Wells Fargo Securities, LLC v. LJM Investment Fund, L.P. et al
| Wells Fargo Securities, LLC |
| LJM Investment Fund, L.P. and LJM Partners, LTD |
| 1:2018cv02020 |
| March 6, 2018 |
| US District Court for the Southern District of New York |
| Foley Square Office |
| New York |
| Katherine B. Forrest |
| Other Contract |
| 28 U.S.C. ยง 1332 |
| None |
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Filing
236
ORDER denying without prejudice to renewal 235 Letter Motion to Stay Vacate Stay and Issue Pretrial Scheduling Order addressed to Judge Laura Taylor Swain from Matthew J. Press dated January 11, 2024. The foregoing request to set pretrial deadlines is denied without prejudice as to renewal. The Court directs counsel's attention to A.1.b of the Court's Individual Rules requiring confirmation of prior consultation with all parties before requesting judicial action. DE#235 resolved. SO ORDERED. (Signed by Judge Laura Taylor Swain on 1/17/2024) (vfr)
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Filing
232
ORDER granting in part 226 Letter Motion to Stay re: Case Pending Discovery or Seeking Adjournment of Deadlines addressed to Judge Laura Taylor Swain from Christopher J. Houpt dated October 11, 2023. The Court has reviewed the par ties' letters regarding their application for a stay. The foregoing request is granted to the extent that this case, including all pretrial deadlines as set forth in the Court's Pretrial Scheduling Order (DE#225), is hereby ordered stayed, pending completion of discovery in case no. 23-CV-7115. DE#226 resolved. SO ORDERED. (Signed by Judge Laura Taylor Swain on 10/25/2023) (vfr)
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Filing
224
ORDER. The Court orders as follows: The parties have a continuing obligation to supplement their respective discovery disclosures and responses after the close of discovery. LJM or WFS shall produce, insofar as are responsive to the discovery disc losures and responses in this action, transcripts and exhibits of any deposition or other testimony given in any litigation, regulatory investigation, or other proceeding in which any former LJM or WFS employee, partner, affiliate, or agent is invo lved, either as a party or a third-party, including but not limited to: a. SEC v. LJM Funds Management Ltd., et al., Case No. 1:21-cv-02859 (N.D.Ill.);b. CFTC v. LJM Funds Management Ltd., et al., Case No. 1:21-cv-02863 (N.D. Ill.) and as further se t forth in this Order. This continuing obligation shall apply to any future litigation, regulatory investigation, or proceeding to which an LJM affiliate, WFS, or any of their former employees or partners is a party and that involves the events of February 5-6, 2018 or the liquidation of the LJM funds. This continuing obligation shall apply regardless of whether LJM or WFS is represented by the same counsel in the various litigation, regulatory investigations, or proceedings. SO ORDERED. (Signed by Magistrate Judge Sarah L Cave on 9/29/23) (yv)
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Filing
213
ORDER: Pursuant to the telephone conference held today, September 7, 2023 (the "Conference"), to discuss the issues raised in the parties' letter at ECF No. 209 (the "Letter"), the Court orders as follows: 1. By September 21, 2023, the parties shall file: a. a joint letter, no longer than three (3) pages, reporting on the status of: as set forth herein. The parties shall promptly order a transcript of the Conference. SO ORDERED. (Signed by Magistrate Judge Sarah L Cave on 9/07/2023) (ama)
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Filing
212
ORDER: A telephone conference is scheduled for Thursday, September 7, 2023 at 2:00 pm on the Court's conference line to discuss the issues raised in the parties' letter at ECF No. 209. The parties are directed to call: (866) 390-1828; access code: 380-9799, at the scheduled time. (Telephone Conference set for 9/7/2023 at 02:00 PM before Magistrate Judge Sarah L Cave.) (Signed by Magistrate Judge Sarah L Cave on 8/21/2023) (ne)
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Filing
210
ORDER, A telephone conference is scheduled for Friday, July 7, 2023 at 4:00 pm on the Court's conference line to discuss the issues raised in the parties' letter at ECF No. 209. The parties are directed to call: (866) 390-1828; access code: 380-9799, at the scheduled time. SO ORDERED. ( Telephone Conference set for 7/7/2023 at 04:00 PM before Magistrate Judge Sarah L Cave.) (Signed by Magistrate Judge Sarah L Cave on 7/5/23) (yv)
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Filing
201
