The Second Circuit held last week that a borrower did not waive the attorney-client privilege by providing documents to a consortium of lender banks that shared a common legal interest with the borrower in the tax treatment of a refinancing and corporate restructuring resulting from an acquisition originally financed by the consortium. The November 10, 2015 decision in Schaeffler v. United States also held that the work-product doctrine protected documents analyzing the tax treatment of the refinancing and restructuring because those documents had been prepared in anticipation of potential litigation with the Internal Revenue Service... Continue Reading