Posted by William Savitt, Wachtell Lipton Rosen & Katz, on Wednesday, October 14, 2015
Editor's Note: William Savitt is a partner in the Litigation Department of Wachtell, Lipton, Rosen & Katz. This post is based on a Wachtell Lipton firm memorandum by Mr. Savitt, Jonathan M. Moses, Kevin Schwartz, and Nathaniel D. Cullerton.
The New York appellate court overseeing cases arising in Manhattan last week clarified and limited the circumstances in which corporations are obligated to produce confidential attorney-client communications to stockholder plaintiffs in the context of derivative litigation. Nama Holdings, LLC v. Greenberg Traurig LLP, No. 14738-14739N, 2015 WL 5839311 (N.Y. App. Div. 1st Dep’t. Oct. 8, 2015). The decision endorsed a multi-factored approach to determining when shareholder plaintiffs have established “good cause” for production of privileged communications.
