Call it music to the ears of corporate counsel. A capital markets reform committee issued a report recommending that the U.S. Department of Justice stop punishing companies under investigation for refusal to waive attorney-client privilege and cutting off legal fees for executives.

The 135-page Committee on Capital Markets Regulation report, released on Nov. 30, would be a stake in the heart of the infamous Thompson memorandum, written by former Deputy Attorney General Larry Thompson at the height of the corporate scandals involving Enron Corp., WorldCom Inc. and others.

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