SEC Halts Doc Destruction Policy Amid Uproar

Law360, New York (September 8, 2011, 3:03 PM EDT) -- Facing a barrage of criticism over the destruction of thousands of files related to preliminary investigations into securities and financial fraud, the U.S. Securities and Exchange Commission on Wednesday reversed course, barring its employees from destroying documents related to closed cases.

The change came less than a month after the U.S. National Archives and Records Administration said "the SEC did not have authority to dispose of [the documents] per the Federal Records Act.”

“We have been working with NARA on a new policy for records retention,...
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