Judge Walton wrote in his opinion, the First Amendment does not protect news reporters or news organizations from producingdocuments when the news reporters are, themselves, critical to both the indictment and prosecution of criminal activity.
Of course, many recipients of these subpoenas face the very quandary the Fifth Amendment was designed to protect against: producingdocuments in response to the subpoena would concede that they violated the reporting requirements applicable to offshore accounts.