00a0397p.06

00-5290Court of Appeals for the Sixth Circuit21.11.2000

Gesamter Gesetzestext

7KH +RQRUDEOH 5REHUW +ROPHV %HOO 8QLWHG 6WDWHV 'LVWULFW -XGJH IRU
WKH :HVWHUQ 'LVWULFW RI 0LFKLJDQ VLWWLQJ E\ GHVLJQDWLRQ

5(&200(1'(' )25 )8//7(;7 38%/,&$7,21
3XUVXDQW WR 6L[WK &LUFXLW 5XOH
(/(&7521,& &,7$7,21 )(' $SS 3 WK &LU
)LOH 1DPH DS
81,7('67$7(6&28572)$33($/6
)257+(6,;7+&,5&8,7
BBBBBBBBBBBBBBBBB
81,7(' 67$7(6 2) $0(5,&$
3ODLQWLII$SSHOOHH
Y
+$59(< //2<' 1$3,(5
'HIHQGDQW$SSHOODQW
;!

1
1R
$SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW
IRUWKH(DVWHUQ'LVWULFWRI.HQWXFN\DW/RQGRQ
1R²-HQQLIHU%&RIIPDQ'LVWULFW-XGJH
$UJXHG6HSWHPEHU
'HFLGHGDQG)LOHG1RYHPEHU
%HIRUH0(55,77DQG*,/0$1&LUFXLW-XGJHV%(//
'LVWULFW-XGJH
BBBBBBBBBBBBBBBBB
&2816(/
$5*8('5REHUW,&XVLFN-U:<$777$55$17
&20%6 /RXLVYLOOH .HQWXFN\ IRU $SSHOODQW -DPHV (
$UHKDUW $66,67$17 81,7(' 67$7(6 $77251(<

-- 1 of 10 --

8QLWHG6WDWHVY1DSLHU 1R
7KH IDFWXDO SUHGLFDWH IRU WKH SOHD LV FRQWDLQHG LQ WKH WUDQVFULSW RI WKH
SOHD SURFHHGLQJ RQ 1RYHPEHU DQG LQ D GRFXPHQW HQWLWOHG
)DFWXDO %DVLV IRU *XLOW\ 3OHD VLJQHG E\ WKH 'HIHQGDQW DQG KLV FRXQVHO
RQ 1RYHPEHU
/H[LQJWRQ.HQWXFN\IRU$SSHOOHH21%5,()5REHUW,
&XVLFN -U 3DPHOD - /HGIRUG :<$77 7$55$17
&20%6 /RXLVYLOOH .HQWXFN\ :DUUHQ 1 6FRYLOOH
6&29,//(&(661$ $662&,$7(6/RQGRQ.HQWXFN\
IRU $SSHOODQW &KDUOHV 3 :LVGRP -U $66,67$17
81,7(' 67$7(6 $77251(< /H[LQJWRQ .HQWXFN\
0DUWLQ / +DWILHOG $66,67$17 81,7(' 67$7(6
$77251(</RQGRQ.HQWXFN\IRU$SSHOOHH
BBBBBBBBBBBBBBBBB
23,1,21
BBBBBBBBBBBBBBBBB
%(//'LVWULFW-XGJH'HIHQGDQW$SSHOODQW+DUYH\/OR\G
1DSLHUDSSHDOVKLVFRQYLFWLRQXQGHU86&† J IRU
SRVVHVVLRQRIILUHDUPVZKLOHVXEMHFWWRDGRPHVWLFYLROHQFH
RUGHU)RUWKHUHDVRQVVHWIRUWKEHORZZH$)),501DSLHU¶V
FRQYLFWLRQ
,
7KH HVVHQWLDO IDFWV DUH QRW LQ GLVSXWH 2Q -DQXDU\
1DSLHU VHVWUDQJHGZLIHFDOOHGWKH&RUELQ.HQWXFN\
3ROLFH 'HSDUWPHQW WR UHSRUW DQ DVVDXOW E\ 1DSLHU :KHQ
1DSLHU V YHKLFOH ZDV VWRSSHG WKH RIILFHUV IRXQG D PP
*ORFN0RGHOVHPLDXWRPDWLFSLVWRODQGWZHQW\WZRURXQGV
RIPPDPPXQLWLRQRQWKHIORRUERDUGLQWKHUHDURIWKH
YHKLFOH1DSLHUZDVDUUHVWHG
$WWKHWLPHRIKLVDUUHVW1DSLHUZDVVXEMHFWWRWZRGRPHVWLF
YLROHQFHRUGHUV2QHGRPHVWLFYLROHQFHRUGHUZDVHQWHUHGE\
WKH+DUODQ&RXQW\&LUFXLW&RXUWRQ'HFHPEHU7KH
RWKHU GRPHVWLF YLROHQFH RUGHU ZDV HQWHUHG E\ WKH :KLWOH\
&RXQW\'LVWULFW&RXUWRQ6HSWHPEHU%RWKGRPHVWLF
1R 8QLWHG6WDWHVY1DSLHU
WKH TXDOLILHG ULJKW WR EHDU DUPV FRQWDLQHG LQ WKH 1HZ
+DPSVKLUH&RQVWLWXWLRQDVDGHIHQVHWR† J ,GDW
7KHFRXUWDOVRUHMHFWHGWKHDUJXPHQWWKDWWKHIHGHUDO
JXQFRQWUROOHJLVODWLRQLQWUXGHVRQWKHULJKWRIWKHVWDWHRI
1HZ+DPSVKLUHWRGHFLGHZKRVKRXOGSRVVHVVILUHDUPV7KH
LQWHJULW\RI1HZ+DPSVKLUHZKLFKWKH7HQWK$PHQGPHQW
SURWHFWVLVQRWYLRODWHGE\DIHGHUDO VWDWXWHWKDWRXWODZVD
IHORQ VSRVVHVVLRQRIILUHDUPV7KHVWDWXWHLVQRWGLUHFWHGDW
VWDWHVDVVXFKEXWDWLQGLYLGXDOEHKDYLRU,GDW FLWDWLRQ
RPLWWHG
&21&/86,21
)RU WKH UHDVRQV VWDWHG DERYH ZH $)),50 WKH GLVWULFW
FRXUW VGHFLVLRQWRRYHUUXOH1DSLHU VYDULRXVFKDOOHQJHVWRKLV
FRQYLFWLRQVXQGHU86&† J

-- 2 of 10 --

8QLWHG6WDWHVY1DSLHU 1R
8QLWHG6WDWHVY6SUXLOO)6XSSG :'7H[

:H ILQG QR UHDVRQ WR UHWUHDW IURP RXU GHWHUPLQDWLRQ LQ
:DULQ WKDW WKH 6HFRQG $PHQGPHQW GRHV QRW JXDUDQWHH DQ
LQGLYLGXDOULJKWWREHDUDUPVDQGZHDFFRUGLQJO\KROGWKDW
† J GRHVQRWYLRODWHWKH6HFRQG$PHQGPHQW
1DSLHU VDUJXPHQWWKDW† J LPSHUPLVVLEO\YLRODWHV
KLV6WDWHFRQVWLWXWLRQDOULJKWWREHDUDUPVLVDOVRXQDYDLOLQJ
7KH&RQVWLWXWLRQRIWKH&RPPRQZHDOWKRI.HQWXFN\SURYLGHV
LQSHUWLQHQWSDUW
$OOPHQDUHE\QDWXUHIUHHDQGHTXDODQGKDYHFHUWDLQ
LQKHUHQW DQG LQDOLHQDEOH ULJKWV DPRQJ ZKLFK PD\ EH
UHFNRQHG

