Filed: Jun. 21, 2018
Latest Update: Jun. 21, 2018
Summary: STIPULATION AND [PROPOSED] ORDER TO STAY LITIGATION AND DISCOVERY PENDING COMPLETION OF SETTLEMENT GEORGE FOLEY, JR. , Magistrate Judge . Pursuant to Local Rules LR IA 6-2 and LR 7-1, Plaintiff U.S. Bank National Association, as Trustee For MASTR Asset Backed Securities Trust 2006-WMC4, Mortgage Pass-Through Certificates, Series 2006-WMC4 ("U.S. Bank"), and Defendants ER Holdings NV LLC ("ER Holdings") and Villa Del Oro Owners Association (the "HOA") (collectively, the "Parties"), 1
Summary: STIPULATION AND [PROPOSED] ORDER TO STAY LITIGATION AND DISCOVERY PENDING COMPLETION OF SETTLEMENT GEORGE FOLEY, JR. , Magistrate Judge . Pursuant to Local Rules LR IA 6-2 and LR 7-1, Plaintiff U.S. Bank National Association, as Trustee For MASTR Asset Backed Securities Trust 2006-WMC4, Mortgage Pass-Through Certificates, Series 2006-WMC4 ("U.S. Bank"), and Defendants ER Holdings NV LLC ("ER Holdings") and Villa Del Oro Owners Association (the "HOA") (collectively, the "Parties"), 1 b..
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STIPULATION AND [PROPOSED] ORDER TO STAY LITIGATION AND DISCOVERY PENDING COMPLETION OF SETTLEMENT
GEORGE FOLEY, JR., Magistrate Judge.
Pursuant to Local Rules LR IA 6-2 and LR 7-1, Plaintiff U.S. Bank National Association, as Trustee For MASTR Asset Backed Securities Trust 2006-WMC4, Mortgage Pass-Through Certificates, Series 2006-WMC4 ("U.S. Bank"), and Defendants ER Holdings NV LLC ("ER Holdings") and Villa Del Oro Owners Association (the "HOA") (collectively, the "Parties"),1 by and through their respective undersigned counsel, stipulate as follows:
1. The instant action was filed on August 8, 2017. [ECF No. 1.]
2. ER Holdings and the HOA filed a joint answer to the Complaint on October 2, 2017. [ECF No. 9.]
3. On November 20, 2017, the Court entered a Discovery Plan and Scheduling Order in this matter, which order set the deadline to complete discovery in this case for April 2, 2018. [ECF No. 11.] Around the same time, U.S. Bank and ER Holdings commenced settlement discussions which have been ongoing throughout this action. Accordingly, on February 28, 2018, the Court entered a Stipulation and Order Extending Discovery Deadlines (First Request), which extended the discovery deadline in this matter to July 2, 2018. [ECF No. 14.]
4. On June 11, 2018, U.S. Bank and ER Holdings came to an agreement with respect to this matter, and are in the process of finalizing their settlement.
5. Additionally, U.S. Bank and the HOA are discussing a possible resolution of this matter.
6. Given the pending settlement between U.S. Bank and ER Holdings, and the settlement discussions between U.S. Bank and the HOA, and to avoid wasting resources and incurring potentially unnecessary expense associated with completing discovery, the Parties agree to, and hereby request, a stay of this case to give U.S. Bank and ER Holdings sufficient time and resources to finalize their settlement, as well as to give U.S. Bank and the HOA time to attempt to reach a resolution as well.
7. The Parties make this stipulation in good faith and not for purposes of delay.
IT IS SO ORDERED.
