A recent decision in ASIC’s case against ANZ has highlighted the potential risks of waiver of client legal privilege, with the Federal Court observing that the distinctions can be “fine”. While ANZ avoided having to disclose its legal advice to the regulator, the decision is a reminder of the potential pitfalls of referring to legal advice in correspondence, and that pleading a state of mind in litigation carries risks from a privilege perspective, says Hall & Wilcox partner Jacob Uljans.