In a notable development, Chief Judge Laura Taylor Swain of the Southern District of New York ruled against former Allianz Global Investors executive, Gregoire Tournant’s motion to dismiss his securities fraud indictment. Concluding that Tournant renounced attorney-client privilege with his erstwhile legal counsel, Sullivan & Cromwell, she unsealed a 40-page opinion to dismiss his request.
Here is the link to the detailed news.
Authority claims Tournant’s present counsel, which includes Levine Lee co-founder Seth Levine and Orrick partner Daniel R. Alonso, argued that the U.S. Attorney’s Office for the Southern District of New York swayed Tournant’s former attorneys to disclose privileged information to the government. On the other hand, Judge Swain found that due to a conflict disclosure provision, Sullivan & Cromwell was obliged to act only when it “actually concludes that a conflict exists,” rather than merely perceiving a potential conflict.