eDiscovery Trends: SEC Orders Its Staff to Cease Document Destruction Pending Policy Review
The U.S. Securities and Exchange Commission (“SEC”) recently ordered all of its enforcement staff attorneys to cease the destruction of documents from investigative files after criticism that the SEC wrongfully destroyed thousands of documents associated with high profile enforcement matters, including investigations into Wall Street banks. The National Archives and Records Administration (NARA) and the SEC’s inspector general are currently examining whether the organization’s document destruction policy requires revision. This cease order comes in the wake of information provided by a SEC whistleblower, indicating that the SEC wrongfully destroyed thousands of documents from preliminary investigations.
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