“There are may aspects to the law of privilege, but what they have in common is a right to resist the compulsory disclosure of information. The law of privilege is, at least in part, a manifestation of the law of confidentiality. However, the underlying principle is one of public policy: where privilege applies, the law treats the benefits of full and transparent disclosure of information in the context of litigation as being outweighed by the benefits of giving litigants the right to keep information private.”
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11 KBW, 18th January 2013
Source: www.11kbw.com