Securities and Exchange Commission v. Galleon Management, LP et al

Filing 158

ORDER Now, however, a further factor has tipped the balance toward adjournment. Specifically, the Court of Appeals has today stayed the prior order of this Court directing certain defendants to turn over to the plaintiff Securities and Exchange Commission the wiretapped conversations received by these defendants in the parallel criminal matter. See S.E.C. v. Galleon Management, LP, 10-0462-cv (Lead) (2d Cir. Mar. 24, 2010) (order granting stay pending appeal). The stay order also sets forth the schedule for the briefing of the appeal from this Court's order, with the final brief to be filed on June 8, 2010 and oral argument to be heard thereafter. Moreover, comments made by the presiding judge during the oral argument before the Court of Appeals suggest that the resolution of that appeal may also be affected by the resolution of the suppression hearing on the wiretap evidence currently scheduled to commence before Judge Holwell on June 17, 2010. Since, therefore, resolution of the wiretap issue cannot realistically be expected before July 2010, an August 2 trial is no longer practical, and counsel for several of the defendants will thereafter be occupied in preparing for the criminal trial set for October 2010. Thus, with reluctance, the Court hereby adjourns the trial of this case until Monday, February 14, 2011. Counsel should consult with one another as to a proposed new case management plan in light of this change, and fax to the Court their proposed joint plan or respective differing plans by no later than March 31, 2010. SO ORDERED. (Signed by Judge Jed S. Rakoff on 3/24/2010) (jmi)