6HYHQWK7KHULJKWWREHDUDUPVLQGHIHQVHRIWKHPVHOYHV
DQG RI WKH 6WDWH VXEMHFW WR WKH SRZHU RI WKH *HQHUDO
$VVHPEO\WRHQDFWODZVWRSUHYHQWSHUVRQVIURPFDUU\LQJ
FRQFHDOHGZHDSRQV
.<&2167†
7KLVVWDWHFRQVWLWXWLRQDOSURYLVLRQKRZHYHULVWUXPSHGE\
WKH 6XSUHPDF\ &ODXVH RI WKH 8QLWHG 6WDWHV &RQVWLWXWLRQ
ZKLFKSURYLGHVWKDWIHGHUDOODZVKDOOEHWKHVXSUHPH/DZRI
WKH/DQGDQ\7KLQJLQWKH&RQVWLWXWLRQRU/DZVRIDQ\
6WDWHWRWKH&RQWUDU\QRWZLWKVWDQGLQJ86&RQVWDUW9,
7KXVDVKDVEHHQFOHDUVLQFHWKH6XSUHPH&RXUW VGHFLVLRQ
LQ0 &XOORFKY0DU\ODQG86 :KHDW /(G
DQ\VWDWHODZWKDWFRQIOLFWVZLWKIHGHUDOODZLV
ZLWKRXWHIIHFW .LQJY)RUG0RWRU&R)G
WK&LU TXRWLQJ&LSROORQHY/LJJHWW*URXS,QF
86
$Q DUJXPHQW VLPLODU WR 1DSLHU V ZDV UHMHFWHG LQ 8QLWHG
6WDWHV Y 0LQQLFN )G VW &LU 7KH )LUVW
&LUFXLWKHOGWKDWWKH6XSUHPDF\&ODXVHSUHYHQWVUHOLDQFHRQ
1R 8QLWHG6WDWHVY1DSLHU
7KH VWDWXWH PDNHV LW XQODZIXO IRU DQ\ SHUVRQ
ZKR LV VXEMHFW WR D FRXUW RUGHU WKDW
$ ZDV LVVXHG DIWHU D KHDULQJ RI ZKLFK VXFK SHUVRQ UHFHLYHG
DFWXDO QRWLFH DQG DW ZKLFK VXFK SHUVRQ KDG DQ RSSRUWXQLW\ WR
SDUWLFLSDWH
% UHVWUDLQV VXFK SHUVRQ IURP KDUDVVLQJ VWDONLQJ RU WKUHDWHQLQJ
DQ LQWLPDWH SDUWQHU RI VXFK SHUVRQ RU FKLOG RI VXFK LQWLPDWH
SDUWQHU RU SHUVRQ RU HQJDJLQJ LQ RWKHU FRQGXFW WKDW ZRXOG SODFH
DQ LQWLPDWH SDUWQHU LQ UHDVRQDEOH IHDU RI ERGLO\ LQMXU\ WR WKH
SDUWQHU RU FKLOG DQG
& L LQFOXGHV D ILQGLQJ WKDW VXFK SHUVRQ UHSUHVHQWV D FUHGLEOH
WKUHDW WR WKH SK\VLFDO VDIHW\ RI VXFK LQWLPDWH SDUWQHU RU FKLOG RU
LL E\ LWV WHUPV H[SOLFLWO\ SURKLELWV WKH XVH DWWHPSWHG XVH RU
WKUHDWHQHG XVH RI SK\VLFDO IRUFH DJDLQVW VXFK LQWLPDWH SDUWQHU RU
FKLOG WKDW ZRXOG UHDVRQDEO\ EH H[SHFWHG WR FDXVH ERGLO\ LQMXU\

WR VKLS RU WUDQVSRUW LQ LQWHUVWDWH RU IRUHLJQ FRPPHUFH RU SRVVHVV
LQ RU DIIHFWLQJ FRPPHUFH DQ\ ILUHDUP RU DPPXQLWLRQ RU WR
UHFHLYH DQ\ ILUHDUP RU DPPXQLWLRQ ZKLFK KDV EHHQ VKLSSHG RU
WUDQVSRUWHG LQ LQWHUVWDWH RU IRUHLJQ FRPPHUFH
86& † J
YLROHQFH RUGHUV FRQWDLQHG D ILQGLQJ WKDW DFWV RI GRPHVWLF
YLROHQFHKDGRFFXUUHGDQGPD\RFFXUDJDLQDQGUHVWUDLQHG
1DSLHU IURP FRPPLWWLQJ IXUWKHU DFWV RI GRPHVWLF YLROHQFH
DJDLQVWKLVVSRXVHDQGWKHLUFKLOGUHQ%RWKRUGHUVFRQWDLQHG
WKHIROORZLQJQRWLFHLQEROGIDFHW\SH3XUVXDQWWR86&
† VHFWLRQ J LWLVDIHGHUDOYLRODWLRQWRSXUFKDVHUHFHLYH
RUSRVVHVVDILUHDUPZKLOHVXEMHFWWRWKLVRUGHU1DSLHUKDG
UHFHLYHGDFWXDOQRWLFHDQGKDGDQRSSRUWXQLW\WRSDUWLFLSDWHLQ
ERWKKHDULQJVSULRUWRLVVXDQFHRIWKHRUGHUV
1DSLHUZDVLQGLFWHGE\DIHGHUDOJUDQGMXU\RQWZRFRXQWV
RISRVVHVVLRQRIILUHDUPVE\DSHUVRQVXEMHFWWRDGRPHVWLF
YLROHQFHRUGHULQYLRODWLRQRI86&† J &RXQW
2QHRIWKHLQGLFWPHQWFKDUJHGKLPZLWKSRVVHVVLRQRIDVHPL
DXWRPDWLFKDQGJXQRQ-DQXDU\ZKLOHKHZDVVXEMHFW
WRWZRGRPHVWLFYLROHQFHRUGHUVDQG&RXQW7ZRFKDUJHGKLP