ORDER: Before the Court is the letter filed by Plaintiff-Counter-Defendant Wells Fargo Securities LLC ("WFS") concerning alleged deficiencies in the expert disclosures of Defendants- Counterclaimants LJM Investment Fund, L.P. et al. (&quo t;LJM"). (ECF No. 196 (the "Letter")). Pursuant to the telephonic discovery conference held today, March 30, 2023 (the "Conference"), the Court orders as follows: LJM shall produce to WFS (i) an email and (ii) a spreadsheet that Matthew T. Hoffman ("Mr. Hoffman") cited in the original appendix to his report dated February 24, 2023 (the "Report"), but LJM subsequently removed. Based on the discussion during the Conference, the Court finds that Mr. Ho ffman did rely on these two documents in preparing his Report, and therefore, they must be disclosed pursuant to Federal Rule of Civil Procedure 26(a)(2)(B)(ii). LJM shall promptly direct WFS as to how to locate in LJM's prior productions (i) th e February 28, 2018 financial statements, and (ii) the June 15, 2017 Illinois Annual Report. WFS's request to strike the expert disclosures (ECF No. 196-3 (the "Expert Disclosures")) as to Anthony Caine ("Caine") and Anish Pa rvateneni ("Parvateneni") is DENIED. By Thursday, April 13, 2023, LJM shall provide supplemental disclosures for Caine and Parvateneni to address (i) the deposition testimony and documents on which they would rely in offering any of the fiv e opinions they list in the Expert Disclosures, and (ii) further exposition as to those opinions. All rebuttal expert reports must be served by Thursday, May 11, 2023. All expert depositions shall be completed by Friday, June 16, 2023. By Friday, Jun e 23, 2023, the parties shall file a letter (the "Letter") (i) certifying the completion of expert discovery, and (ii) advising whether they would like the Court to hold a settlement conference. The Court will set a deadline for motions for summary judgment following receipt of the Letter. The parties shall order a transcript of the Conference and file it on the docket. The parties shall submit a single request to:etranscripts@nysd.uscourts.gov by Monday, April 3, 2023. (Deposition due by 6/16/2023.) (Signed by Magistrate Judge Sarah L Cave on 3/30/2023) (rro)
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Filing
183
ORDER granting in part and denying in part 176 Letter Motion for Discovery. The Court orders as follows: 1. LJM's Motion is GRANTED IN PART and DENIED IN PART. WFS shall amend the Subpoena to request only (i) transcripts and exhibits from w itness interviews or depositions of WFS and LJM employees in the LJM Investigation and LJM Litigation, and (ii) presentations prepared by LJM employees and provided to the SEC in the LJM Investigation and LJM Litigation (the "Amended Subpoen a"). By December 1, 2022, WFS shall provide LJM with a copy of the Amended Subpoena for review and approval. By December 5, 2022, WFS shall serve the Amended Subpoena on the SEC. WFS shall promptly provide LJM with copies of any documents the SEC produces in response to the Amended Subpoena. On its review of those documents, LJM may, on a showing of good cause, seek leave to re-open the depositions of any WFS witnesses that were previously deposed in this matter. 2. Based on its repr esentations at the Conference, WFS's Motion is DENIED as moot. The parties shall promptly order a transcript of the Conference. The Clerk of Court is respectfully directed to close ECF No. 176. SO ORDERED. (Signed by Magistrate Judge Sarah L Cave on 11/29/22) (yv)
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Filing
166
ORDER: Pursuant to the status conference held today, May 3, 2022, the Court orders as follows: The discovery schedule is extended as follows: Party and third-party depositions shall be completed by August 26, 2022; Opening expert reports shall be ser ved by September 9, 2022; Rebuttal expert reports shall be served by October 24, 2022; Expert depositions shall be completed by November 28, 2022; Motions for summary judgment shall be filed by December 28, 2022; and By August 5, 2022, the parties sh all file a joint status letter reporting on the progress of depositions, including the number of completed depositions and the schedule for any remaining depositions. SO ORDERED., ( Deposition due by 11/28/2022., Motions due by 12/28/2022.) (Signed by Magistrate Judge Sarah L Cave on 5/03/2022) (ama)
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Filing
165
