1 Year After Ambac: Sharing Information Among Deal Parties
Daniel Halston, Alexandra Boudreau and Jeffrey SchomigJune 9, 2017, 1:54 PM EDT
Law360, New York (June 9, 2017, 1:54 PM EDT) -- On June 9, 2016, the New York Court of Appeals issued its decision in Ambac Assurance Corp. v. Countrywide Home Loans Inc. and held that the common interest doctrine protects only communications among deal parties that are related to a shared legal interest in pending or reasonably anticipated litigation. The court justified its decision as adhering to long-standing New York precedent, which had traditionally limited the doctrine’s application to litigation-related communications.
Ironically, this decision to stick with precedent only created more confusion by deepening the divide...