-- 3 of 10 --

8QLWHG6WDWHVY1DSLHU 1R
ZLWKSRVVHVVLRQRIWZHQW\WZRURXQGVRIPPDPPXQLWLRQ
RQWKHVDPHGDWHZKLOHKHZDVVXEMHFWWRWKHVDPHGRPHVWLF
YLROHQFHRUGHUV
1DSLHUILOHGWKUHHPRWLRQVWRGLVPLVVWKHLQGLFWPHQW,QKLV
ILUVWPRWLRQKHDUJXHGWKDW† J YLRODWHVWKH6HFRQG
DQG )LIWK $PHQGPHQWV RI WKH &RQVWLWXWLRQ DQG LV DQ
XQFRQVWLWXWLRQDO H[HUFLVH RI WKH FRPPHUFH SRZHU ,Q KLV
VHFRQG PRWLRQ KH DUJXHG WKDW WKH XQGHUO\LQJ GRPHVWLF
YLROHQFH RUGHUV ZHUH HLWKHU YRLG RU GLG QRW TXDOLI\ DV
SUHGLFDWH RIIHQVHV ,Q KLV WKLUG PRWLRQ KH DUJXHG WKDW WKH
GRPHVWLF YLROHQFH RUGHUV GR QRW IXOILOO WKH VXEVWDQWLYH
UHTXLUHPHQWVRI86&† J L DQG LL 7KHGLVWULFW
FRXUW GHQLHG DOO WKUHH PRWLRQV 2Q WKH HYH RI WULDO WKH
JRYHUQPHQW PDGH WZR RUDO PRWLRQV LQ OLPLQH WR H[FOXGH
HYLGHQFH UHJDUGLQJ WKH YDOLGLW\ RI WKH GRPHVWLF YLROHQFH
RUGHUVDQGUHJDUGLQJ1DSLHU VEHOLHIDVWRWKHH[LVWHQFHRIWKH
GRPHVWLFYLROHQFHRUGHUVDWWKHWLPHRIWKHLQVWDQWRIIHQVH
7KHGLVWULFWFRXUWJUDQWHGWKHJRYHUQPHQW VPRWLRQV
,Q OLJKW RI WKH GLVWULFW FRXUW V UXOLQJV 1DSLHU HQWHUHG D
FRQGLWLRQDOSOHDRIJXLOW\WRERWKFRXQWVRIWKHLQGLFWPHQW
+HDGPLWWHGWKDWRQ-DQXDU\LQ.QR[&RXQW\LQWKH
(DVWHUQ'LVWULFWRI.HQWXFN\KHNQRZLQJO\SRVVHVVHGWKHJXQ
DQG DPPXQLWLRQ +H IXUWKHU DGPLWWHG WKDW DW WKH WLPH KH
SRVVHVVHG WKH ILUHDUP DQG DPPXQLWLRQ KH ZDV VXEMHFW WR
GRPHVWLFYLROHQFHRUGHUVLQ:KLWOH\&RXQW\.HQWXFN\DQG
+DUODQ&RXQW\.HQWXFN\)LQDOO\1DSLHUDGPLWWHGWKDWWKH
ILUHDUP DQG DPPXQLWLRQ KH SRVVHVVHG DW WKH WLPH RI WKH
LQVWDQW RIIHQVHV ZHUH PDQXIDFWXUHG RXWVLGH WKH
&RPPRQZHDOWK RI .HQWXFN\ DQG WKHUHIRUH WUDYHOHG LQ
LQWHUVWDWHFRPPHUFHSULRUWRFRPLQJLQWRKLVSRVVHVVLRQ$V
DFRQGLWLRQRIWKHSOHDRIJXLOW\1DSLHUUHVHUYHGWKHULJKWWR
DSSHDOWKHRUGHUVRIWKHGLVWULFWFRXUWGHQ\LQJKLVPRWLRQVWR
GLVPLVVWKHLQGLFWPHQW
,,
:H UHYLHZ WKH GLVWULFW FRXUW V GHWHUPLQDWLRQ RI WKH
FRQVWLWXWLRQDOLW\RIDIHGHUDOVWDWXWHGHQRYR8QLWHG6WDWHVY
1R 8QLWHG6WDWHVY1DSLHU
8QLWHG6WDWHV)G '&&LU UHMHFWHG
FKDOOHQJH WR † J E\ SROLFH IUDWHUQDO RUJDQL]DWLRQ
VLQFHWKH VWDWXWHGRHVQRWKLQGHUWKHPLOLWLDVHUYLFHRIDOO
SROLFH RIILFHUV RQO\ RI GRPHVWLF YLROHQFH PLVGHPHDQDQWV
ZKRVHFRQYLFWLRQVKDYHQRWEHHQH[SXQJHG 8QLWHG6WDWHV
Y :DOOHU )G WK &LU LW LV QRZ ZHOO
VHWWOHGWKDW&RQJUHVVGLGQRWYLRODWHWKH6HFRQG$PHQGPHQW
LQHQDFWLQJ86&† J 8QLWHG6WDWHVY6PLWK
)G WK&LU 6HFRQG$PHQGPHQWLV
LQDSSOLFDEOHWRFRQYLFWLRQXQGHU† J 8QLWHG6WDWHV
Y 0DFN )G WK &LU 86&
† N GLGQRWYLRODWHWKH6HFRQG$PHQGPHQWULJKWWREHDU
DUPV 8QLWHG 6WDWHV Y 7KUHH :LQFKHVWHU &DOLEHU
/HYHU$FWLRQ&DUELQHV)GQ WK&LU
† D GRHV QRW YLRODWH WKH 6HFRQG
$PHQGPHQW 8QLWHG6WDWHVY-RKQVRQ)G WK
&LU † J GRHV QRW YLRODWH WKH 6HFRQG
$PHQGPHQW &RG\Y8QLWHG6WDWHV)G WK&LU
† D GRHVQRWYLRODWHWKH6HFRQG$PHQGPHQW
7KHRQO\FDVH1DSLHUKDVFLWHGLQVXSSRUWRIKLVFRQWHQWLRQ
WKDW† J YLRODWHVWKH6HFRQG$PHQGPHQWLV8QLWHG
6WDWHVY(PHUVRQ)6XSSG 1'7H[ ,Q
(PHUVRQ-XGJH&XPPLQJVREVHUYHGWKDW,WLVDEVXUGWKDWD
ERLOHUSODWH VWDWH FRXUW GLYRUFH RUGHU FDQ FROODWHUDOO\ DQG
DXWRPDWLFDOO\ H[WLQJXLVK D ODZDELGLQJ FLWL]HQ V 6HFRQG
$PHQGPHQW ULJKWV SDUWLFXODUO\ ZKHQ QHLWKHU WKH MXGJH
LVVXLQJWKHRUGHUQRUWKHSDUWLHVQRUWKHLUDWWRUQH\VDUHDZDUH
RI WKH IHGHUDO FULPLQDO SHQDOWLHV DULVLQJ IURP ILUHDUP
SRVVHVVLRQDIWHUHQWU\RIWKHUHVWUDLQLQJRUGHU7KDWVXFKD
URXWLQHFLYLORUGHUKDVVXFKH[WHQVLYHFRQVHTXHQFHVWRWDOO\
DWWHQXDWHG IURP GLYRUFH SURFHHGLQJV PDNHV WKH VWDWXWH
XQFRQVWLWXWLRQDO 7KHUH PXVW EH D OLPLW WR JRYHUQPHQW
UHJXODWLRQRQODZIXOILUHDUPSRVVHVVLRQ7KLVVWDWXWHH[FHHGV
WKDWOLPLWDQGWKHUHIRUHLWLVXQFRQVWLWXWLRQDO,GDW
(PHUVRQ VWDQGV DORQH LQ KROGLQJ WKDW WKH 6HFRQG
$PHQGPHQW JXDUDQWHHV DQ LQGLYLGXDO ULJKW WR EHDU DUPV
(YHQ D VLVWHU GLVWULFW FRXUW LQ 7H[DV GHFOLQHG WR IROORZ
(PHUVRQFKRRVLQJLQVWHDGWRIROORZWKHPDMRULW\SDWK6HH

