ACE Securities Corp., Home Equity Loan Trust, Series 2006-HE4, by HSBC Bank USA, National Association, in its Capacity as Trustee, Plaintiff, v DB Structured Products, Inc., Defendant., 55 Misc. 3d 544

Summary

HOLDINGS: [1]-A company that sponsored a securitization of mortgage-backed loans could not withhold from discovery as work product under CPLR § 3101(d)(2) its internal breach analyses prepared after repurchase demands because counsel's involvement in repurchase reviews did not change the business-function nature of analyses performed by non-attorney underwriters pursuant to contractual obligations; [2]-The attorney-client privilege under CPLR 4503(a)(1) did not protect the breach analyses because they concerned business judgments and were prepared by non-lawyers performing a regular business function; [3]-Business records attached to emails sent to counsel were not privileged; [4]-The company could not compel production of repurchase communications between the trustee and certificateholders because the common interest exception to waiver of the attorney-client privilege applied.