Rhino Advisors, who was not a party to the lawsuit, attempted to assert a privilege over 260 out of approximately 67,000 documents which had been produced to the SEC in August of 2003, claiming inadvertent disclosure. Magistrate Eaton, sitting in the Southern District of New York, rejected the “claw back” under the Lois factors. Because the former counsel did not take any precautions to weed out and withhold privileged documents, and because the did not assert its claim of privilege until several years after the production was made, any privilege that might have existed was thereby waived. See Securities and Exchange Comm. v. Badian, No. 06-2621, 2009 WL 222783 (S.D.N.Y. Jan. 26, 2009).