-- 4 of 10 --

8QLWHG6WDWHVY1DSLHU 1R
LPSUHVVLYH 6HFRQG $PHQGPHQW VFKRODUVKLS WKDW KDV
GHYHORSHGLQUHFHQW\HDUV5HFHQWVFKRODUVKLSKRZHYHUGRHV
QRWSURYLGHDVXIILFLHQWEDVLVIRURYHUUXOLQJDQHDUOLHUGHFLVLRQ
RIWKLV&RXUW6HH$EOHV)GDW
7KHFDVHODZVXEVHTXHQWWR:DULQRYHUZKHOPLQJO\VXJJHVWV
WKDWRXUKROGLQJLQ:DULQZDVVRXQG,WLVZHOOHVWDEOLVKHG
WKDW WKH 6HFRQG $PHQGPHQW GRHV QRW FUHDWH DQ LQGLYLGXDO
ULJKW6LQFH0LOOHUWKHORZHUIHGHUDOFRXUWVKDYHXQLIRUPO\
KHOG WKDW WKH 6HFRQG $PHQGPHQW SUHVHUYHV D FROOHFWLYH
UDWKHU WKDQ LQGLYLGXDO ULJKW /RYH Y 3HSHUVDFN )G
WK &LU 7KH 1LQWK &LUFXLW VWDWHG LQ
+LFNPDQ Y %ORFN )G WK &LU WKDW LW ZDV
IROORZLQJ LWV VLVWHU FLUFXLWV LQ KROGLQJ WKDW WKH 6HFRQG
$PHQGPHQWLVDULJKWKHOGE\WKHVWDWHVDQGGRHVQRWSURWHFW
WKHSRVVHVVLRQRIDZHDSRQE\DSULYDWHFLWL]HQ,GDW
7KH (OHYHQWK &LUFXLW KHOG LQ 8QLWHG 6WDWHV Y :ULJKW
)G WK&LU YDFDWHGLQSDUWRQRWKHUJURXQGV
)G WK&LU WKDWWKH6HFRQG$PHQGPHQW
SURWHFWV RQO\ WKH XVH RU SRVVHVVLRQ RI ZHDSRQV WKDW LV
UHDVRQDEO\UHODWHGWRDPLOLWLDDFWLYHO\PDLQWDLQHGDQGWUDLQHG
E\WKHVWDWHV,GDW
$OWKRXJK WKH 6XSUHPH &RXUW QRWHG LQ 6WDSOHV Y 8QLWHG
6WDWHV86 WKDW>W@KHUHLVDORQJWUDGLWLRQRI
ODZIXOJXQRZQHUVKLSE\SULYDWHLQGLYLGXDOVLQWKLVFRXQWU\
WKLV ODQJXDJH GRHV QRW VXJJHVW DQ LQGLYLGXDO ULJKW WR JXQ
RZQHUVKLSXQGHUWKH6HFRQG$PHQGPHQWDQGLWGRHVQRWLQIHU
WKDWODZIXOJXQRZQHUVKLSPHDQVXQUHJXODWHGJXQRZQHUVKLS
7KH 6XSUHPH &RXUW FOHDUO\ UHLWHUDWHG LQ /HZLV Y 8QLWHG
6WDWHV86 WKDWOHJLVODWLYHUHVWULFWLRQVRQWKH
XVH RI ILUHDUPV GR QRW WUHQFK XSRQ DQ\ FRQVWLWXWLRQDOO\
SURWHFWHGOLEHUWLHV,GDWQ
(YHU\FLUFXLWFRXUWZKLFKKDVKDGRFFDVLRQWRDGGUHVVWKH
LVVXHKDVXSKHOG†JHQHUDOO\DJDLQVWFKDOOHQJHVXQGHUWKH
6HFRQG$PHQGPHQW6HH8QLWHG6WDWHVY&KDYH])G
WK&LU *LOOHVSLHY&LW\RI,QGLDQDSROLV
)G WK&LU ILQGLQJ† J GRHVQRW
YLRODWH6HFRQG$PHQGPHQW )UDWHUQDO2UGHURI3ROLFHY
1R 8QLWHG6WDWHVY1DSLHU
%DNHU)G WK&LU FHUWGHQLHG
866&W/(GG
1DSLHU V FRQWHQWLRQ WKDW † J YLRODWHV WKH 'XH
3URFHVV &ODXVH DQG WKH &RPPHUFH &ODXVH RI WKH 8QLWHG
6WDWHV &RQVWLWXWLRQ DUH QRW XQSUHFHGHQWHG 7KLV &LUFXLW
SUHYLRXVO\ XSKHOG † J DJDLQVW VLPLODU DWWDFNV LQ
%DNHUVXSUD
$IXQGDPHQWDOSULQFLSOHRIWKLVFRXUWLVWKDW >D@SDQHO
FDQQRW RYHUUXOH WKH GHFLVLRQ RI DQRWKHU SDQHO 7KH SULRU
GHFLVLRQUHPDLQVFRQWUROOLQJDXWKRULW\XQOHVVDQLQFRQVLVWHQW
GHFLVLRQ RI WKH 8QLWHG 6WDWHV 6XSUHPH &RXUW UHTXLUHV
PRGLILFDWLRQ RI WKH GHFLVLRQ RU WKLV &RXUW VLWWLQJ HQ EDQF
RYHUUXOHVWKHSULRUGHFLVLRQ 8QLWHG6WDWHVY$EOHV)G
WK &LU TXRWLQJ 6DOPL Y 6HFUHWDU\ RI
+HDOWKDQG+XPDQ6HUYV)G WK&LU
$FFRUGLQJO\XQOHVV%DNHULVGLVWLQJXLVKDEOHRULIWKHUHDUH
LQFRQVLVWHQW GHFLVLRQV RI WKH 6XSUHPH &RXUW WKDW UHTXLUH
PRGLILFDWLRQ RI %DNHU %DNHU SUHFOXGHV XV IURP UXOLQJ LQ
1DSLHU V IDYRU RQ KLV 'XH 3URFHVV DQG &RPPHUFH &ODXVH
FKDOOHQJHVWR† J
,,,
1DSLHUFKDOOHQJHV† J RQGXHSURFHVVJURXQGVRQ
LWVIDFHEHFDXVHLWIDLOVWRUHTXLUHQRWLFHRILWVSURKLELWLRQV
1DSLHU DOVR FKDOOHQJHV WKH VWDWXWH DV DSSOLHG EHFDXVH KH
FRQWHQGVKHGLGQRWLQIDFWUHFHLYHQRWLFHWKDWKLVFRQGXFW
YLRODWHGIHGHUDOODZ
$FFRUGLQJWR1DSLHU† J LVDWHFKQLFDOREVFXUH
VWDWXWH ZKLFK SXQLVKHV FRQGXFW WKDW D UHDVRQDEOH SHUVRQ
RUGLQDULO\ZRXOGQRWFRQVLGHUWREHFULPLQDO,QVXSSRUWRI
WKLV FRQWHQWLRQ 1DSLHU UHOLHV RQ -XGJH 3RVQHU V GLVVHQW LQ
8QLWHG6WDWHVY:LOVRQ)G WK&LU FHUW
GHQLHG 6 &W DQG WKH GHWHUPLQDWLRQ LQ
8QLWHG 6WDWHV Y (PHUVRQ ) 6XSSG 1' 7H[
WKDW † J YLRODWHV WKH )LIWK $PHQGPHQW
EHFDXVHLWLVDQREVFXUHKLJKO\WHFKQLFDOVWDWXWHZLWKQRPHQV

