com HOWARD RICE NEMEROVSKI CANADY FALK & RABKIN A Professional Corporation Three Embarcadero Center, 7th Floor San Francisco, California 94111-4024 Telephone: 415/434-1600 Facsimile: 415/677-6262 Attorneys for Defendant and Cross-Defendant UBS AG UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF CALIFORNIA OAKLAND DIVISION TRANS PACIFIC NATIONAL BANK, Plaintiff, v. UBS AG; LINCOLN BENEFIT LIFE COMPANY, and DOES 1-15, inclusive, Defendants. No. 09-CV-04617 SBA Action Filed: August 24, 2009 STIPULATION AND ORDER FOR DISBURSEMENT OF FUNDS STIP. AND [PROPOSED] ORDER FOR DISB. OF FUNDS 09-CV-04617 SBA Dockets.Justia.com 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 The parties to the above-entitled matter hereby stipulate and agree as follows: WHEREAS, Plaintiff and Counterdefendant Trans Pacific National Bank ("Trans Pacific") brought the above entitled action in state court seeking to obtain the proceeds of the surrender value of a life insurance policy, Policy No. 01N1PO2369 ("the Policy"), issued by Defendant, Cross-Claimant, and Counterclaimant Lincoln Benefit Life Company ("Lincoln"), that had been assigned to Defendant and Cross-Defendant UBS AG ("UBS") as collateral for debts owed by John Bui to UBS; WHEREAS, Lincoln removed the case to this Court and then deposited with this Court $3,297,649.85, which was the surrender value of the Policy, employing the interpleader process pursuant to 28 U.S.C. Section 2361; WHEREAS, UBS filed a motion to dismiss Trans Pacific's complaint and, on June 9, 2010, this Court entered its Order Granting Defendant UBS AG's Motion to Dismiss dismissing all of Trans Pacific's claims against UBS with prejudice and without leave to amend; WHEREAS, the parties agree that no claims remain before this Court concerning the disposition of the amount in interpleader; WHEREAS, UBS AG is now entitled to the full surrender value of the Policy less any attorneys fees and expenses due to Lincoln; and WHEREAS, Lincoln asserts a claim for $3,558.45 of attorneys fees and expenses for the interpleader pursuant to 28 U.S.C. Section 2361, which neither UBS nor Trans Pacific contest. NOW THEREFORE, the parties seek an order as follow: 1. The Court shall and hereby does direct the Clerk of the Court to disburse the funds on deposit with the Court in this case as follows: 2. $3,558.45 by check made out to "Lincoln Benefit Life Company" and delivered to Andrea Anapolsky, of Seyfarth Shaw LLP, counsel of record for Lincoln. 3. All remaining funds on deposit in this case, including all interest earned on the funds on deposit, by check made out to UBS AG and delivered to Gilbert R. Serota, Howard STIP. AND [PROPOSED] ORDER FOR DISB. OF FUNDS 09-CV-04617 SBA -1- 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 Rice Nemerovski et. al., counsel of record for UBS AG. 4. Lincoln is hereby discharged from any and all liability on or arising out of: (a) the Policy; (b) the rights and obligations of the parties to this action with respect to the surrender value of the Policy. 5. The Policy is void and of no further force or effect and neither UBS nor Trans Pacific will initiate any other legal actions against Lincoln regarding the Policy. SO STIPULATED. DATED: October 29, 2010. GILBERT R. SEROTA HOWARD RICE NEMEROVSKI CANADY FALK & RABKIN A Professional Corporation Three Embarcadero Center, 7th Floor San Francisco, CA 94111-4024 By: /s/ Gilbert R. Serota GILBERT R. SEROTA Attorneys for Defendant and Cross-Defendant UBS AG DATED: October 29, 2010. WALTER W. GOULDSBURY III JEFFER MANGELS BUTLER & MITCHELL LLP Two Embarcadero Center, Fifth Floor San Francisco, CA 94111-3824 By: /s/ Walter W. Gouldsbury III WALTER W. GOULDSBURY III Attorneys for Plaintiff and Counter-Defendant TRANS PACIFIC NATIONAL BANK DATED: October 29, 2010. PETER E. ROMO, JR. ANDREA ANAPOLSKY SEYFARTH SHAW LLP 560 Mission Street, Suite 3100 San Francisco, CA 94105 By: ANDREA ANAPOLSKY /s/ Andrea Anapolsky Attorneys for Defendant, Cross-Claimant, and Counterclaimant LINCOLN BENEFIT LIFE COMPANY STIP. AND [PROPOSED] ORDER FOR DISB. OF FUNDS 09-CV-04617 SBA -2- 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 GENERAL ORDER 45 ATTESTATION I, Gilbert R. Serota, am the ECF User whose ID and password are being used to file this Stipulation and [Proposed] Order for Disbursement of Funds. In compliance with General Order 45, section X.B., I hereby attest that I have on file the concurrences for any signatures indicated by a "conformed" signature (/s/) within this efiled document. DATED: October 29, 2010. /s/ Gilbert R. Serota GILBERT R. SEROTA PURSUANT TO STIPULATION, IT IS SO ORDERED. DATED: 11/1/10 JUDGE SAUNDRA BROWN ARMSTRONG W03 U01/M:\EFiling\09-04617 Trans Pacific (Bui)\102910\Stipulation and (Proposed) Order for Disbursement of Funds.DOC 17 18 19 20 21 22 23 24 25 26 27 28 STIP. AND [PROPOSED] ORDER FOR DISB. OF FUNDS 09-CV-04617 SBA -3-

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