Asserting the Fifth Amendment in Civil Securities Litigation
Law360, New York (October 24, 2006, 12:00 AM EDT) -- Over the last five years, it has become increasingly important for securities lawyers to understand when defendants and witnesses may exercise their constitutional right against self-incrimination in civil litigation. This is true if only because the corporate scandals that started to plague the capital markets in 2001 – such as Enron, WorldCom, Tyco, Adelphia and others – resulted in a significant increase in the criminal prosecution of corporate fraud.
For example, in the aftermath of these scandals, President Bush issued an executive order creating the Corporate...
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