-- 5 of 10 --

8QLWHG6WDWHVY1DSLHU 1R
UHDUHTXLUHPHQWWKDWUHQGHUVDSHUVRQVXEMHFWWRSURVHFXWLRQ
ZLWKRXWSURRIRINQRZOHGJHWKDWKHZDVYLRODWLQJWKHVWDWXWH
:HUHMHFWHGMXVWVXFKDFKDOOHQJHWR† J LQ%DNHU
VXSUD7KHGHIHQGDQWLQ%DNHUDUJXHGWKDWWKHGLVWULFWFRXUW
HUUHGLQIDLOLQJWRLQVWUXFWWKHMXU\WKDWLWFRXOGQRWFRQYLFW
KLP RI YLRODWLQJ † J XQOHVV KH NQHZ WKDW WKH ODZ
IRUEDGHKLPWRSRVVHVVILUHDUPVZKLOHVXEMHFWWRDGRPHVWLF
YLROHQFHRUGHU)GDW:HQRWHGWKHJHQHUDOUXOH
WKDWFLWL]HQVDUHSUHVXPHGWRNQRZWKHUHTXLUHPHQWVRIWKH
ODZ:HDOVRQRWHGWKDWWKLVUXOHLVQRWDEVROXWHDQGPD\EH
DEURJDWHG ZKHQ D ODZ LV VR WHFKQLFDO RU REVFXUH WKDW LW
WKUHDWHQV WR HQVQDUH LQGLYLGXDOV HQJDJHG LQ DSSDUHQWO\
LQQRFHQWFRQGXFWEHFDXVHWRSUHVXPHNQRZOHGJHRIVXFKD
ODZZRXOGYLRODWHDFRUHGXHSURFHVVSULQFLSOHQDPHO\WKDW
FLWL]HQVDUHHQWLWOHGWRIDLUZDUQLQJWKDWWKHLUFRQGXFWPD\EH
FULPLQDO)GDW:HXOWLPDWHO\GHWHUPLQHG
KRZHYHUWKDWLWZDVQRWQHFHVVDU\WRLQWHUSUHWWKHVWDWXWHWR
UHFRJQL]HLJQRUDQFHRIWKHODZDVDQH[FXVHEHFDXVH%DNHU
GLGUHFHLYHDGHTXDWHQRWLFHZLWKUHVSHFWWRWKHUHTXLUHPHQWV
RI† J ,GDW(DFKRIWKHGRPHVWLFYLROHQFH
RUGHUVHQWHUHGDJDLQVW%DNHUIHDWXUHGDEROGSULQWZDUQLQJ
WKDWKHFRXOGQRWODZIXOO\SRVVHVVILUHDUPV,G
$OWKRXJK WKH GRPHVWLF YLROHQFH RUGHUV HQWHUHG DJDLQVW
1DSLHUFRQWDLQHGWKHVDPHEROGSULQWZDUQLQJWKDWZDVIRXQG
DGHTXDWH LQ %DNHU 1DSLHU FRQWHQGV WKDW KLV FDVH LV
GLVWLQJXLVKDEOHIURP%DNHUEHFDXVHKHQHYHUUHFHLYHGDFRS\
RIHLWKHUGRPHVWLFYLROHQFHRUGHUHQWHUHGDJDLQVWKLP
7KHGHIHQGDQWLQ%DNHUPDGHDVLPLODUDUJXPHQWZKLFK
WKLVFRXUWKHOGZDVRIQRPRPHQW,GDWQ(YHQLI
%DNHUKDGQRWUHFHLYHGGLUHFWQRWLFHRIKLVILUHDUPVGLVDELOLW\
KLV SURVHFXWLRQ XQGHU † J ZRXOG VWLOO QRW KDYH
UHVXOWHGLQDYLRODWLRQRIKLVGXHSURFHVVULJKWV
7KHIDFWWKDW%DNHUKDGEHHQPDGHVXEMHFWWRDGRPHVWLF
YLROHQFHSURWHFWLRQRUGHUSURYLGHGKLPZLWKQRWLFHWKDW
KLV FRQGXFW ZDV VXEMHFW WR LQFUHDVHG JRYHUQPHQW
VFUXWLQ\%HFDXVHLWLVQRWUHDVRQDEOHIRUVRPHRQHLQKLV
SRVLWLRQ WR H[SHFW WR SRVVHVV GDQJHURXV ZHDSRQV IUHH
1R 8QLWHG6WDWHVY1DSLHU
$OWKRXJK ZH KDYH QRW KDG RFFDVLRQ VLQFH :DULQ WR UXOH RQ WKH VFRSH
RI WKH 6HFRQG $PHQGPHQW ULJKW WR EHDU DUPV ZH KDYH IROORZHG :DULQ LQ
VXEVHTXHQW FDVHV :H QRWHG LQ 3HRSOHV 5LJKWV 2UJDQL]DWLRQ ,QF Y &LW\
RI &ROXPEXV )G WK &LU WKDW WKH 6HFRQG
$PHQGPHQW JXDUDQWHHV D FROOHFWLYH UDWKHU WKDQ DQ LQGLYLGXDO ULJKW ,G DW
TXRWLQJ :DULQ )G DW :H DOVR UHMHFWHG WKH DUJXPHQW LQ
%DNHU VXSUD WKDW † J GHSULYHG %DNHU RI HTXDO SURWHFWLRQ RI WKH
ODZV LQ WKDW LW LQIULQJHV XSRQ WKH H[HUFLVH RI D IXQGDPHQWDO ULJKW DQG
RSHUDWHV WR D GLVDGYDQWDJH RI D VXVSHFWHG FODVV %DNHU )G DW
$OWKRXJK %DNHU GLG QRW VSHFLI\ ZKDW IXQGDPHQWDO ULJKW ZDV DW LVVXH ZH
QRWHG WKDW KH KDG QR IXQGDPHQWDO ULJKW WR SRVVHVV DQ DVVDXOW ULIOH EDVHG
XSRQ WKH ILQGLQJ LQ :DULQ WKDW WKH 6HFRQG $PHQGPHQW GRHV QRW JXDUDQWHH
D SHUVRQDO ULJKW WR EHDU DUPV ,G FLWLQJ :DULQ )G DW
LQYLRODWLRQRIWKH1DWLRQDO)LUHDUPV$FWDVDPHQGHGE\WKH
*XQ &RQWURO $FW RI 86& † HW VHT 7KLV
&RXUW UHMHFWHG WKH FKDOOHQJH RQ WKH EDVLV WKDW WKH 6HFRQG
$PHQGPHQWJXDUDQWHHVDFROOHFWLYHUDWKHUWKDQDQLQGLYLGXDO
ULJKW,GDW
6LQFHWKH6HFRQG$PHQGPHQWULJKWWRNHHSDQGEHDU
$UPVDSSOLHVRQO\WRWKHULJKWRIWKH6WDWHWRPDLQWDLQD
PLOLWLDDQGQRWWRWKHLQGLYLGXDO VULJKWWREHDUDUPVWKHUH
FDQ EH QR VHULRXV FODLP WR DQ\ H[SUHVV FRQVWLWXWLRQDO
ULJKWRIDQLQGLYLGXDOWRSRVVHVVDILUHDUP
,GDW TXRWLQJ6WHYHQVY8QLWHG6WDWHV)G
WK&LU (YHQWKHFROOHFWLYHULJKWRIWKHPLOLWLD
LV OLPLWHG WR NHHSLQJ DQG EHDULQJ DUPV WKDW KDYH VRPH
UHDVRQDEOHUHODWLRQVKLSWRWKHSUHVHUYDWLRQRUHIILFLHQF\RID
ZHOO UHJXODWHG PLOLWLD :DULQ )G DW TXRWLQJ
8QLWHG6WDWHVY0LOOHU86
1DSLHU KDV PDGH QR HIIRUW WR VKRZ WKDW † J KDV
VRPHLPSDFWRQWKHFROOHFWLYHULJKWRIWKHPLOLWLD+HDUJXHV
LQVWHDGWKDWWKH6HFRQG$PHQGPHQWJUDQWVKLPDQLQGLYLGXDO
ULJKW WR EHDU DUPV +H GRHV QRW FRQWHQG :DULQ KDV EHHQ
RYHUUXOHGE\DQHQEDQFGHFLVLRQRIWKLV&RXUWQRUGRHVKH
FLWHDQ\LQFRQVLVWHQWGHFLVLRQVRIWKH6XSUHPH&RXUWDXWKRULW\
WKDWZRXOGUHTXLUHPRGLILFDWLRQRI:DULQ+HPHUHO\DUJXHV
WKDW:DULQZDVZURQJO\GHFLGHGDQGODFNVWKHEHQHILWRIWKH

