National Credit Union Administration Board v. RBS Securities, Inc. et al

Filing 207

ORDER - All proceedings shall be stayed pending the Tenth Circuits resolution of the interlocutory appeal taken in Case Nos. 11-2340 and 11-2649, with the following exceptions: (a) the completed briefing and resolution by the Court of any pending mo tion to dismiss; and (b) the submission by plaintiff, if it chooses, of a motion related to the issue of statistical sampling, as described by plaintiff at the status conference conducted on this date. The Court shall issue orders as appropriate after the Tenth Circuit has issued an opinion in the interlocutory appeal. The pending motions for a stay are hereby granted to the extent set forth herein.. Signed by District Judge John W. Lungstrum on 4/29/2013. (ses)

IN THE UNITED STATES DISTRICT COURT
FOR THE DISTRICT OF KANSAS

NATIONAL CREDIT UNION
ADMINISTRATION BOARD,

)
)
)
Plaintiff,
)
v.
)
)
RBS SECURITIES, INC., et al.,
)
)
Defendants.
)
_______________________________________)
)
NATIONAL CREDIT UNION
)
ADMINISTRATION BOARD,
)
)
Plaintiff,
)
v.
)
)
WACHOVIA CAPITAL MARKETS, LLC,
)
et al.,
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Defendants.
)
_______________________________________)
)
NATIONAL CREDIT UNION
)
ADMINISTRATION BOARD,
)
)
Plaintiff,
)
v.
)
)
J.P. MORGAN SECURITIES LLC, et al.,
)
)
Defendants.
)
_______________________________________)

Case No. 11-2340-JWL

Case No. 11-2649-JWL

Case No. 11-2341-JWL

)
)
)
)
Plaintiff,
)
v.
)
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UBS SECURITIES, LLC, et al.,
)
)
Defendants.
)
_______________________________________)
)
NATIONAL CREDIT UNION
)
ADMINISTRATION BOARD,
)
)
Plaintiff,
)
v.
)
)
BARCLAYS CAPITAL INC., et al.,
)
)
Defendants.
)
_______________________________________)
)
NATIONAL CREDIT UNION
)
ADMINISTRATION BOARD,
)
)
Plaintiff,
)
v.
)
)
CREDIT SUISSE SECURITIES (USA) LLC, )
et al.,
)
Defendants.
)
_______________________________________)
NATIONAL CREDIT UNION
ADMINISTRATION BOARD,

2

Case No. 12-2591-JWL

Case No. 12-2631-JWL

Case No. 12-2648-JWL

)
)
)
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Plaintiff,
)
v.
)
)
BEAR, STEARNS & CO., et al.,
)
)
Defendants.
)
_______________________________________)
)
NATIONAL CREDIT UNION
)
ADMINISTRATION BOARD,
)
)
Plaintiff,
)
v.
)
)
JPMORGAN CHASE BANK, N.A., et al.,
)
)
Defendants.
)
_______________________________________)
NATIONAL CREDIT UNION
ADMINISTRATION BOARD,

3

Case No. 12-2781-JWL

Case No. 13-2012-JWL

ORDER
In these related actions, various defendants have moved for a stay of proceedings
pending the Tenth Circuit’s resolution of the interlocutory appeal taken in Case Nos. 112340 and 11-2649. See Doc. # 64 in Case No. 11-2341; Doc. # 28 in Case No. 12-2591;
Doc. # 20 in Case No. 12-2781; Doc. # 20 in Case No. 13-2012. The Court also
requested written statements from the parties in these cases concerning whether a stay
should be ordered, and the issue was further discussed in the status conference conducted
by the Court on April 29, 2013.
Based on the parties’ written submissions and the arguments heard by the Court
at the status conference, the Court concludes that a stay is appropriate in each of these
cases. As Judge Rogers stated in certifying his ruling for interlocutory appeal, the appeal
may materially advance the ultimate termination of expensive and complex litigation.
Indeed, the Tenth Circuit’s opinion (applied to each of these cases) could result in the
dismissal of all claims with respect to a number of certificates, including the dismissal
of all claims against certain defendants. Plaintiff, in opposing a stay, has not identified
any particular prejudice, other than that attending any such delay in discovery; and the
Court concludes that interests of judicial economy and the time and expense that could
be spared the parties depending on the outcome of the appeal, which are served by a stay,
significantly outweigh the detrimental effect of a delay in starting the discovery process.
Accordingly, with respect to each of the above-captioned cases, all proceedings
shall be stayed pending the Tenth Circuit’s resolution of that appeal, with the following
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exceptions: (a) the completed briefing and resolution by the Court of any pending
motion to dismiss; and (b) the submission by plaintiff, if it chooses, of a motion related
to the issue of statistical sampling, as described by plaintiff at the status conference
conducted on this date. The Court shall issue orders as appropriate after the Tenth
Circuit has issued an opinion in the interlocutory appeal. The pending motions for a stay
are hereby granted to the extent set forth herein.

IT IS SO ORDERED.

Dated this 29th day of April, 2013, in Kansas City, Kansas.

s/ John W. Lungstrum
John W. Lungstrum
United States District Judge

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