SEC V. DRESSER INDUSTRIES, INC.
628 F.2d 1368 (D.C. Cir. 1980)
NATURE OF THE CASE: Dresser Industries, Inc. (P) appeals from a decision of the District
Court requiring obedience to a subpoena duces tecum issued by the Securities and Exchange
Commission (D).
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.
ISSUE:
RULE OF LAW:
HOLDING AND DECISION:
LEGAL ANALYSIS:
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