-- 6 of 10 --

8QLWHG6WDWHVY1DSLHU 1R
:HDUHQRWFRQYLQFHGE\1DSLHU VDUJXPHQW7KH0RUULVRQ
&RXUWEHJDQLWVDQDO\VLVRIWKH9LROHQFH$JDLQVW:RPHQ$FW
E\QRWLQJWKDW†OLNHWKH*XQ)UHH6FKRRO=RQHV$FW
DW LVVXH LQ /RSH] FRQWDLQHG QR MXULVGLFWLRQDO HOHPHQW
HVWDEOLVKLQJWKDWWKHIHGHUDOFDXVHRIDFWLRQZDVLQSXUVXDQFH
RI&RQJUHVV SRZHUWRUHJXODWHLQWHUVWDWHFRPPHUFH,GDW
6HFWLRQ J E\ FRQWUDVW GRHV FRQWDLQ D
MXULVGLFWLRQDOHOHPHQWWKDWHVWDEOLVKHVWKDWLWZDVHQDFWHGLQ
SXUVXDQFHRI&RQJUHVV SRZHUWRUHJXODWHLQWHUVWDWHFRPPHUFH
LQ ILUHDUPV DQG DPPXQLWLRQ ,Q DGGLWLRQ WKH 9LROHQFH
$JDLQVW:RPHQ$FWLVUHJXODWLQJDSXUHO\LQWUDVWDWHDFWLYLW\
1RWKLQJLQ0RUULVRQFDVWVGRXEWRQWKHYDOLGLW\RI† J
ZKLFKUHJXODWHVDSURGXFWRILQWHUVWDWHFRPPHUFH6HH8QLWHG
6WDWHVY:HVHOD)G WK&LU 1RWKLQJ
LQ >0RUULVRQ RU -RQHV@ FDXVHV XV WR WKLQN WKDW D GLIIHUHQW
UHVXOWLVQRZUHTXLUHGIRU† J 1RWKLQJLQHLWKHUFDVH
FDVWVGRXEWRQWKHYDOLGLW\RI† J ZKLFKLVDODZWKDW
VSHFLILFDOO\UHTXLUHVDOLQNWRLQWHUVWDWHFRPPHUFH
9,
)LQDOO\ 1DSLHU FRQWHQGV WKDW † J YLRODWHV KLV
LQGLYLGXDOULJKWWREHDUDUPVXQGHUWKH8QLWHG6WDWHVDQGWKH
.HQWXFN\&RQVWLWXWLRQV
,QFRQWUDVWWRWKH'XH3URFHVVDQG&RPPHUFH&ODXVHLVVXHV
GLVFXVVHG DERYH WKLV &RXUW KDV QHYHU DGGUHVVHG D 6HFRQG
$PHQGPHQWFKDOOHQJHWR† J 7KDWLVQRWWRVD\WKDW
WKLV&RXUWHQWHUVWKLVWHUULWRU\ZLWKRXWVXEVWDQWLDOJXLGDQFH
7KH6HFRQG$PHQGPHQWSURYLGHV
$ZHOOUHJXODWHG0LOLWLDEHLQJQHFHVVDU\WRWKHVHFXULW\
RIDIUHH6WDWHWKHULJKWRIWKHSHRSOHWRNHHSDQGEHDU
$UPVVKDOOQRWEHLQIULQJHG
86&RQVW$PHQG
,Q8QLWHG6WDWHVY:DULQ)G WK&LU WKH
GHIHQGDQW UDLVHG D 6HFRQG $PHQGPHQW FKDOOHQJH WR KLV
FRQYLFWLRQIRUSRVVHVVLRQRIDQXQUHJLVWHUHGVXEPDFKLQHJXQ
1R 8QLWHG6WDWHVY1DSLHU
IURP H[WHQVLYH UHJXODWLRQ %DNHU FDQQRW VXFFHVVIXOO\
FODLP D ODFN RI IDLU ZDUQLQJ ZLWK UHVSHFW WR WKH
UHTXLUHPHQWVRI† J
)GDW
$OWKRXJKWKLVODQJXDJHLQ%DNHUPLJKWEHFRQVLGHUHGGLFWD
LWVUHDVRQLQJZDVDGRSWHGLQ8QLWHG6WDWHVY%HDYHUV
)G WK&LU WRVXSSRUWWKHGHWHUPLQDWLRQWKDW
† J ZKLFKPDNHVLWDFULPHIRURQHZKRKDVEHHQ
FRQYLFWHGRIDPLVGHPHDQRUFULPHRIGRPHVWLFYLROHQFHWR
SRVVHVVDILUHDUPLVFRQVWLWXWLRQDOHYHQWKRXJKLWGRHVQRW
UHTXLUHWKHJRYHUQPHQWWRSURYHWKDWWKHGHIHQGDQWKDGDFWXDO
NQRZOHGJHWKDWKLVSRVVHVVLRQRIDILUHDUPZDVLOOHJDO,GDW
:H FRQFOXGHG LQ %HDYHUV WKDW WKH GHIHQGDQW V
FRQYLFWLRQRQDGRPHVWLFYLROHQFHRIIHQVHVXIILFLHQWO\SODFHG
KLPRQQRWLFHWKDWWKHJRYHUQPHQWPLJKWUHJXODWHKLVDELOLW\
WRRZQRUSRVVHVVDILUHDUP,GDW
1DSLHUVXJJHVWVWKDWLQFRQVLGHULQJZKHWKHUWKHGRPHVWLF
YLROHQFHRUGHUSURFHHGLQJVKRXOGKDYHSXWKLPRQQRWLFHWKDW
WKHJRYHUQPHQWPLJKWUHJXODWHKLVSRVVHVVLRQRIDILUHDUPWKH
&RXUWVKRXOGFRQVLGHUWKHIDFWWKDWGRPHVWLFYLROHQFHRUGHU
SURFHHGLQJVDUHRIWHQLQIRUPDODQGXQFRXQVHOHG
:KLOHWKHUHDUHSURFHGXUDOGLIIHUHQFHVEHWZHHQDGRPHVWLF
YLROHQFHRUGHUDQGDPLVGHPHDQRUFRQYLFWLRQRQDGRPHVWLF
YLROHQFHRIIHQVHZHGRQRWILQGWKRVHSURFHGXUDOGLIIHUHQFHV
VLJQLILFDQW$VZHSRLQWHGRXWLQ%DNHUWKHQDWXUHRIWKH
SURFHHGLQJLVQRWZKDWLVLPSRUWDQWXQGHUWKHVWDWXWH,WLVWKH
VWDWXVRIWKHLQGLYLGXDODVRQHVXEMHFWWRDGRPHVWLFYLROHQFH
RUGHU)GDW
7KHIDFWWKDW%DNHU VVWDWXVPDNHVKLPFULPLQDOO\OLDEOH
IRUSRVVHVVLQJDILUHDUPGRHVQRWLPEXHWKHSURFHVVE\
ZKLFK KH DWWDLQHG WKDW VWDWXV ZLWK FRQVWLWXWLRQDO
VLJQLILFDQFH ,QGHHG D OHJDOO\ UHOHYDQW VWDWXV XQGHU
† J PD\ DULVH LQ WKH DEVHQFH RI DQ\ IRUPDO
SURFHHGLQJ )RU H[DPSOH † J SURKLELWV DQ
LQGLYLGXDO DGGLFWHG WR FRQWUROOHG VXEVWDQFHV IURP

-- 7 of 10 --

8QLWHG6WDWHVY1DSLHU 1R
SRVVHVVLQJDILUHDUP\HWDQLQGLYLGXDODWWDLQVWKHVWDWXV
RIDGUXJDGGLFWZLWKRXWDFRXUWSURFHHGLQJRIDQ\NLQG
)GDW5HJDUGOHVVDVWRKRZ%DNHUEHFDPH
VXEMHFWWRDGRPHVWLFYLROHQFHSURWHFWLRQRUGHUKHDWWDLQHG
WKDWVWDWXVDQGWKXVPXVWFRPSO\ZLWK† J ,GDW

