LSH CO v. AXA Equitable Life Insurance Company

Background

LSH CO and Wells Fargo Bank, National Association, acting solely as a securities intermediary, were the plaintiffs. They asked the court to continue sealing certain exhibits that AXA Equitable Life Insurance Company had submitted in connection with briefing on motions in limine, which are requests asking the court to decide whether particular evidence may be used.

Sealing request

The requested materials included an expert report by Glenn Hubbard; deposition excerpts; letters; agreements between LSH and CMG Surety LLC; and an internal LSH investment-approval document. The plaintiffs stated that some materials disclosed LSH’s proprietary valuation methods, policy-purchase parameters, investment strategy, mortality data, and policy-eligibility information. They also stated that other materials contained nonpublic terms of confidential agreements and that disclosure could place LSH at a competitive disadvantage.

The plaintiffs relied on the presumption that judicial documents are publicly accessible, balanced against interests such as privacy and protection of sensitive proprietary information. They also referred to the court’s earlier orders continuing to seal LSH’s valuation criteria and confidential agreements.

Ruling

Judge Jesse M. Furman granted the application. Within one week, the parties were required to ensure that AXA’s motion-in-limine filings not covered by the sealing endorsement were placed on the public docket. The order allowed the parties to do this by refiling documents in modified form or by filing a letter identifying documents that could be unsealed, after which the court could order their unsealing. The clerk was directed to terminate ECF No. 347.

The opinion text provided does not describe a ruling on the underlying claims or on the motions in limine themselves.