A recent federal court ruling underscores that attorney-client privilege can be pierced under the crime-fraud exception where there is evidence that otherwise protected communications or work product were used to further or conceal misconduct. In connection with an ongoing criminal litigation, highlighting the risks posed by such a scenario, the U.S. District Court for the District of Columbia ordered private equity firm KKR to produce to the DOJ otherwise privileged communications between the firm and its lawyers at Kirkland & Ellis. In this guest article, Olshan Frome Wolosky partner Derrelle Janey details relevant elements of the ongoing KKR investigation, the operative tenets of the crime-fraud exception to the attorney-client privilege, and the potential implications of the court order for M&A due diligence, corporate governance, regulatory compliance and fiduciary obligation management. See “Understanding the Fiduciary Exception to Attorney-Client Privilege” (Oct. 4, 2023).