Information for which ICANN has responsibility includes the WHOIS databases. ICANN has been given specific responsibilities for these databases under: 1) their contract with the U.S. government’s Department of Commerce to perform the technical management of the Internet; and 2) their Memorandum of Understanding with the Department of Commerce.
Accordint to this ICANN is subject to the information quality act (also called the data quality act).
Not sure if this continues to be true.