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Charles Schwab Corp. v. Banc of America Securities LLC

UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF CALIFORNIA SAN JOSE DIVISION


October 26, 2010

THE CHARLES SCHWAB CORPORATION, PLAINTIFF,
v.
BANC OF AMERICA SECURITIES LLC; BANC OF AMERICA FUNDING SCHEDULE CORPORATION; UBS SECURITIES, LLC; WELLS FARGO ASSET SECURITIES CORPORATION; WELLS FARGO BANK, N.A.; AND, DOES 1-50, DEFENDANTS.

The opinion of the court was delivered by: Lucy H. Koh United States District Court United States District Judge

ORDER REGARDING BRIEFING

The Court previously requested briefing regarding the timeliness of some of Plaintiff Charles Schwab Corporation's 1933 Securities Act claims asserted in this action. This briefing was to be received from Schwab and the Wells Fargo Defendants*fn1 before the hearing on Schwab's Motion to Remand, set for December 9, 2010. See Dkt. No. 50. Subsequently, Schwab submitted a letter asking to defer briefing on the timeliness of Schwab's claims until after the Court's decision on the Motion to Remand, on the basis that if the Court is without jurisdiction over this matter, the case should be remanded without further action by the Court. See Dkt. No. 51.

However, Schwab's First Amended Complaint (FAC) states that the inclusion of the 1933 Securities Act claims prohibit removal. See FAC (Dkt. No. 1, Ex. B) ¶ 15. Wells Fargo raised the potential tolling issue regarding these claims in its Notice of Removal. See Notice of Removal (Dkt. No. 1) ¶ 24. Schwab then addressed these contentions in its Motion to Remand. See Mot. to Remand (Dkt. No. 18) at 6-10. Thus, it appears likely that the tolling issue will be raised by Wells Fargo in their Opposition to the Motion to Remand. The Court agrees with Plaintiffs that separate briefing on the tolling issue outside the context of the Motion to Remand is unnecessary and thus vacates the briefing schedule set forth in its October 19, 2010 Order. However, per Local Rule 7-3, should Wells Fargo raise the tolling issue in its Opposition due November 18, 2010 then Schwab shall respond in its Reply due November 25, 2010. The Court requests that in any Reply brief on the tolling topic, Schwab address the issues raised in the Court's October 19, 2010 Order.

Of course, the Court will not reach any issue unnecessarily, or decide any issue that is not properly before it.

IT IS SO ORDERED.


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