National Credit Union Administration Board v. Morgan Stanley & Co. Incorporated et al

Filing 111

ORDER regarding sample loan files (originally filed in the Southern District of New York on 7/14/2014). Signed by Magistrate Judge James P. O'Hara on 7/14/2014. (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
----------------------------------------:
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
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

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13
13
13
13
13
13

Civ.
Civ.
Civ.
Civ.
Civ.
Civ.
Civ.

6705
6719
6721
6726
6727
6731
6736

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

11 Civ. 2340 &
2649 (JWL)
12 Civ. 2591 (JWL)
12 Civ. 2648 (JWL)
13 Civ. 2418 (JWL)

USDC SDNY
DOCUMENT
ELECTRONICALLY FILED
DOC #: _________________
DATE FILED: ______________
7/14/14

11 Civ. 5887 (GW)
11 Civ. 6521 (GW)
ORDER

HON. DENISE COTE, HON. JOHN W. LUNGSTRUM, and HON. GEORGE H. WU,
District Judges; and HON. JAMES P. O’HARA, Magistrate Judge:
Pursuant to the Loan File Reunderwriting Protocol of April
9, 2014 (“Loan File Protocol”) entered in these coordinated
actions, the defendants were required to make all reasonable
efforts to complete production of the Loan Files and Guidelines
for the Sampled Loans in their control by June 27, 2014, and to
cooperate with NCUA in obtaining any remaining such documents
from third parties.

Within twenty-one days of receiving a

request from NCUA for a stipulation regarding a Loan File, a
Defendant Group is to provide a stipulation in writing, as
described in the Loan File Protocol.

The first status report

required by the Protocol was due July 11.

On July 11, NCUA and

eight Defendant Groups each submitted status reports.
Through an Order of July 1, 2014, the date by which
defendants must complete production of third-party transcripts
was extended to July 11.

On July 11, UBS with the consent of

NCUA requested until July 25 to produce such transcripts.
Accordingly, it is hereby
ORDERED that the parties, except any party as to whom a
stay has been entered, shall jointly submit a single status
report regarding the Loan File Protocol.
two pages.

The report may exceed

It shall be accompanied by a chart indicating among

other things the number of sample loans in each action, the
number of loan files produced to NCUA for that sample, and the
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percentage produced.

Where the percentage is less than 100%,

the chart should indicate in whose custody it is believed that
the missing loan files reside.

To the extent a defendant is

believed to be the custodian of a missing loan file, the
defendant, except any defendant as to whom a stay has been
entered, shall separately explain its failure to produce the
loan file by June 27, 2014, or the date of the last status
report to the Court.
IT IS FURTHER ORDERED that the agreements of NCUA, Goldman
Sachs, and RBS to extend the defendants’ time to respond to the
NCUA requests for stipulations, as reflected in the NCUA letter
of July 11, are approved nunc pro tunc.

In the future, the

parties may on consent extend the time to so stipulate with the
understanding that any disagreements regarding the twenty-one
day period for stipulation must be promptly brought to the
Court’s attention.
SO ORDERED:
Dated: July 14, 2014

___/s/ Denise Cote _______________
United States District Judge

Dated: July 14, 2014

___/s/ George H. Wu_______________
United States District Judge

Dated: July 14, 2014

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

Dated: July 14, 2014

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