(YHU\ FLUFXLW FRXUW ZKLFK KDV FRQVLGHUHG D GXH SURFHVV
FKDOOHQJHVLPLODUWR1DSLHU VKDVUHMHFWHGLW6HHHJ8QLWHG
6WDWHVY.DIND)G WK&LU QR
GHSDUWXUHIURPUXOHWKDWLJQRUDQFHRIWKHODZLVQRH[FXVHZDV
ZDUUDQWHG EHFDXVH WKH UHVWUDLQLQJ RUGHU WUDQVIRUPHG WKH
RWKHUZLVH LQQRFHQW QDWXUH RI WKH GHIHQGDQW V JXQ
SRVVHVVLRQ 8QLWHG6WDWHVY5HGGLFN)G
WK&LU :HDJUHHZLWKHYHU\FLUFXLWFRXUWWKDWKDV
FRQVLGHUHG GXH SURFHVV FKDOOHQJHV WR † J DQG
FRQFOXGHWKDWGXHSURFHVVGRHVQRWUHTXLUHDFWXDONQRZOHGJH
RI WKH IHGHUDO VWDWXWH 8QLWHG 6WDWHV Y 0HDGH )G
VW &LU LQGLYLGXDO XQGHU GRPHVWLF
YLROHQFHSURWHFWLRQRUGHUZRXOGQRWEHVDQJXLQHDERXWWKH
OHJDOFRQVHTXHQFHVRISRVVHVVLQJDILUHDUP 8QLWHG6WDWHVY
%RVWLF)G WK&LU /LNHDIHORQ
D SHUVRQ >VXEMHFW WR D GRPHVWLF YLROHQFH SURWHFWLRQ RUGHU@
FDQQRW UHDVRQDEO\ H[SHFW WR EH IUHH IURP UHJXODWLRQ ZKHQ
SRVVHVVLQJDILUHDUP 8QLWHG6WDWHVY:LOVRQ)G
WK&LU FHUWGHQLHG866
&W/(GG
:H ILQG QR EDVLV IRU UHTXLULQJ DFWXDO QRWLFH RI WKH JXQ
SURKLELWLRQ1DSLHUZDVQRWLILHGRIWKHSURFHHGLQJVWKDWOHG
XSWRLVVXDQFHRIWKHGRPHVWLFYLROHQFHRUGHUVDQGGLGLQIDFW
DWWHQGWKRVHKHDULQJV+HZDVPDGHVXEMHFWWRDGRPHVWLF
YLROHQFH RUGHU $V ZH VWDWHG LQ %DNHU ZKHWKHU RU QRW KH
UHFHLYHG RU UHDG WKRVH GRPHVWLF YLROHQFH RUGHUV LV RI QR
PRPHQW +LV VWDWXV DORQH DV RQH VXEMHFW WR D GRPHVWLF
YLROHQFHRUGHUZDVVXIILFLHQWWRSUHFOXGHKLPIURPFODLPLQJ
D ODFN RI IDLU ZDUQLQJ ZLWK UHVSHFW WR WKH UHTXLUHPHQWV RI
† J
1R 8QLWHG6WDWHVY1DSLHU
LQLQWHUVWDWHFRPPHUFH6FDUERURXJKY8QLWHG6WDWHV
86
:HDFFRUGLQJO\UHMHFW1DSLHU VFRQWHQWLRQWKDWKHFRXOGQRW
EHFRQYLFWHGXQGHU† J XQOHVVWKHJRYHUQPHQWFRXOG
VKRZ WKDW KLV FRQWLQXHG SRVVHVVLRQ RI WKH JXQ KDG D
VXEVWDQWLDOFRQQHFWLRQWRLQWHUVWDWHFRPPHUFH7KHUHLVQR
TXHVWLRQ WKDW WKH ILUHDUP DQG DPPXQLWLRQ SRVVHVVHG E\
1DSLHUKDGSUHYLRXVO\WUDYHOHGLQLQWHUVWDWHFRPPHUFH7KDW
LVVXIILFLHQWWRHVWDEOLVKWKHLQWHUVWDWHFRPPHUFHFRQQHFWLRQ
1DSLHU DOVR DUJXHV WKDW %DNHU VKRXOG QRW FRQWURO WKH
GLVSRVLWLRQRIWKLVFDVHEHFDXVHWKH6XSUHPH&RXUW VUHFHQW
GHFLVLRQLQ8QLWHG6WDWHVY0RUULVRQ6&W
LVLQFRQVLVWHQWZLWK%DNHUDQGFRPSHOVWKHFRQFOXVLRQWKDW
&RQJUHVVZHQWWRRIDULQHQDFWLQJ† J DQGWKDWORZHU
FRXUWVKDYHHUUHGLQFRQVWUXLQJ/RSH]WRRQDUURZO\
,Q 0RUULVRQ WKH 6XSUHPH &RXUW VWUXFN GRZQ WKH FLYLO
UHPHG\SURYLVLRQRIWKH9LROHQFH$JDLQVW:RPHQ$FW
86& † RQ WKH JURXQG WKDW LW H[FHHGHG &RQJUHVV
SRZHUXQGHUWKH&RPPHUFH&ODXVH7KH&RXUWUHMHFWHGWKH
DUJXPHQWWKDW&RQJUHVVPD\UHJXODWHQRQHFRQRPLFYLROHQW
FULPLQDO FRQGXFW EDVHG VROHO\ RQ WKDW FRQGXFW V DJJUHJDWH
HIIHFW RQ LQWHUVWDWH FRPPHUFH ,G DW 7KH &RXUW
H[SUHVVHG FRQFHUQ WKDW LI WKH &RPPHUFH &ODXVH FRXOG EH
VDWLVILHGE\IROORZLQJDEXWIRUFDXVDOFKDLQIURPDFULPHWR
HYHU\DWWHQXDWHGHIIHFWLWKDGXSRQ LQWHUVWDWHFRPPHUFHLW
ZRXOG REOLWHUDWH WKH FRQVWLWXWLRQ V GLVWLQFWLRQ EHWZHHQ
QDWLRQDODQGORFDODXWKRULW\,GDW,WZRXOGHYHQJLYH
&RQJUHVV DXWKRULW\ RYHU IDPLO\ ODZ DQG RWKHU DUHDV RI
WUDGLWLRQDO VWDWH UHJXODWLRQ VLQFH WKH DJJUHJDWH HIIHFW RI
PDUULDJHGLYRUFHDQGFKLOGUHDULQJRQWKHQDWLRQDOHFRQRP\
LVXQGRXEWHGO\VLJQLILFDQW,GDW
1DSLHUFRQWHQGVWKDW WKHGRPHVWLFGLVSXWHVRIDPDUULHG
FRXSOHDGGUHVVHGLQGRPHVWLFYLROHQFHRUGHUVDUHSUHFLVHO\WKH
W\SHRISXUHO\LQWUDVWDWHDFWLYLW\W\SLFDOO\UHJXODWHGE\WKH
VWDWH VSROLFHSRZHUWKDWWKH6XSUHPH&RXUWZDVFRQFHUQHG
DERXWLQ0RUULVRQ

-- 8 of 10 --

8QLWHG6WDWHVY1DSLHU 1R
DQG UHFHLYLQJ ILUHDUPV LQ RU IURP LQWHUVWDWH FRPPHUFH
5HJXODWLRQ RI LQWHUVWDWH JXQ WUDIILFNLQJ ZKLFK LV FOHDUO\
FRPPHUFLDO DFWLYLW\ LV WKXV IDFLOLWDWHG E\ UHJXODWLRQ RI
SRVVHVVLRQLQRUDIIHFWLQJFRPPHUFH,GDW
7KH VDPH DQDO\VLV DSSOLHV WR WKRVH VXEMHFW WR GRPHVWLF
YLROHQFHRUGHUV6HHDOVR*LOOHVSLHY&LW\RI,QGLDQDSROLV
)G WK &LU :LWKRXW TXHVWLRQ
&RQJUHVV KDV WKH SRZHU WR UHJXODWH WKH LQWHUVWDWH WUDGH LQ
ILUHDUPV6RORQJDVWKDWJXQKDVPRYHGDFURVVVWDWHOLQHV
DW OHDVW RQFH LW LV VXEMHFW WR WKH H[HUFLVH RI FRQJUHVVLRQDO
&RPPHUFH &ODXVH DXWKRULW\ 8QLWHG 6WDWHV Y %DUU\
)G WK&LU † J FRQVWLWXWLRQDOO\
DSSOLHG WR D GHIHQGDQW ZKR SRVVHVVHG D VKRWJXQ WKDW KDG
WUDYHOHGLQLQWHUVWDWHFRPPHUFH 8QLWHG6WDWHVY+DQQD
)G Q WK &LU 6HFWLRQ J V
UHTXLUHPHQW WKDW WKH ILUHDUP KDYH EHHQ DW VRPH WLPH LQ
LQWHUVWDWH FRPPHUFH LV VXIILFLHQW WR HVWDEOLVK LWV
FRQVWLWXWLRQDOLW\XQGHUWKH&RPPHUFH&ODXVH
1DSLHUVXJJHVWVWKDWWKHUHFHQW6XSUHPH&RXUWRSLQLRQLQ
-RQHV Y 8QLWHG 6WDWHV 6 &W SXWV WKH
&KHVQH\DQDO\VLVLQTXHVWLRQ,Q-RQHVWKH&RXUWKHOGWKDWWKH
DUVRQRIDQRZQHURFFXSLHGSULYDWHUHVLGHQFHZDVQRWVXEMHFW
WR SURVHFXWLRQ XQGHU 86& † L SURKLELWLQJ
PDOLFLRXVGHVWUXFWLRQE\ILUHRISURSHUW\XVHGLQRUDIIHFWLQJ
LQWHUVWDWHFRPPHUFH EHFDXVHVXFKDUHVLGHQFHZDVQRWXVHG
LQLQWHUVWDWHFRPPHUFHRULQDFRPPHUFHDIIHFWLQJDFWLYLW\
,G DW 7KH 6XSUHPH &RXUW KHOG WKDW † L V
XVHLQFRPPHUFHUHTXLUHPHQWLVPRVWVHQVLEO\UHDGWRPHDQ
DFWLYHHPSOR\PHQWIRUFRPPHUFLDOSXUSRVHVDQGQRWPHUHO\
DSDVVLYHSDVVLQJRUSDVWFRQQHFWLRQWRFRPPHUFH,GDW

