Matt Orwig, Evan Singer, and Mark Rasmussen of Jones Day cover issues and possible consequences that corporate, securities and white collar attorneys should consider when advising their corporate clients as to whether to disclose privileged information developed during internal investigations to the government. The presenters address current and historical government policies regarding cooperation credit and the waiver of privilege over investigative materials as stated in, among other things, the DOJ's Filip Memorandum and the SEC's Enforcement Guidelines. Also discussed: Federal Rule of Evidence 502 and relevant case law on waiver, including decisions on the selective waiver doctrine, the scope of a privilege waiver, and the significance of confidentiality agreements with the government. Included among the cases that will be examined are Diversified Industries, Inc. v. Meredith (8th Cir.), In re Pacific Pictures Corp. (9th Cir.), Gruss v. Zwirn (SDNY), Freedman v. Weatherford Int'l Ltd. (SDNY), and SEC v. Schroeder (N.D. Cal.).