CONSENT LETTER MOTION for Extension of Time addressed to Judge J. Paul Oetken from Jacob Mermelstein dated 8/3/2022. Document filed by Commodity Futures Trading Commission..(Mermelstein, Jacob)
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COMMODITY FUTURES TRADING COMMISSION
Ted Weiss Federal Office Building 290 Broadway, Suite 600 New York, NY 10007 Telephone: (646) 746-9700 www.cftc.gov
Division of Enforcement
August 3, 2022 VIA ECF The Honorable J. Paul Oetken United States District Judge Thurgood Marshall United States Courthouse 40 Foley Square, Room 2101 New York, NY 10007 Re: CFTC v. Archegos Capital Management, LP, et al., No. 22 Civ 3401 (JPO) (S.D.N.Y.) Dear Judge Oetken:
Pursuant to the Court’s Individual Rule 3.C, Plaintiff Commodity Futures Trading Commission (“CFTC”) respectfully writes, on consent, to request an extension of time, until September 2, 2022, to notify the Court and Defendants Archegos Capital Management, LP (“Archegos”) and Patrick Halligan (collectively, “Defendants”) whether the CFTC will amend its Complaint. If the CFTC elects to amend its Complaint, it would file its amended complaint on September 2, 2022. Alternatively, if the CFTC chooses not to amend its Complaint, the CFTC requests an extension to September 16, 2022 to file oppositions to Defendants’ motions to dismiss. By order entered on July 11, 2022, the Court previously granted the CFTC’s first request for an extension of the above deadlines (DE 29). On April 27, 2022, the CFTC filed its Complaint, alleging that from March 2020 to March 2021, Defendants engaged in a scheme to defraud swap counterparties by misrepresenting material facts and omitting to state material facts concerning, inter alia, the composition, liquidity, and concentration of the portfolio managed by Archegos. On July 1, 2022 Defendants Archegos and Halligan each separately moved to dismiss the CFTC’s Complaint (DE 23-28). Pursuant to the Court’s July 11, 2022 order, the CFTC is required to (1) notify the Court and Defendants by August 5, 2022 whether the CFTC will file an amended complaint, and (2) file its amended complaint on August 5, 2022, or alternatively, file an opposition to Defendants’ motions by August 19, 2022. The CFTC requires additional time to complete its assessment as to whether to amend its Complaint, or alternatively, file oppositions to Defendants’ motions. In addition, the requested extensions are necessary to allow the CFTC to proceed under its administrative framework, which requires that the CFTC Division of Enforcement seek and obtain Commission approval before an amended complaint may be filed.
The CFTC has conferred with counsel for all Defendants, who have consented in writing to the foregoing requests for extensions of time, provided that the CFTC consents to Defendants having up to
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The Hon. J. Paul Oetken August 3, 2022 Page 2 of 2 sixty days from the date of filing to respond if the CFTC files an amended complaint. The CFTC consents to Defendants’ request. For the foregoing reasons, the CFTC respectfully requests that the Court grant the foregoing extensions.
/s/ Jacob W. Mermelstein .
Jacob W. Mermelstein Trial Attorney Commodity Futures Trading Commission
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Case 1:22-cv-03401-JPO Document 31 Filed 08/03/22 Page 1 of 2
COMMODITY FUTURES TRADING COMMISSION
Ted Weiss Federal Office Building
290 Broadway, Suite 600
New York, NY 10007
Telephone: (646) 746-9700
www.cftc.gov
Division of
Enforcement
August 3, 2022
VIA ECF
The Honorable J. Paul Oetken
United States District Judge
Thurgood Marshall United States Courthouse
40 Foley Square, Room 2101
New York, NY 10007
Re: CFTC v. Archegos Capital Management, LP, et al., No. 22 Civ 3401 (JPO) (S.D.N.Y.)
Dear Judge Oetken:
Pursuant to the Court’s Individual Rule 3.C, Plaintiff Commodity Futures Trading Commission
(“CFTC”) respectfully writes, on consent, to request an extension of time, until September 2, 2022, to
notify the Court and Defendants Archegos Capital Management, LP (“Archegos”) and Patrick Halligan
(collectively, “Defendants”) whether the CFTC will amend its Complaint. If the CFTC elects to
amend its Complaint, it would file its amended complaint on September 2, 2022. Alternatively, if the
CFTC chooses not to amend its Complaint, the CFTC requests an extension to September 16, 2022 to
file oppositions to Defendants’ motions to dismiss. By order entered on July 11, 2022, the Court
previously granted the CFTC’s first request for an extension of the above deadlines (DE 29).
On April 27, 2022, the CFTC filed its Complaint, alleging that from March 2020 to March
2021, Defendants engaged in a scheme to defraud swap counterparties by misrepresenting material
facts and omitting to state material facts concerning, inter alia, the composition, liquidity, and
concentration of the portfolio managed by Archegos. On July 1, 2022 Defendants Archegos and
Halligan each separately moved to dismiss the CFTC’s Complaint (DE 23-28). Pursuant to the Court’s
July 11, 2022 order, the CFTC is required to (1) notify the Court and Defendants by August 5, 2022
whether the CFTC will file an amended complaint, and (2) file its amended complaint on August 5,
2022, or alternatively, file an opposition to Defendants’ motions by August 19, 2022.
The CFTC requires additional time to complete its assessment as to whether to amend its
Complaint, or alternatively, file oppositions to Defendants’ motions. In addition, the requested
extensions are necessary to allow the CFTC to proceed under its administrative framework, which
requires that the CFTC Division of Enforcement seek and obtain Commission approval before an
amended complaint may be filed.
The CFTC has conferred with counsel for all Defendants, who have consented in writing to the
foregoing requests for extensions of time, provided that the CFTC consents to Defendants having up to
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Case 1:22-cv-03401-JPO Document 31 Filed 08/03/22 Page 2 of 2
The Hon. J. Paul Oetken
August 3, 2022
Page 2 of 2
sixty days from the date of filing to respond if the CFTC files an amended complaint. The CFTC
consents to Defendants’ request.
For the foregoing reasons, the CFTC respectfully requests that the Court grant the foregoing
extensions.
/s/ Jacob W. Mermelstein
.
Jacob W. Mermelstein
Trial Attorney
Commodity Futures Trading Commission
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