If You Think Communications Between Independent Trustees and Their Counsel Are Protected, Think Again

Schiff Hardin's Investment Management Group presents a webinar examining the question of whether communications between independent trustees and their counsel are protected by the attorney-client privilege in the wake of a recent court decision in Kenny v. PIMCO.

In the decision, a federal court compelled the production of e-mails between the independent trustees of a mutual fund and their independent counsel. In doing so, the Court found that such e-mails were not protected by the attorney-client privilege because of an exception to that privilege, called the “fiduciary exception.” In this webinar, our attorneys will address some key questions:

  • What is the fiduciary exception to the attorney-client privilege? 
  • How broad is the exception? Does it apply to structures other than trusts and to fact patterns outside of the mutual fund space?
  • What are the potential impacts of the decision, including its effect on communications between independent trustees and their counsel?
  • Now what? Best practices for trustee-counsel communications in the wake of Kenny.

To request a recording of the webinar, please contact Dom Pugliese or Marguerite Bateman.


Marguerite C. Bateman and Domenick Pugliese are partners in the Investment Management practice of Schiff Hardin's Financial Markets and Products Group. Each have more than 25 years of experience serving as trusted counselors to registered and unregistered investment advisory organizations and investment company boards of directors and trustees. They have represented small start-up funds to large multi-manager complexes, including retail funds, variable annuity trusts, and exchange-traded funds.