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U.S. District Court: Fund Trustees Cannot Rely on Attorney-Client Privilege in Section 36(b) Case

By Jay G. Baris on December 2, 2016
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A federal district court has ordered mutual fund trustees to produce privileged documents to a plaintiff who sued an investment adviser accused of charging excessive investment advisory fees. The November 21, 2016 order may pave the way for plaintiffs in “excessive fee” cases to brush aside the attorney-client privilege and learn what independent trustees discussed with their legal counsel in executive session meetings.

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Photo of Jay G. Baris Jay G. Baris
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  • Posted in:
    Banking, Finance and Securities
  • Blog:
    IM Insights
  • Organization:
    Morrison & Foerster LLP

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