The CEO was livid, and justifiably so, after being informed that his company’s supplier intended to breach its supply agreement. It was evident that the path going forward would lead to litigation, and lawyers were summoned to begin immediate work on a complaint.
Recent case law has clarified a party’s preservation obligations in this situation. As detailed in The Pension Committee of the University of Montreal Pension Plan v. Banc of America Securities LLC (2010), the duty to preserve attaches whenever a party reasonably anticipates litigation.
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