Somebody knows- the judge and the attorneys-presumably through an in-camera inspection.
The judge examining the documents for relevancy, what interests are affected, and whether the prejudicial effect outweighs the probative value.
The discussion is off record initially, usually in chambers,- the judge makes known her ruling on each email that is identified by assigned exhibit numbers, and the parties then voice their agreement or objection.
When that's concluded, festivities resume on the record, the protective order entered, with notable objections referenced only by number usually.
I would like to see the protective order. If the emails are relevant, speculation is raised they are damning, but may be inadmissable for some other reason.
Still, the contents may be indirect fodder for settlement or at least subconsciously prod for a settlement.
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