A high-stakes legal dispute involving Jardine Strategic Ltd and dozens of former shareholders is now before the UK Privy Council, as a major Bermuda corporate case heads for a final ruling.

At the heart of the case is a question with major implications for shareholders: Can a company keep its legal advice private from shareholders, especially when those shareholders later sue the company over the value of their shares?

The case stems from Jardine Matheson’s 2021 corporate restructure. On March 8 of that year, the group announced it would fold Jardine Strategic into its parent company, offering minority shareholders $33 per share.

The move cancelled all existing shares and turned dissenting shareholders into claimants in Bermuda’s Supreme Court, demanding a fairer share price.

Eighty-one of those shareholders, mostly investment funds, want access to legal advice Jardine Strategic obtained before the April 12 vote that approved the deal. But the company says that advice is confidential.

The Bermuda courts mostly sided with the shareholders, ruling they had a “joint interest” in the company’s legal matters up to a point.

Beyond February 19, 2021, when litigation was reasonably expected, Jardine could claim “litigation privilege”.

Jardine Strategic is now asking the Privy Council to overturn that decision.

The outcome could set a precedent on how far shareholder rights extend in corporate mergers and when a company can shield its legal communications, according to the case summary. A judgment is expected soon.