First-Citizens Bank and Trust Company v. HSBC Holdings plc

1 2 3 4 5 6 7 8 UNITED STATES DISTRICT COURT 9 NORTHERN DISTRICT OF CALIFORNIA 10 San Francisco Division 11 FIRST-CITIZENS BANK & TRUST Case No. 23-cv-02483-LB COMPANY, a Delaware Corporation, 12 ORDER GRANTING MOTION TO Plaintiff, DISMISS IN PART AND 13 DENYING MOTION TO STAY v. DISCOVERY 14 HSBC HOLDINGS plc a/k/a THE HSBC Re: ECF Nos. 46, 48 15 GROUP a/k/a HONGKONG AND SHANGHAI BANKING CORPORATION, et al., 16 Defendants. 17 18 INTRODUCTION 19 Silicon Valley Bank (SVB) collapsed on Friday, March 10, 2023. Its depositors (concentrated in 20 the tech sector) had withdrawn substantial cash, resulting in the bank’s sale of investments on March 21 8 at a loss to cover the withdrawals and then, on March 9, a run on the bank’s deposits by other 22 depositors.1 The FDIC was appointed as the receiver and, on Monday, March 13, transferred the 23 assets (through a transfer agreement) into a bridge bank to protect depositors.2 On Monday, March…