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Aug. 21, 2014

Securities Litigation and Corporate Governance Alert: Delaware Supreme Court Recognizes Exception to Attorney-Client Privilege in a Section 220 Books-and-Records Action

The Delaware Supreme Court recently issued a significant ruling concerning the scope of discovery available to shareholders making books-and-records requests. In Wal-Mart Stores Inc. v. Indiana Electrical Workers Pension Trust Fund IBEW, No. 614, 2013 (Del. July 23, 2014), the Court affirmed the Court of Chancery's judgment and directed production of certain otherwise privileged documents, applying the so-called Garner exception to attorney-client privilege, which permits shareholders to gain access to privileged documents upon a showing of good cause in order to prove fiduciary breaches.

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