Sands

ORDER DENYING DEFENDANT’S MOTION FOR SUMMARY JUDGMENT, GRANTING IN PART AND DENYING IN PART PLAINTIFF’S CROSS-MOTION FOR SUMMARY JUDGMENT, AND GRANTING IN PART AND DENYING IN PART MOTIONS TO STRIKE CERTAIN AFFIRMATIVE DEFENSES

On July 10, 1995, the following motions were argued: (1) Defendant Sands’ Motion for Summary Judgment; (2) Plaintiff’s Cross-Motion for Summary Judgment; (3) Plaintiffs Motion to Strike Affirmative Defenses of Defendants Sands, Bancorp, and PacVen; and (4) Plaintiffs Motion to Strike Certain Affirmative Defenses of Defendant Knapp. Having considered the parties’ written submissions, and the oral argument of counsel, the Court hereby DENIES Defendant Sands’ motion for summary judgment, GRANTS in part and DENIES in part the Plaintiffs motion for summary judgment, GRANTS in part and DENIES in part the motion to strike the affirmative defenses of Sands, Bancorp, and PacVen, and GRANTS the motion to strike certain affirmative defenses of Defendant Knapp.

FACTS

This civil enforcement action arises from the alleged violation of certain securities laws in conjunction with the management and operation of Defendant First Pacific Bancorp (“Bancorp”). At all relevant…