In re: PG&E Corporation and Pacific Gas and Electric Company
Opinion
Trial Court Opinion
UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF CALIFORNIA 6 IN RE: PG&E CORPORATION and Case No. 25-cv-05609-HSG
PACIFIC GAS AND ELECTRIC
COMPANY, ORDER DENYING MOTION FOR
LEAVE TO APPEAL
Debtors. Re: Dkt. No. 1 10
12 Appellant Directors and Underwriters, who are non-parties to the Bankruptcy Action, moved for a protective order from the Bankruptcy Court for relief from subpoenas issued by certain bankruptcy claimants. The Directors and Underwriters urged that the subpoenas violated the automatic stay of discovery under the Private Securities Litigation Reform Act (“PSRLA”) and were intended as an end-run around the stay in a parallel securities case pending in federal district court. See In re PG&E Corporation Securities Litigation, Case No. 18-cv-03509-EJD. The Bankruptcy Court denied this request, concluding that the PSLRA’s stay of discovery did not apply to the Bankruptcy Action. See Dkt. No. 1-2, Ex. A. The court reasoned that “the PSLRA does not provide a safe harbor from third-party discovery from…