OPINION AND ORDER: Before the Court is the letter-motion of Defendants-Counterclaimants LJM Investment Fund, L.P., et al. ("LJM") to compel Plaintiff-Counterclaim Defendant Wells Fargo Securities, LLC ("Wells Fargo") to remov e redactions from certain documents Wells Fargo has previously produced. (ECF No. 158 (the "Motion")). Wells Fargo opposes the Motion. (ECF No. 161). On February 18, 2022, the Court heard oral argument from the parties. (EC F Nos. 157; 163). For the reasons set forth below, the Motion is GRANTED IN PART and DENIED IN PART. For the reasons set forth above, LJMs Motion is GRANTED IN PART and DENIED IN PART, and Wells Fargo shall re-produce the Risk Documents with the redactions of the financial data removed by March 16, 2022. SO ORDERED. (Signed by Magistrate Judge Sarah L Cave on 3/2/2022) (tg)
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Filing
162
ORDER: A telephone conference is scheduled for Friday, February 18, 2022 at 2:00 pm on the Court's conference line to discuss LJM's letter at ECF No. 158. The Parties are directed to call:866-390-1828; access code: 380-9799, at the scheduled time. SO Ordered. (Telephone Conference set for 2/18/2022 at 02:00 PM before Magistrate Judge Sarah L Cave.) (Signed by Magistrate Judge Sarah L Cave on 2/15/2022) (js)
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Filing
157
ORDER: Pursuant to the status conference held today, February 3, 2022, the Court orders as follows: 1. By February 9, 2022, LJM shall file a letter (the "Letter"), limited to two pages, regarding its request for unredacted copies of d ocuments or communications concerning Wells Fargo's non-LJM futures commission merchant ("FCM") customers who met certain levels of risk metrics during the early February 2018 timeframe. The Letter shall include the two exemplar doc uments discussed during the conference (the "Exemplars"); 2. By February 14, 2022, Wells Fargo shall: (i) file its response, limited to two pages, to the Letter; and (ii) email to Chambers (Cave_NYSDChambers@nysd.uscourts.gov) unr edacted copies of the Exemplars for the Court's in camera review; 3. The parties shall meet and confer to identify two Wells Fargo custodians (the "Custodians") for each of the two high volatility events that occurred from Janu ary 13, 2016 through January 23, 2016 and from February 9, 2016 through February 13, 2016 (the "High Volatility Events"). Once the Custodians are identified, Wells Fargo shall promptly search for and produce any communications relating t o LJM's risk management techniques concerning the High Volatility Events; and 4. The discovery schedule is extended as follows: a. The parties shall identify party-deposition witnesses by March 4, 2022; b. Party and third-party depositions shall be completed by May 27, 2022; c. Opening expert reports shall be served by June 10, 2022; d. Rebuttal expert reports shall be served by July 25, 2022; e. Expert depositions shall be completed by August 29, 2022; f. Motions for summary judgmen t shall be filed by September 28, 2022; and The Court will hold a status conference on Tuesday, May 3, 2022 at 11:00 am on the Court's conference line. The Parties are directed to call: 866-390-1828; access code: 380-9799, at the scheduled time. SO ORDERED. ( Depositions due by 8/29/2022., Motions due by 9/28/2022., Telephone Conference set for 5/3/2022 at 11:00 AM before Magistrate Judge Sarah L Cave.) (Signed by Magistrate Judge Sarah L Cave on 2/3/2022) (vfr)
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Filing
146
ORDER: Pursuant to the conference held today, October 7, 2021, the Court orders as follows: 1. By November 5, 2021, the parties shall file a joint letter reporting on the status of the issues raised in their letter at ECF No. 145. If there rem ain any issues that the parties are unable to resolve on their own, the Court will decide whether to hold another conference and/or whether the submission of documents for the Court's in camera review is warranted. SO ORDERED. (Signed by Magistrate Judge Sarah L Cave on 10/7/2021) (vfr)
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Filing
142
CONFIDENTIALITY STIPULATION AND PROTECTIVE ORDER...regarding procedures to be followed that shall govern the handling of confidential material...SO ORDERED. (Signed by Magistrate Judge Sarah L Cave on 9/9/21) (yv)
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Filing
113
