U.S. District Chief Judge Laura Taylor Swain of the Southern District of New York on Wednesday unsealed a 40-page opinion dismissing former Allianz Global Investors executive Gregoire Tournant’s motion to dismiss his securities fraud indictment, ruling that Tournant waived attorney-client privilege with his former attorneys at Sullivan & Cromwell.

Tournant’s current attorneys, Levine Lee co-founder Seth Levine and Orrick partner Daniel R. Alonso, had argued that the U.S. Attorney’s Office for the Southern District of New York induced Tournant’s former attorneys to share privileged information with the government.