In Jardine Strategic Holdings Ltd v Oasis Investments II Master Fund Ltd and others (No 2) [2025] UKPC 34, the Board abolishing the so-called “Shareholder Rule” in Bermuda and, by express direction, in England and Wales.
Companies are now entitled to assert legal advice privilege against shareholders in litigation, save for the established exceptions (e.g., fraud, crime, or joint retainer). The decision brings Bermuda and England into line with other major common law jurisdictions, including Australia, and casts doubt on the continued application of the Shareholder Rule in the Cayman Islands.
Delroy Duncan KC and Ryan Hawthorne act for a number of dissenting shareholders in the proceedings, in conjunction with Campbells.
Source: Privy Council draws bright line through Shareholder Rule in Bermuda and England – Campbells