ORDER: Pursuant to the status conference held today, June 17, 2021, the Court orders as follows: 1. With respect to LJM's Request No. 18, Wells Fargo shall promptly ascertain whether it issued any termination notices on February 5, 2018 o r February 6, 2018 with respect to the VIX event to any clients other than LJM. Wells Fargo shall advise LJM of the answer to that question, and, if any such termination notices exist, the parties shall meet and confer regarding the scope of any further, limited discovery that may be necessary; and 2. By July 1, 2021, LJM shall file a consent-motion for leave to amend their First Amended Answer and Counterclaims in order to withdraw their request for punitive damages. The Court will hold a status conference on Thursday, September 9, 2021 at 10:00 am on the Court's conference line. The Parties are directed to call: 866-390-1828; access code: 380- 9799, at the scheduled time. SO ORDERED. ( Motions due by 7/1/2021., Status Conference by telephone set for 9/9/2021 at 10:00 AM before Magistrate Judge Sarah L Cave.) (Signed by Magistrate Judge Sarah L Cave on 6/17/2021) (vfr)
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Filing
99
MEMORANDUM OPINION AND ORDER re: 73 AMENDED MOTION to Amend/Correct 69 Memorandum of Law in Support of Motion, for Leave to Amend Counterclaims. filed by LJM Master Trading Fund, L.P., PFC-LJM Preservation and Growth Fund, L. P., LJM Investment Fund, L.P., LJM Offshore Fund, Ltd., LJM Partners, LTD. For the foregoing reasons, LJM's motion for leave to replead its amended counterclaim for breach of contract is granted. LJM must file its Amended Counterclaims, s ubstantially in the form annexed to its motion, within 14 days of the date hereof. This Memorandum Opinion and Order resolves docket entry no. 73. SO ORDERED. LJM's Proposed First Amended Counterclaims "retains" its claims for brea ch of the implied covenant of good faith and fair dealing, breach of fiduciary duty, and negligenceall of which were dismissed with prejudice in the September Opinion"so as not to waive any right to potential relief under Rule 54(c), and to pres erve LJM's right to appeal the dismissal of the claims." (docket entry no. 69 at ECF page 11.) WFS does not oppose LJM's continued inclusion of those dismissed claims in its pleading. (Signed by Judge Laura Taylor Swain on 3/30/2021) (kv)
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Filing
87
ORDER: A discovery conference was held by telephone today, December 19, 2019. For the reasons stated on the record, Defendant LJM's request for certain discovery is DENIED. SO ORDERED. (Signed by Magistrate Judge Sarah L Cave on 12/19/2019) (kv) Modified on 12/19/2019 (kv).
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Filing
64
MEMORANDUM OPINION & ORDER: re: 50 MOTION for Reconsideration re; 47 Memorandum & Opinion, Add and Terminate Parties, filed by LJM Master Trading Fund, L.P., LJM Investment Fund, L.P., LJM Offshore Fund, Ltd., LJM Partners, LTD. For the foreg oing reasons, LJM's motion for reconsideration is granted to the extent that it seeks vacatur of those portions of the September Opinion dismissing LJM's counterclaim for breach of contract. Specifically, the Court vacates the discussion se ction on pages 8-11 of the Opinion (docket entry no. 47). LJM's counterclaim for breach of contract remains dismissed for the reasons stated in this Memorandum Opinion and Order. LJM's counterclaims for breach of the implied covenant of goo d faith and fair dealing, breach offiduciary duty, and negligence remain dismissed for the reasons stated in the September Opinion. LJM may move for leave to replead its counterclaim for breach of contract by August 26, 2019. Any such motion must com ply with the Federal Rules of Civil Procedure, the Local Rules of this Court, and the Individual rules of practice of the undersigned, and must be accompanied by aproposed amended counterclaim, a blackline of that proposed counterclaim, and a memoran dum of law. If LJM does not file a timely motion for leave to amend, the dismissal of its counterclaims will be with prejudice. LJM's motion for reconsideration is denied in all other respects, and LJM's motion for entry of a partial final judgment or a stay is also denied. This Memorandum Opinion and Order resolves docket entry no. 50. This action remains referred to Magistrate Judge Pitman for general pre-trial management. SO ORDERED., ( Motions due by 8/26/2019.) (Signed by Judge Laura Taylor Swain on 8/05/2019) (ama)
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Filing
47
MEMORANDUM OPINION AND ORDER re: 36 MOTION to Dismiss LJM'S Counterclaims filed by Wells Fargo Securities, LLC. For the reasons set forth above, LJM's counterclaims are dismissed with prejudice. The Clerk of the Court is directed to terminate the motion at ECF No. 36. SO ORDERED. Wells Fargo Securities, LLC and Wells Fargo Securities, LLC terminated. (Signed by Judge Katherine B. Forrest on 9/11/2018) (ne)
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