Securities & Exchange Commission v. Banc de Binary Ltd.

Filing 147

ORDER. IT IS HEREBY ORDERED that this action is stayed until 2/22/16.IT IS FURTHER ORDERED that Summary Judgment 126 and 128 are DENIED without prejudice.IT IS FURTHER ORDERED if the SEC Commissioners do not approve a settlement or a final settlement is not otherwise reached, with all definitive final documents filed with the Court, by 2/22/16, then the litigation shall resume on that day, without further action of the Court and with the parties restored to their respective positions as of the date of this stipulation. The SEC may then refile its summary judgment motion on or before 2/29/16. Moreover, on or before 2/26/16, the parties agree to jointly request a status conference with the Court to address the remaining pretrial and trial schedule. Signed by Judge Robert C. Jones on 2/12/16. (Copies have been distributed pursuant to the NEF - PS)

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JOHN W. BERRY (Cal. Bar No. 295760) (admitted pro hac vice)
Email: [e-mail]
AMY JANE LONGO (Cal. Bar No. 198304) (admitted pro hac vice)
Email: [e-mail]
LESLIE A. HAKALA (Cal. Bar. No. 199414) (admitted pro hac vice)
Email: [e-mail]
Attorneys for Plaintiff
Securities and Exchange Commission
Michele Wein Layne, Regional Director
John W. Berry, Regional Trial Counsel
444 S. Flower Street, Suite 900
Los Angeles, California 90071
Telephone: [phone]
Facsimile: [phone]

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UNITED STATES DISTRICT COURT

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DISTRICT OF NEVADA

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SECURITIES AND EXCHANGE
COMMISSION,

Case No.: 2:13-cv-00993-RCJ-VCF
STIPULATION AND PROPOSED ORDER
FURTHER STAYING ACTION PENDING
POTENTIAL SETTLEMENT

Plaintiff,
vs.
BANC DE BINARY LTD, OREN
SHABAT LAURENT (f/k/a OREN
SHABAT), ET BINARY OPTIONS LTD.,
BO SYSTEMS LTD. SEYCHELLES and
BDB SERVICES LTD. SEYCHELLES,
Defendants.

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WHEREAS, Plaintiff Securities and Exchange Commission (the “SEC”) and Defendants

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Banc de Binary Ltd, Oren Shabat Laurent, ET Binary Options Ltd., BO Systems Ltd. Seychelles,

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and BDB Services Ltd. Seychelles, have reported to the Court that they reached a potential

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settlement in principle that would resolve this action and the action CFTC v. Banc de Binary Ltd

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et al., Case No. 2:13-cv-00992-MMD-VCF (the “CFTC Action”);
WHEREAS, the defendants in this action and the CFTC Action, counsel for the CFTC

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and counsel for the SEC have executed a Term Sheet re: Proposed Global Settlement, dated

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August 27, 2015, reflecting the terms of their proposed agreement in principle (the “Proposed

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Global Settlement”);

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WHEREAS, the Proposed Global Settlement is subject to approval by both the
Commissioners of the SEC and the Commissioners of the CFTC;
WHEREAS, in the interests of efficiency for the Court and the parties, the parties
previously agreed to stay this action, subject to the Court’s approval, so that the parties could

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finalize the governing documents for the Proposed Global Settlement, counsel for the SEC can

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recommend the settlement to the SEC Commissioners, and the parties can file, if approved by the

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SEC Commissioners, any resulting final settlement papers (see Dkt. No. 137);

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WHEREAS, the Court approved and ordered the requested stay, staying the action until
October 23, 2015 unless a party filed a notice to lift that stay (see Dkt. No. 138);
WHEREAS, the parties previously agreed to extend the stay a first time, subject to Court

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approval, to continue the process of finalizing the settlement documents and obtaining

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Commission approval (see Dkt. No. 139);

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WHEREAS, the Court approved the parties’ stipulation, staying the action until
December 31, 2015, unless a party filed a notice to lift that stay (see Dkt. No. 140);

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WHEREAS, the parties previously agreed to extend the stay a second time, subject to

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Court approval, to continue the process of finalizing the settlement documents and obtaining

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Commission approval (see Dkt. No. 141);

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WHEREAS, the Court approved the parties’ stipulation, staying the action until February
8, 2016, unless a party filed a notice to lift that stay (see Dkt. No. 143);
WHEREAS, because the parties have made substantial progress toward finalizing the

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governing documents for the Proposed Global Settlement (including the defendants’ execution of

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settlement papers to be filed in the United States, Cyprus and Israel), the parties have agreed to

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stay the action further, subject to the Court’s approval, for an additional two weeks, so counsel

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for the SEC can recommend the settlement to the SEC Commissioners, and so the parties can

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file, if approved by the SEC Commissioners, any resulting final settlement papers; and
WHEREAS, the parties to the CFTC Action are simultaneously filing a similar proposed

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stipulation and order to stay the CFTC Action, for the same duration;
FOR THE REASONS SET FORTH ABOVE, IT IS HEREBY STIPULATED, by and

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among counsel for the parties as follows:

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1.

This action is stayed until February 22, 2016.

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2.

Before February 22, 2016, this stay shall be lifted without further action by the

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Court upon the filing of a notice by any party to lift the stay, at which point the litigation shall

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immediately resume on the filing date of that notice, with the parties restored to their respective

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positions as of the date of this stipulation. No party can challenge or dispute the filing of a notice

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to lift the stay by another party. To the extent the stay is lifted by such notice by a party, the

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defendants’ response to the SEC’s pending summary judgment motion (Dkt. Nos. 126, 128) shall

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be due four business days after the notice is filed. Moreover, within five business days of the

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filing of party’s notice to lift the stay, the parties agree to jointly request a status conference with

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the Court to address the remaining pretrial and trial schedule.
3.

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If the SEC Commissioners do not approve a settlement or a final settlement is not

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otherwise reached, with all definitive final documents filed with the Court, by February 22, 2016,

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then the litigation shall resume on that day, without further action of the Court and with the

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parties restored to their respective positions as of the date of this stipulations. The defendants’

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response to the SEC’s pending summary judgment motion (Dkt. Nos. 126, 128) shall be due

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