Parker Poe has an article on record retention under SOX: “Sarbanes-Oxley and Corporate Record Retention Policies: Is the Shredder Obsolete?” Quote of Note:
What may come as a surprise . . .is the severity of sanctions document shredders may face: a fine, imprisonment of up to 20 years, or both. . . Prudent companies should implement or revise their existing record retention policies so as to allow the intentional destruction of documents in the ordinary course of business when there is no hint of legal, regulatory or business impropriety. As soon as any potential problem appears on the horizon, the destruction of documents should immediately cease.”