Tag: Subpoenas

Attorney-Client Confidentiality at Stake in Covington’s Dispute With SEC? White-Collar Lawyers Weigh In | Law.com

Covington & Burling’s dispute with the Securities and Exchange Commission over regulators’ access to client information has implications for the sanctity of attorney-client relationships, according to white-collar lawyers contacted for this report. The SEC sued the firm early this week, demanding that it comply with a subpoena for the identities of 298 clients whose information was reported to have been…

Read More

Victimizing a Victim Twice: The SEC’s Attack on Covington & Burling | John Reed Stark, LinkedIn

SEC Request No. 3(b) seeks documents sufficient to identify “[t]he nature of the suspected unauthorized activity Concerning the client,” including “when the activity took place” and “the amount of information . . . viewed.” While Covington disclosed the dates of the unauthorized activity and the number and types of files breached in response to another part of the request, Covington…

Read More

SEC Chief Scales Back Powers of Enforcement Staff – WSJ

Mr. Piwowar’s goal wasn’t necessarily to reduce the number of enforcement cases pursued by the SEC, these people said, but was aimed at bringing consistency to a process he felt could be driven by differing standards and wasn’t subject to ample commission oversight. Specifically, Mr. Piwowar revoked authority that had given a broader group of enforcement division staff the power…

Read More

Stark on IR: My Column on the SEC’s Newly Proclaimed Search Warrant Authority — Cybersecurity Docket

The SEC is an exceptional federal government agency—staffed with a dedicated corps of highly-credentialed professionals, inspired by a noble sense of mission, and rich with an 80+ year history of investor advocacy. But sometimes the SEC gets carried away and needs a quick reality check. This is the case with the SEC’s recent use of subpoenas demanding production from witnesses…

Read More

More About D&O Insurance Coverage for Subpoena Response Costs | The D&O Diary

As I have previously noted on this blog, a recurring insurance coverage issue is whether or not the costs incurred in responding to a regulatory or enforcement subpoena represent covered defense under a D&O insurance policy. In an interesting March 27, 2014 memo entitled “D&O Coverage for Subpoena Response Costs: An Emerging Consensus?” (here), Benjamin D. Tiersky of the Orrick…

Read More

SEC Subpoena Enforcement for Documents and Testimony Results in Rare Arrest – Compliance Week

It is a long and rarely-traveled road between receiving a subpoena for documents or testimony from the SEC and actually getting yourself arrested, but Anthony Coronati completed the journey down that road today when he was arrested by the U.S. Marshals Service. via SEC Subpoena Enforcement for Documents and Testimony Results in Rare Arrest – Compliance Week

Read More