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Securities and Exchange Commission v. Wu

United States District Court, N.D. California, San Francisco Division

February 25, 2014

SECURITIES AND EXCHANGE COMMISSION, Plaintiff,
v.
THOMAS S. WU, and THOMAS T. YU, Defendants.

JINA L. CHOI, MICHAEL S. DICKE, LLOYD FARNHAM. Attorneys for Plaintiff SECURITIES AND EXCHANGE COMMISSION San Francisco, California

STEVEN M. BAUER, Latham & watkins LLP, San Francisco, CA. EDWARD SEIDEL, Cooper, White & Cooper LLP, San francisco, CA.

JOINT ADMINISTRATIVE MOTION TO CONTINUE DISCOVERY AND TRIAL SCHEDULE [PROPOSED] ORDER

JEFFREY S. WHITE, District Judge.

The Plaintiff Securities and Exchange Commission (the "Commission") submits this Joint Administrative Motion to Continue the Discovery and Trial Schedule in this case. The motion is submitted on behalf of the Commission and the remaining defendants in the action, Thomas Wu and Thomas Yu. Counsel for the parties agree that the pending criminal proceedings against Thomas Yu make it impractical to complete discovery in this case, and a trial on the civil charges against the defendants will be more efficient and expeditious after the criminal proceedings are completed. For these reasons, the parties request that the Court thee current discovery and trial schedule, and set a Continued Case Management Conference in approximately six months to discuss a revised schedule in the case.

This action was filed on October 11, 2011, and named three former officers and employees of UCBH Holdings, Inc. and United Commercial Bank, Thomas Wu, Thomas Yu, and Ebrahim Shabudin. Also on that day, indictments were unsealed charging Thomas Yu and Shabudin with securities fraud and other charges. This criminal action is pending before this Court, and no trial date has been set. The Commission accepted an offer of settlement from defendant Shabudin, and on August 8, 2013, the Court entered final judgment against Shabudin, imposing a civil penalty and issuing a permanent injunction.

Thomas Yu and Thomas Wu have not filed substantive answers to the Commission's complaint. In their answers to the Commission complaint, filed on December 13 and 14, 2011, both defendants stated that they lacked sufficient information to respond to the allegations because they did not have access to relevant documents, and each asserted rights under the Fifth Amendment to the U.S. Constitution and declined to respond to allegations in the Commission's complaint. According to Counsel for Thomas Yu, he will continue to assert his Fifth Amendment privilege at a deposition or trial during the pendency of the criminal proceedings.

Because of the pending criminal case has made it impractical to complete further discovery in the civil case, the parties request that the Court vacate and reset the current deadlines. The parties also seek to continue the trial date in order to permit the parties to conduct discovery and prepare for trial either after the criminal trial schedule has been determined or after the conclusion of the pending criminal case.

A proposed for of order is submitted with this motion.

GENERAL ORDER 45 ATTESTATION

In accordance with General Order 45, each of the signatories to this document has concurred in its filing, and I shall maintain records to support these concurrences.

[PROPOSED] ORDER

PURSUANT TO STIPULATION, and the information submitted with this motion, the Court vacates the trial and discovery deadlines in this case, and sets a CONTINUED CASE MANAGEMENT CONFERENCE for April 25, 2014. The parties shall file an updated Case Management Confernce statement at least seven days prior.

IT IS SO ORDERED


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