Wyly Brothers Fight SEC's Request For Attorney Docs

Law360, New York (February 23, 2011, 3:46 PM EST) -- Samuel E. Wyly and Charles J. Wyly Jr. asked a New York federal court Tuesday to reject the U.S. Securities and Exchange Commission's request for documents detailing legal advice the brothers received while allegedly running a $550 million securities fraud scheme.

In a joint motion filed in the U.S. District Court for the Southern District of New York, the brothers blasted the SEC's disclosure request, saying the targeted material is clearly barred from discovery based on the attorney-client and work product privileges.

The SEC had asked...
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