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

Filing 531

ORDER regarding UBS's answer to interrogatory 11. Signed by Magistrate Judge James P. O'Hara on 5/21/2015. (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 #: _________________
5/21/15
DATE FILED: ______________

11cv2340
11cv2649
12cv2591
12cv2631
12cv2648
13cv2418

(JWL)
(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 May 18, 2015, NCUA submitted a letter concerning UBS’s
response to Interrogatory No. 11.

That Interrogatory requests:

“For each Specified Security, identify Your employees
responsible for ensuring the accuracy of the statements set
forth in [appendices to NCUA’s complaints containing examples of
the alleged misrepresentations in the Offering Documents] and
describe the principal and material efforts made by those
employees to ensure the accuracy of those statements.”
UBS served an amended response that identified documents
listing every UBS employee who worked on a particular
securitization in any capacity.

In its May 20 responsive

letter, UBS explains that it had “no choice” but to identify all
employees who played a role in the securitization process as
“each had some responsibility.”

UBS does not address why it did
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not identify “the principal and material efforts made by” the
identified employees to ensure the accuracy of the identified
statements in the Offering Documents.

Accordingly, it is hereby

ORDERED that, by May 26, UBS shall answer Interrogatory No.
11 by identifying by name those employees with ultimate
responsibility for ensuring the accuracy of the identified
statements in each of the Offering Documents and by describing
the principal and material efforts made by each identified
employee to ensure the accuracy of those statements.

Dated: May 21, 2015

__/s/ Denise Cote _______________
United States District Judge

Dated: May 21, 2015

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

Dated: May 21, 2015

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

Dated: May 21, 2015

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

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