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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
COMMISSION BANK NEBRASKA WESTERN BANK JAMES KERKHOVE UNITED STATES SECURITIES EXCHANGE COMMISSION COURT OMAHA SUBPOENA ENFORCEMENT STATUTE LITIGATION CIVIL ACTION UNITED STATES DISTRICT REQUIRING SENIOR VICE PRESIDENT TRUST OFFICER COMPLY COMMISSION SUBPOENAS INVESTIGATION CAPTIONED FREEDOM DISCLOSING SUPREMACY CLAUSE CONSTITUTION PRECLUDES IMPOSING RESTRICTIONS FEDERAL AGENCIES JUDGE JOSEPH BATAILLON PROVISIONS |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
LITIGATION RELEASE NO. 17585 / June 25, 2002
Securities and Exchange Commission v. Great Western Bank and James
Kerkhove, Civil Action No. 8 02CV296 (D. Nebraska)
On June 24, 2002, the United States District Court in Omaha, Nebraska,
entered an order in a subpoena enforcement case requiring Great
Western Bank, a Nebraska state bank based in Omaha, and James
Kerkhove, a senior vice president and trust officer of the bank, to
comply Commission subpoenas. The subpoenas were issued in the
investigation captioned Freedom Financial, Inc. Great Western Bank and
Kerkhove had objected to the subpoenas based on a Nebraska state
statute that purported to prohibit the bank from disclosing any
information without a court order. In its subpoena enforcement case,
the Commission noted that the Supremacy Clause of the U.S.
Constitution precludes a state from imposing restrictions on subpoenas
issued by federal agencies such as the Commission. The order signed by
Judge Joseph Bataillon states that the provisions of the Nebraska
statute have no force or effect concerning a Commission subpoena.
_________________________________________________________________
Modified 06/25/2002
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