Kenneth L. Lay

The Securities and Exchange Commission ("Commission") announced today that U.S. District Court Judge Royce C. Lamberth approved a Stipulation and Order ("Order") entered into between the Commission and Kenneth L. Lay ("Lay") requiring Lay to produce, within three days, all documents subpoenaed by the Commission that have been withheld by Lay on Fifth Amendment grounds. The Order provides that the Commission may use all documents produced by Lay, and any leads derived therefrom, for any law-enforcement purpose, including in any future action or proceeding the Commission may bring against Lay. The Order further provides that Lay shall not assert the Fifth Amendment as a basis to exclude the admission into evidence of these documents or the use of these documents in pre-trial proceedings or for any other law-enforcement purpose. Further, the Order provides that Lay shall not assert at any time for any purpose that the Commission's use of the documents, directly or indirectly, violated any Fifth Amendment rights Lay may possess, and Lay shall not make such an assertion as a basis to dismiss any future Commission action or other proceeding against Lay. The Order also provides that production of such documents by Lay does not waive any Fifth Amendment rights he may otherwise have.

Additional materials: Stipulation and Order Requiring Production of Records