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Article: N.Y. Appellate Court Upholds Right Of Former Directors And Officers To Corporate Attorney-Client Privileged Documents In Defense Of Third Party Action.(New York, United States)(Case overview)
- Article from:
- Mondaq Business Briefing
- Article date:
- February 22, 2008
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The New York Supreme Court, Appellate Division, First Department, on February 19, 2008, ruled that former officers and directors of a public corporation are entitled to access to memoranda containing legal advice to the corporation. The former directors and officers had asserted as defenses that they had acted in good faith and had relied upon advice of corporate counsel in engaging in the transactions that the government alleged were shams designed to bolster the corporation's financial statements.
In People of the State of New York v. Maurice Greenberg and Howard Smith, 401720/05 (Appellate Division, 1st Dept., Feb. 19, 2008), the New York Appellate Court ...