Roosevelt Parent LLC v. Select Portfolio Servicing, Inc.

Background The parties jointly requested permission to seal limited portions of the defendant’s memorandum supporting its motion to dismiss. The opinion text describes two categories of information: confidential regulatory information involving the defendant and the plaintiffs’ competitively sensitive information.

Arguments for Sealing The parties argued that the regulatory information was protected by the bank examination privilege, which protects communications between banks and banking examiners. They stated that the privilege belonged to the regulator, which had not waived it and had expressly requested that the information be filed under seal. They also argued that the plaintiffs’ proprietary business information justified limited protection from public disclosure.

The parties represented that this was the same information previously redacted from the complaint. The defendant planned to file the memorandum under seal and, if permitted, file a public version containing narrow redactions.

Ruling Judge Valerie Caproni granted the application. The order required the defendant to file a redacted version of its memorandum supporting the motion to dismiss on the docket and send an unredacted version highlighting the redactions to chambers. The order states a deadline of Thursday, April 14, 2022, although the application and order are dated in 2023.