Wu et al v. Prudential Financial, Inc. et al

Filing 103

MEMORANDUM Order: The January 20, 2015 order is vacated in its entirety. This Court reinstates its November 14, 2014 order dismissing all claims with prejudice and reinstates the November 14, 2014 judgment against plaintiffs and in favor of all of the defendants. Signed by the Honorable Milton I. Shadur on 5/20/2015:Mailed notice(clw, )

IN THE UNITED STATES DISTRICT COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
MICHAEL H. WU and CHRISTINE T. WU,
Plaintiffs,
v.
PRUDENTIAL FINANCIAL, INC., et al.,
Defendants.

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Case No. 14 C 5392

MEMORANDUM ORDER
On November 14, 2014 this Court dismissed this action with prejudice [Dkt. 90], granting
all defendants' motions to dismiss and entering judgment in favor of all defendants [Dkt. 91]. On
December 11, 2014 plaintiffs Michael Wu and Christine Wu (collectively "Wus") filed a motion
to reconsider the order of November 14, 2014 [Dkt. 92].
On January 20, 2015 a hearing was held during which Wus asked this Court to change its
November 14, 2014 order of dismissal with prejudice to an order of dismissal without prejudice
so that they could file an arbitration proceeding with the Financial Industry Regulatory Authority
("FINRA"). (Jan. 20, 2015 Tr. 11:19-22; 12:24-13:7.) On that basis, and over defendants'
objections, Wus' oral motion to dismiss this action without prejudice was granted, the judgment
entered on November 14, 2014 was vacated and this Court ordered that this case be dismissed
without prejudice [Dkt. 100].
But Wus did not keep their commitment (on which this Court had relied in entering its
January 20, 2015 order) to file an arbitration proceeding with FINRA. Instead they returned to
this Court and filed a closely related and equally turgid Complaint in Wu v. Prudential Fin., Inc.
et al., Case No. 15 C 2238 ("Wu II").

On May 18, 2015, at a hearing on defendants' motion to dismiss Wu II, this Court
exercised its power under Fed. R. Civ. P. ("Rule") 60 to vacate the January 20, 2015 order.
Accordingly that order [Dkt. 100] is vacated in its entirety, for the reasons articulated at length
on the record.
Effective on the date of this memorandum order, this Court reinstates its November 14,
2014 order dismissing all claims with prejudice and reinstates the November 14, 2014 judgment
against Michael and Christine Wu and in favor of all of the defendants [Dkts. 90 and 91].
Pursuant to Rule 59(e), the plaintiffs shall have 28 days from entry of this order (a
non-extendable period) within which they may file an appropriately supported motion seeking to
alter or amend the judgment against them in this case.

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Milton I. Shadur
Senior United States District Judge
Date: May 20, 2015

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