A Federal district court recently held that fiduciary exception to the attorney-client privilege applied to communications between independent trustees of a mutual fund and their independent counsel. Litigation partners Sean Murphy and Robert Hora along with associate Michael Mirdamadi published an article in The Review of Securities & Commodities Regulation providing background and case law involving the exception. The article discusses their conclusions on how applying the exception could potentially be harmful to shareholders if applied against independent trustees in litigation under Section 36(b) of the Investment Company Act of 1940.
June 2017
