The Charles Schwab Corporation v. Banc of America Securities LLC et al

Filing 55

ORDER Regarding Briefing Schedule. Signed by Judge Lucy H. Koh on 10/26/2010. (lhklc2, COURT STAFF) (Filed on 10/26/2010)

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The Charles Schwab Corporation v. Banc of America Securities LLC et al Doc. 55 1 2 3 4 5 6 7 8 9 10 United States District Court For the Northern District of California 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF CALIFORNIA SAN JOSE DIVISION THE CHARLES SCHWAB CORPORATION, ) ) ) Plaintiff, ) v. ) ) BANC OF AMERICA SECURITIES LLC; ) BANC OF AMERICA FUNDING ) CORPORATION; UBS SECURITIES, LLC; ) WELLS FARGO ASSET SECURITIES ) CORPORATION; WELLS FARGO BANK, N.A.; AND, DOES 1-50, ) ) Defendants. ) ) Case No.: 10-CV-03489-LHK ORDER REGARDING BRIEFING SCHEDULE The Court previously requested briefing regarding the timeliness of some of Plaintiff Charles Schwab Corporation's 1933 Securities Act claims asserted in this action. This briefing was to be received from Schwab and the Wells Fargo Defendants1 before the hearing on Schwab's Motion to Remand, set for December 9, 2010. See Dkt. No. 50. Subsequently, Schwab submitted a letter asking to defer briefing on the timeliness of Schwab's claims until after the Court's decision on the Motion to Remand, on the basis that if the Court is without jurisdiction over this matter, the case should be remanded without further action by the Court. See Dkt. No. 51. However, Schwab's First Amended Complaint (FAC) states that the inclusion of the 1933 Securities Act claims prohibit removal. See FAC (Dkt. No. 1, Ex. B) 15. Wells Fargo raised the potential tolling issue regarding these claims in its Notice of Removal. See Notice of Removal 1 Wells Fargo Asset Securities Corporation and Wells Fargo Bank, N.A. (together, "Wells Fargo"). 1 Case No.: 10-CV-03489-LHK ORDER REGARDING BRIEFING SCHEDULE Dockets.Justia.com 1 2 3 4 5 6 7 8 9 10 United States District Court For the Northern District of California 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 (Dkt. No. 1) 24. Schwab then addressed these contentions in its Motion to Remand. See Mot. to Remand (Dkt. No. 18) at 6-10. Thus, it appears likely that the tolling issue will be raised by Wells Fargo in their Opposition to the Motion to Remand. The Court agrees with Plaintiffs that separate briefing on the tolling issue outside the context of the Motion to Remand is unnecessary and thus vacates the briefing schedule set forth in its October 19, 2010 Order. However, per Local Rule 7-3, should Wells Fargo raise the tolling issue in its Opposition due November 18, 2010 then Schwab shall respond in its Reply due November 25, 2010. The Court requests that in any Reply brief on the tolling topic, Schwab address the issues raised in the Court's October 19, 2010 Order. Of course, the Court will not reach any issue unnecessarily, or decide any issue that is not properly before it. IT IS SO ORDERED. Dated: October 26, 2010 _________________________________ LUCY H. KOH United States District Judge 2 Case No.: 10-CV-03489-LHK ORDER REGARDING BRIEFING SCHEDULE

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