Ex-SEC Leader Walks Out on Deposition; Judge Will Consider Requiring Him to Testify
Former Securities and Exchange Commission Chairman Harvey Pitt was testifying in a deposition as an expert witness for securities class-action plaintiffs suing Fannie Mae when he apparently decided he had had enough.
Pitt walked out of the deposition late last week, spurring a defense motion asking the judge to oust Pitt from the case or to compel his testimony, according to The BLT: The Blog of Legal Times. Defense and plaintiffs lawyers differed over the reasons for the walkout.
The BLT cites an account by Alex Romain of Williams & Connolly, a lawyer for several Fannie Mae defendants. According to Romain, Pitt refused to answer any more questions after he learned about another deposition by a former SEC chief accountant. Pitt reportedly said he couldn’t continue testifying because he needed to know about the accountant’s opinion.
The lead counsel for the plaintiffs, Stanley Chesley, argued that defense lawyers had mishandled Pitt’s deposition, the BLT says. He pointed to Pitt’s deposition complaint that he was “not able to finish a good portion of sentences.”
Prior coverage of expert witness testimony:
ABAJournal.com: “Ken Feinberg’s Retracted Affidavit Cited in Appeals Ruling Favoring Fen-Phen Lawyers”
