Navigating the Fiduciary Exceptions to the Attorney-Client Privilege for Mutual Funds

Philadelphia partner Diana McCarthy and associate T.J. Keefe wrote an article for The Investment Lawyer titled “Navigating the Fiduciary Exceptions to the Attorney-Client Privilege for Mutual Funds.” The article covers the divergent decisions reached in Kenny v. Pacific Investment Management Company and Chill ex. rel Calamos Growth Fund v. Calamos Advisors LLC. Diana and T.J. highlight two approaches that courts may take when applying fiduciary exceptions to mutual funds organized as trusts. They discuss the “Real Client” test, the “Good Cause” test, and best practices when considering either approach.