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Chicago Discount Commodity Brokers, Inc. (CDCB) was a commodity brokerage house registered with the Commodity Futures Trading Commission (P). P started to investigate CDCB. Soon after this, CDCB entered into a consent decree, appointing a receiver. This receiver filed for Chapter 7 bankruptcy, appointing Notz as the bankruptcy trustee. P subpoenaed CDCB's attorney (Weintraub (D)), to testify at a deposition. He invoked the attorney-client privilege 23 times. P obtained a waiver by Notz of CDCB's privilege. D refused to answer the questions because he claimed that Notz was not authorized to waive this privilege. A federal magistrate ordered D to testify, but the Seventh Circuit reversed. The Supreme Court granted review.

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