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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
COMMISSION SUBPOENA AMENDMENT OFFICERS DIRECTORS EMPLOYEES UNITED STATES ILLINOIS CORPORATE DOCUMENTS SECURITIES EXCHANGE COMMISSION CIVIL ACTION EASTERN DIVISION ORDER REQUIRING TEXAS TITAN RESOURCES REFUSE FORMER OFFICERS LINDBERG DISTRICT CLAIMING PROTECTION AMENDMENT PURPOSES EXISTENT CORPORATIONS HONORABLE GEORGE STATES DISTRICT COURT NORTHERN DISTRICT JUDGE LINDBERG AMENDMENT GROUNDS DESPITE |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 16677 / September 1, 2000
, Civil Action No. 00C4801 (N.D. Illinois, Eastern Division).
The Securities and Exchange Commission announced that an Order
requiring compliance with a subpoena duces tecum ("Order") was entered
recently against Texas Titan Resources, Inc. ("Titan") in , Civil
Action No. 00C4801 (N.D. Illinois, Eastern Division). Titan initially
refused to produce certain corporate documents called for by the
Commission's subpoena based on a presumed right against compelled
self-incrimination under the Fifth Amendment to the United States
Constitution.
In response to Titan's assertion, the Commission argued that neither
corporations nor their officers, directors or employees are entitled
to withhold corporate documents by claiming the protection of the
Fifth Amendment. Further, the Commission argued that dissolved
corporations and their former officers, directors and employees are
treated the same for Fifth Amendment purposes as existent corporations
and current officers, directors and employees.
On August 17, 2000, the Honorable George W. Lindberg of the United
States District Court for the Northern District of Illinois entered
the Order requiring Texas Titan Resources, Inc. to comply with the
Commission's subpoena. Specifically, Judge Lindberg held that Titan
and its current and former officers, directors or employees could not
refuse to comply with a subpoena for corporate documents on Fifth
Amendment grounds, despite the fact that Titan has been dissolved.
_________________________________________________________________
Modified 09/06/2000
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