Opinion
2:21-cv-01416-JCM-BNW
08-24-2023
SECURITIES AND EXCHANGE COMMISSION, Plaintiff, v. MICHAEL V. SHUSTEK and VESTIN MORTGAGE, LLC, Defendants.
SHEILA E. O'CALLAGHAN (Cal. Bar No. 131032) JOHN K. HAN (Cal. Bar No. 208086) RUTH L. HAWLEY (Cal. Bar No. 253112) Attorneys for Plaintiff SECURITIES AND EXCHANGE COMMISSION Manuel A. Abascal LATHAM & WATKINS LLP Mark A. Hutchison HUTCHISON & STEFFEN Attorneys for Defendants Michael V. Shustek and Vestin Mortgage LLC
SHEILA E. O'CALLAGHAN (Cal. Bar No. 131032)
JOHN K. HAN (Cal. Bar No. 208086)
RUTH L. HAWLEY (Cal. Bar No. 253112)
Attorneys for Plaintiff
SECURITIES AND EXCHANGE COMMISSION
Manuel A. Abascal
LATHAM & WATKINS LLP
Mark A. Hutchison
HUTCHISON & STEFFEN
Attorneys for Defendants
Michael V. Shustek and Vestin Mortgage LLC
FIFTH JOINT STIPULATION TO STAY DISCOVERY AND CONTINUE STATUS CONFERENCE AND [PROPOSED] ORDER
BRENDA WEKSLER, UNITED STATES MAGISTRATE JUDGE
Plaintiff Securities and Exchange Commission (“SEC” or “Commission”) and Defendants Michael V. Shustek and Vestin Mortgage, LLC (collectively, the “Parties”) hereby stipulate and agree as follows:
WHEREAS, on May 5, 2023, the Court held a continued settlement conference in which the Parties informed the Court that they have reached an agreement in principle on the terms of a settlement. The parties stated that they need additional time to finalize the settlement agreement. The Court ordered that the settlement conference be reconvened on September 7, at 1:00 p.m., if the parties had not settled the matter by then.
WHEREAS, on May 10, 2023, the Court signed the parties' Fourth Joint Stipulation to Stay Discovery (ECF No. 57) which also vacated all pending discovery and pretrial dates.
WHEREAS, the Parties have worked diligently towards finalizing documentation for a potential settlement.
WHEREAS, any potential settlement requires ultimate consideration and approval by the members of the Commission. The SEC, as a public agency, follows a formal process for consideration of such offers, which has commenced and SEC counsel anticipates should be completed within ninety days. If concluded sooner, the parties will ensure the Court is immediately informed. If approved by the Commission, the settlement would require approval by the Court.
NOW THEREFORE, the parties hereby stipulate and agree that the Court should: (1) continue the stay of discovery and (2) continue the status conference to December 6, 7, or 8, 2023, if the parties have not presented to the Court a settlement for the Court's consideration before then.
ORDER
IT IS ORDERED that ECF No. 58 is GRANTED.
IT IS FURTHER ORDERED that the continued Settlement Conference set for September 7, 2023 is VACATED.
IT IS FURTHER ORDERED that a Status Conference is set for December 6, 2023 at 10:00 a.m. in LV Courtroom 3B. If parties wish to appear remotely, they are kindly directed to contact courtroom administrator Jeff Miller at jeff_miller@nvd.uscourts.gov no later than noon on the day before the conference.
IT IS SO ORDERED