In re NYSE Specialists Sec. Litig.
In re NYSE Specialists Sec. Litig.
2006 WL 1704447 (S.D.N.Y. 2006)
June 14, 2006

Sweet, Robert W.,  United States District Judge

Form of Production
Metadata
Failure to Produce
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Summary
The Specialist Defendants were ordered to produce all documents previously produced to the SEC and NYSE, including exception reports, computerized trading data, transcripts, notes, and summaries. Additionally, Plaintiffs were granted leave to file a further application for the production of electronic trading data. All hard copy documents were to be produced on single page tiff images, and all electronic documents were to be produced in their native format with all associated metadata. The parties were given six months to conduct discovery.
In re NYSE SPECIALISTS SECURITIES LITIGATION
No. 03 Civ. 8264(RWS)
United States District Court, S.D. New York
June 14, 2006
Sweet, Robert W., United States District Judge

ORDER

*1 It is hereby ordered that:
1. The Specialist Defendants shall produce all documents previously produced by them to the Securities and Exchange Commission (the “SEC”) and the New York Stock Exchange (the “NYSE”) in the course of their investigations of the Specialist Defendants' actions underlying this litigation.
2. The Specialist Defendants shall produce all relevant documents produced by the SEC, the NYSE, and the U.S. Department of Justice (the “DOJ”) to the Specialist Defendants in the course of their investigations and prosecutions of the Specialist Defendants, including: (a) “exception reports” generated by the NYSE and given to the Specialist Defendants which identify all trades during the Class Period that were executed in each of the Specialist Defendants' respective stocks that the government alleged to be violative; (b) the computerized trading data for every trade in the charged stocks that were executed during the relevant period; and (c) transcripts, notes, and summaries from depositions and interviews conducted by the SEC, the NYSE, and the DOJ regarding the conduct at issue.
3. Leave is granted to Plaintiffs to file a further application for the production of the electronic trading data for the 55 stocks identified in the March 30, 2004 and July 26, 2004 settlement orders and the criminal indictments of the individual specialists.
4. Plaintiffs shall be provided with a copy of the software used by the SEC to analyze and identify the allegedly illegal trades by the Specialist Defendants, which are alleged to have damaged class members.
5. All hard copy documents shall be produced on single page tiff images, uploadable on both Opticon and Concordance. All electronic documents shall be produced in their native format. When producing electronic documents, the producing party shall also provide all metadata associated with the documents.
6. The parties shall have six months to conduct discovery with respect to the approximately 55 stocks identified by the SEC and the NYSE as affected by the Specialist Defendants' trading practices during the Class Period.
7. Lead Plaintiffs shall serve their motion for class certification on or before 60 days after the close of the discovery regarding class certification.
8. The Specialist Defendants shall serve any opposition to Lead Plaintiffs' motion for class certification on or before 60 days after the motion is served.
9. Lead Plaintiffs shall serve their reply to Defendants' opposition to the motion for class certification on or before 45 days after the opposition is served.
It is so ordered.