Narrowing PCAOB Privilege

Law360 (November 17, 2010, 4:14 PM EST) -- On June 29, 2010, a Northern District of Illinois judge narrowly interpreted Sarbanes-Oxley §105(b)(5)(A) (hereinafter Section 105(b)(5)(a)), the congressionally prescribed evidentiary privilege that protects from discovery certain information generated by Public Company Accounting Oversight Board investigations and inspections.

Specifically, the judge found that the privilege covered only documents and information prepared specifically for the PCAOB.

In Silverman v. Motorola Inc.,[1] a securities fraud class action pending in the Northern District of Illinois, Judge Amy St. Eve issued a decision of first impression regarding the scope of the PCAOB evidentiary privilege created pursuant to 15 U.S.C. §7215 (b)(5)(A) of the Sarbanes-Oxley Act...

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