An article by Jonathan Cedarbaum, Charles Platt, Alan Schoenfeld and Jeffrey Schomig, published in the November 23, 2015 issue of Law360.
The U.S. Court of Appeals for the Second Circuit recently ruled that the “common interest” doctrine protects legal and tax liability analysis prepared for a client and subsequently shared with a consortium of banks providing financing for the client. Schaeffler v. United States, No. 14-1965, slip op. (2d Cir. Nov. 10, 2015). The court also ruled that the accountants' tax liability analysis was protected under the work-product doctrine. In so ruling, the court clarified that “[a] financial interest of a party, no matter how large, does not preclude a court from finding a legal interest shared with another party where the legal aspects materially affect the financial interests.”