Attorney-Client Privilege — Counsel Communications with Client’s Investment Banker

Most decisions to consider the issue hold that a lawyer’s communications with the investment banker of his or her client are not protected by the attorney-client privilege for the simple reason that the banker is not the client nor someone retained by the lawyer to assist in the rendering of legal advice to the client. For a decision upholding an assertion of privilege in this context, see Stafford Trading, Inc. v. Lovely, 2007 U.S. Dist. LEXIS 13062 (N.D. Ill. Feb. 22, 2007), which approves assertion the privilege in those instances in which the investment banker confidentially communicated with in-house or outside counsel to the client ‛for the purpose of obtaining or providing legal advice.“

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