A federal magistrate judge in Brooklyn, N.Y., Joan M. Azrack, has apparently held that a transactional lawyer may be sanctioned for spoliation for failing to preserve documents, including emails, relating to the lawyer's negotiation and documentation of a loan agreement. This would be a new duty, independent of the "litigation hold" that most attorneys are familiar with, and could represent a significant change in the way transactional lawyers practice as well as presenting a significant new burden. The case is FDIC v. Malik , No. 09–CV–4805 (KAM)(JMA), 2012 WL 1019978 (E.D.N.Y., Mar. 26, 2012) (Azrack, U.S.M.J.).
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Professional Conduct
A Potential New Duty to Preserve Pre-Closing Transaction Documents
The Legal Intelligencer
May 15, 2012
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