SEC v. Dresser Industries, Inc.

628 F.2d 1368 (D.C. Cir. 1980)

Purchase the Printed Copy at bsmsphd.com

Nature of the Case

To access this section all you need to do is click here and register.

Facts

Dresser (P) met with members of D to discuss a proposed voluntary filing related to bribes by P to foreign officials. P submitted a Form 8-K describing, in generic terms, one questionable foreign payment. P filed a second Form 8-K reporting the results of the internal investigation. It filed yet a third Form 8-K concerning a questionable payment not reported in the earlier reports. All disclosures were in generic, not specific, terms. P refused to grant access to the underlying documents. P claimed employees working abroad would be put in danger. D recommended a formal investigation. While this was occurring with D, the Department of Justice had established a task force who requested access to SEC files on the approximately 400 companies, including P, that had participated in the Voluntary Disclosure Program. D transmitted all such files to the Justice task force. Justice presented P's case to a grand jury. P filed suit against the D and Justice to enjoin any further investigation of it by either agency. The grand jury then subpoenaed P's documents. D also issued a formal order of private investigation, authorizing the staff to subpoena the documents and to obtain other relevant evidence who then issue a subpoena duce tecum. The district court dismissed P’s suit. P appealed to the Fifth Circuit. D applied to the District Court for the District of Columbia for enforcement. The D.C. court required P to comply. P appealed. The Fifth Circuit affirmed the lower court dismissal. P appealed to the D.C. Circuit.