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

Filing 491

ORDER related to NCUA damages calculation and Barclays spreadsheet. Signed by Magistrate Judge James P. O'Hara on 3/23/2015. (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
----------------------------------------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

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

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

USDC SDNY
DOCUMENT
ELECTRONICALLY FILED
DOC #: _________________
DATE FILED: ______________
3/23/15

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:
In a request of March 18, made by RBS on behalf of all
defendants in these coordinated actions, RBS requests that NCUA
be ordered to provide certain information that is related to the
NCUA damages calculations in these actions.

RBS reports that it

has received a spreadsheet prepared by defendant Barclays in
connection with a series of transactions known as the NCUA
Guaranteed Notes (“NGN”) Program, which contains fields of
information regarding NGN Notes, but complains that NCUA has not
confirmed that this spreadsheet also contains the amounts that
NCUA received for its conveyance of RMBS certificates as part of
the NGN Program.

RBS represents that with such a confirmation,

“the parties would likely have no dispute.”
In its response of March 20, NCUA explains that on March 17
it offered to work cooperatively with the defendants to identify
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and discuss the relevant fields in the spreadsheet and related
documents.

It also represents that it has already provided the

confirmation in writing that RBS requests.

Accordingly, it is

hereby
ORDERED that the parties shall meet and confer in good
faith to resolve any outstanding dispute regarding how to read
the Barclays spreadsheet or any other spreadsheet produced by a
party in this litigation.
IT IS FURTHER ORDERED that RBS will identify to NCUA its
reasons for believing that the prior confirmations given by NCUA
are inadequate and that NCUA will promptly cure any deficiency.

Dated: March 23, 2015

__/s/ Denise Cote _______________
United States District Judge

Dated: March 23, 2015

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

Dated: March 23, 2015

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

Dated: March 23, 2015

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

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