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

Filing 462

ORDER denying RBS's request for an extension of the expert-rebuttal deadline. Signed by Magistrate Judge James P. O'Hara on 1/15/2015. (ah)

UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
----------------------------------------X
NATIONAL CREDIT UNION ADMINISTRATION
:
:
BOARD, etc.,
:
Plaintiff,
-v:
:
MORGAN STANLEY & CO., et al.,
:
:
Defendants.
:
:
And other NCUA Actions.
:
----------------------------------------X
UNITED STATES DISTRICT COURT
DISTRICT OF KANSAS
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NATIONAL CREDIT UNION ADMINISTRATION
:
BOARD, etc.,
:
Plaintiff,
:
-v:
:
RBS SECURITIES, INC., f/k/a GREENWICH
:
CAPITAL MARKETS, INC., et al.,
:
:
Defendants.
:
:
And other NCUA Actions.
:
----------------------------------------X

13cv6705
13cv6719
13cv6721
13cv6726
13cv6727
13cv6731
13cv6736

(DLC)
(DLC)
(DLC)
(DLC)
(DLC)
(DLC)
(DLC)

USDC SDNY
DOCUMENT
ELECTRONICALLY FILED
DOC #: _________________
1/15/15
DATE FILED: ______________

11cv2340
11cv2649
12cv2591
12cv2648
13cv2418

(JWL)
(JWL)
(JWL)
(JWL)
(JWL)

UNITED STATES DISTRICT COURT
CENTRAL DISTRICT OF CALIFORNIA
WESTERN DIVISION
----------------------------------------X
NATIONAL CREDIT UNION ADMINISTRATION
:
BOARD, etc.,
:
Plaintiff,
:
-v:
:
RBS SECURITIES, INC., f/k/a GREENWICH
:
CAPITAL MARKETS, INC., et al.,
:
:
Defendants.
:
:
:
And other NCUA Actions.
----------------------------------------X

11cv5887 (GW)
11cv6521 (GW)
ORDER

HON. DENISE COTE, HON. JOHN W. LUNGSTRUM, and HON. GEORGE H. WU,
District Judges; and HON. JAMES P. O’HARA, Magistrate Judge:
On January 12, 2015, the RBS defendants submitted a letter
seeking an extension of time to submit expert rebuttal reports
and requesting oral argument on the issue.

On January 14, NCUA

submitted a letter opposing the requests, the Morgan Stanley and
UBS defendants submitted a letter joining in the RBS requests,
and RBS submitted a reply letter.
Pursuant to § 11(a) of the April 9, 2014 Master Discovery
Protocol (“MDP”) in these coordinated actions, “Expert
disclosures shall take place after the applicable fact discovery
period, with submissions of expert reports by the party bearing
the burden of proof on an issue on August 14, 2015, rebuttal
expert reports on October 16, 2015, and any reply expert reports
on November 20, 2015.”

2

The dates in § 11(a) are the products of previous
litigation between the parties.

On March 28, 2014 NCUA had

proposed the “simultaneous submissions of affirmative expert
reports approximately one month after the close of fact
discovery, rebuttal expert reports two months thereafter, and
any reply expert reports one month thereafter.”

All Defendants

disagreed and requested a longer schedule, proposing “that NCUA
submit its expert reports one month after the close of fact
discovery, followed by Defendants’ expert reports five months
later, and NCUA’s reply expert reports one month thereafter.”
Defendants complained that “NCUA’s proposed two-month rebuttal
period would not allow adequate time for Defendants’ experts to
reunderwrite all of the loans identified by Plaintiffs as
purportedly deficient,” that “[i]n order to respond to NCUA’s
affirmative reports, Defendants’ experts need to conduct a
complicated and lengthy reunderwriting process, necessarily
lasting many months,” and that “Defendants’ experts cannot
reasonably begin this process until they receive NCUA’s
affirmative reports identifying which loans were selected.”
The April 9, 2014 entry of the MDP resolved this dispute,
and the schedule proposed by NCUA was generally adopted, with
one notable addition:

Pursuant to § (j) of the April 9, 2014

Loan File Reunderwriting Protocol (“LFRP”) entered in these
coordinated actions, NCUA is required to identify which loans
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have been selected for NCUA’s reunderwriting reports “at least
five months before the due date for Defendants’ expert reports.”
The present request for an extension of time to submit
expert rebuttal reports raises no arguments that could not have
been presented prior to the April 9, 2014 entry of the MDP and
LFRP.

Accordingly, it is hereby

ORDERED that the present requests for an extension of time
to submit expert rebuttal reports, as well as for oral argument,
are denied.

Dated: January 15, 2015

__/s/ Denise Cote _______________
United States District Judge

Dated: January 15, 2015

__/s/ George H. Wu________________
United States District Judge

Dated: January 15, 2015

___/s/ John W. Lungstrum__________
United States District Judge

Dated: January 15, 2015

___/s/ James P. O’Hara____________
United States Magistrate Judge

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