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In 1985 the U.S. Supreme Court confirmed that a corporation’s officers and directors have the power to assert or waive the attorney-client privilege belonging to the corporation, and that when control of such corporation passes to new management, the authority to assert and waive the corporation’s attorney-client privilege also passes. In Commodity Futures Trading Comm’n v. Weintraub. the court also found that former managers may not assert the privilege over the wishes of current managers, even as to statements that the former managers may have made to counsel concerning matters within the scope of their duties. Questions arise, however, when a business or only part of a business is sold or acquired over who then has the right to assert the attorney-client privilege.

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