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"We here explore the treacherous path which corporate counsel must tread under the attorney-client privilege when conducting an internal investigation to advise a publicly traded company on its financial disclosure obligations."

"We here explore the treacherous path which corporate counsel must tread under the attorney-client privilege when conducting an internal investigation to advise a publicly traded company on its financial disclosure obligations." So begins today's ruling of a three-judge panel of the U.S. Court of Appeals for the Ninth Circuit in United States v. Ruehle.

In today's ruling, the Ninth Circuit reverses a federal district court's order suppressing all evidence reflecting statements by the former Chief Financial Officer of Broadcom Corp. to attorneys from Irell & Manella, Broadcom's outside counsel, regarding stock option granting practices at Broadcom. The appeal arises in a criminal case against the CFO for his involvement in an alleged backdating scheme that ultimately resulted in Broadcom's restatement of its earnings to account for approximately $2.2 billion in additional stock-based compensation expenses.

Full post as published by How Appealing on September 30, 2009 (boomark / email).