Securities and Exchange Commission v. Spiegel, Inc.

Full title: SECURITIES AND EXCHANGE COMMISSION, Plaintiff, v. SPIEGEL, INC., Defendant

Court: United States District Court, N.D. Illinois

Date published: Sep 11, 2003

CIVIL ACTION FILE NO. 03C-1685 (N.D. Ill. Sep. 11, 2003)

Opinion

CIVIL ACTION FILE NO. 03C-1685

September 11, 2003

ORDER

JAMES ZAGEL, District Judge

This cause coming to be heard on the motion of Plaintiff, Securities and Exchange Commission ("Commission"), for an Order making the Independent Examiner's September 5, 2003 Report available to the public ("Order"), the Court having considered the Commission's motion and the Court being advised in the premises, finds:

1. That this Court has jurisdiction over the subject matter of this case and there is good cause to believe it will have jurisdiction over all parties hereto.

2. On March 11, 2003, as amended on March 27, 2003, the Honorable Judge Zagel entered an Order (the "Final Order") appointing Stephen J. Crimmins to serve as the Independent Examiner in this matter. The Independent Examiner's mandate was to provide the Court with a written report discussing Spiegel's financial condition and identifying any material accounting irregularities.

3. Pursuant to the Final Order the Independent Examiner submitted his report ("the Independent Examiner's Report") to Judge Zagel in chambers on September 5, 2003.

4. Pursuant to the Court's Order, the Independent Examiner's Report discussed Spiegel's financial condition and identified material accounting irregularities.

5. Nothing in the Final Order prohibits the Commission or Spiegel from disclosing the Independent Examiner's Report to the public.

6. The information contained in the Independent Examiner's Report is material to the investing public and it is in the public interest to make the Independent Examiner's Report available to the public.

I.

IT IS HEREBY ORDERED that, effective September 15, 2003, the Independent Examiner's report, submitted to this Court on September 5, 2003, shall be available to the public.

II.

IT IS FURTHER ORDERED that, effective September 15, 2003, the Clerk of the Court shall include the Independent Examiner's Report as part of the filings for this matter.

III.

IT IS FURTHER ORDERED that, effective September 15, 2003, the Clerk of the Court shall post the Independent Examiner's Report on the website for the Federal District Court for the Northern District of Illinois.

IV.

IT IS FURTHER ORDERED that the Independent Examiner shall provide the Clerk of the Court for the Northern District of Illinois a copy of the report in an electronic format appropriate for such posting.

V.

IT IS FURTHER ORDERED that Plaintiff Commission and Defendant Spiegel may disseminate the Independent Examiner's Report through other means.