-RQHVGRHVQRWLQYDOLGDWHWKH&KHVQH\DQDO\VLV,QFRQWUDVW
WR† L † J GRHVQRWFRQWDLQWKHXVHUHTXLUHPHQW
WKDWZDVDWWKHKHDUWRIWKH-RQHVRSLQLRQ1RWKLQJLQ-RQHV
VXJJHVWVWKDWWKH6XSUHPH&RXUWLVEDFNLQJRIIRILWVRSLQLRQ
WKDW† D WKHSUHGHFHVVRURI† J UHTXLUHGRQO\
WKHPLQLPDOQH[XVWKDWWKHILUHDUPKDYHEHHQDWVRPHWLPH
1R 8QLWHG6WDWHVY1DSLHU
,9
1DSLHU FRQWHQGV WKH GLVWULFW FRXUW HUUHG LQ JUDQWLQJ WKH
JRYHUQPHQW VPRWLRQVLQOLPLQHWRH[FOXGHHYLGHQFHDWWULDO
UHJDUGLQJ WKH YDOLGLW\ RI WKH GRPHVWLF YLROHQFH RUGHUV DQG
UHJDUGLQJ1DSLHU VNQRZOHGJHRIWKHH[LVWHQFHRIDQ\YDOLG
GRPHVWLFYLROHQFHRUGHUV
1DSLHUHQWHUHGLQWRDSOHDDJUHHPHQWZKLFKUHVHUYHGKLV
ULJKW WR DSSHDO WKH RUGHUV RI WKH GLVWULFW FRXUW GHQ\LQJ KLV
PRWLRQVWRGLVPLVVWKHLQGLFWPHQW+HGLGQRWUHVHUYHWKH
ULJKWWRDSSHDOWKHGLVWULFWFRXUW VSUHWULDOHYLGHQWLDU\UXOLQJ
1DSLHUH[SUHVVO\DGPLWWHGLQDGRFXPHQWHQWLWOHG)DFWXDO
%DVLV IRU *XLOW\ 3OHD WKDW DW WKH WLPH KH SRVVHVVHG WKH
ILUHDUP DQG DPPXQLWLRQ KH ZDV VXEMHFW WR 'RPHVWLF
9LROHQFH2UGHUVLQ:KLWOH\&RXQW\.HQWXFN\DQG+DUODQ
&RXQW\ .HQWXFN\ 1DSLHU GLG QRW SUHVHUYH WKH LVVXH
UHJDUGLQJ WKH YDOLGLW\ RI WKH GRPHVWLF YLROHQFH RUGHUV IRU
DSSHDO
0RUHRYHU LQ OLJKW RI RXU GHWHUPLQDWLRQ DERYH WKDW
† J GRHVQRWUHTXLUHWKDWWKHGHIHQGDQWKDYHDFWXDO
NQRZOHGJH RI WKH ILUHDUP UHVWULFWLRQV WKH GLVWULFW FRXUW
FRUUHFWO\ FRQFOXGHG WKDW WKH HYLGHQFH 1DSLHU VRXJKW WR
LQWURGXFHUHJDUGLQJKLVNQRZOHGJHDVWRWKHH[LVWHQFHRIWKRVH
RUGHUVZDVLUUHOHYDQW
9
1DSLHUDOVRFKDOOHQJHVWKHFRQVWLWXWLRQDOLW\RI† J
RQWKHEDVLVWKDWLWUHSUHVHQWVDQXQFRQVWLWXWLRQDOH[HUFLVHRI
&RQJUHVV SRZHU XQGHU WKH &RPPHUFH &ODXVH 1DSLHU
FRQWHQGVWKDW† J LVDQXQFRQVWLWXWLRQDODWWHPSWWR
UHJXODWHGRPHVWLFDEXVHZKLFKLVVWULFWO\DPDWWHURIVWDWH
FRQFHUQ
2XUUHYLHZRIWKH&RPPHUFH&ODXVHFKDOOHQJHEHJLQVZLWK
WKHUHFRJQLWLRQWKDWFRQJUHVVLRQDOHQDFWPHQWVDUHHQWLWOHGWR
D SUHVXPSWLRQ RI FRQVWLWXWLRQDOLW\ >:@H LQYDOLGDWH D
FRQJUHVVLRQDO HQDFWPHQW RQO\ XSRQ D SODLQ VKRZLQJ WKDW
&RQJUHVV KDV H[FHHGHG LWV FRQVWLWXWLRQDO ERXQGV 8QLWHG

-- 9 of 10 --

8QLWHG6WDWHVY1DSLHU 1R
7KH *XQ)UHH 6FKRRO =RQHV $FW VWUXFN GRZQ LQ /RSH] ZDV IRUPHUO\
FRGLILHG DW 86& † T $
6WDWHVY0RUULVRQ6&W 7KHUHDUH
WKUHHEURDGFDWHJRULHVRIDFWLYLW\WKDW&RQJUHVVPD\UHJXODWH
XQGHU LWV FRPPHUFH SRZHU WKH XVH RI WKH FKDQQHOV RI
LQWHUVWDWH FRPPHUFH WKH LQVWUXPHQWDOLWLHV RI LQWHUVWDWH
FRPPHUFHRUSHUVRQVRUWKLQJVLQLQWHUVWDWHFRPPHUFHDQG
WKRVHDFWLYLWLHVKDYLQJDVXEVWDQWLDOUHODWLRQWRLQWHUVWDWH
FRPPHUFH,GDW
,QVXSSRUWRIKLVFRPPHUFHFODXVHFKDOOHQJHWR† J
1DSLHUFRQWHQGVWKDWWKH6XSUHPH&RXUW VRSLQLRQLQ8QLWHG
6WDWHVY/RSH]86 UHTXLUHVDILQGLQJWKDW
&RQJUHVVH[FHHGHGWKHSURSHUVFRSHRIWKH&RPPHUFH&ODXVH
ZKHQLWHQDFWHG† J
$VLPLODUDUJXPHQWUHO\LQJRQ/RSH]ZDVPDGHDQGUHMHFWHG
LQ%DNHUVXSUD,Q/RSH]WKH6XSUHPH&RXUWVWUXFNGRZQD
IHGHUDOODZSURKLELWLQJILUHDUPSRVVHVVLRQLQDVFKRRO]RQH
EHFDXVHLWH[FHHGHG&RQJUHVV DXWKRULW\XQGHUWKH&RPPHUFH
&ODXVH 2QH RI WKH &RXUW V FRQVLGHUDWLRQV ZDV WKDW WKH
VWDWXWH FRQWDLQHG QR H[SUHVV MXULVGLFWLRQDO HOHPHQW ZKLFK
PLJKWOLPLWLWVUHDFKWRDGLVFUHWHVHWRIILUHDUPSRVVHVVLRQV
WKDWDGGLWLRQDOO\KDYHDQH[SOLFLWFRQQHFWLRQZLWKRUHIIHFWRQ
LQWHUVWDWHFRPPHUFH86DW
:H GHWHUPLQHG LQ %DNHU WKDW † J GLG QRW VXIIHU
IURPWKHVDPHLQILUPLW\EHFDXVHLWFRQWDLQVWKHMXULVGLFWLRQDO
HOHPHQW WKDW ZDV ODFNLQJ LQ /RSH] 6HFWLRQ J RQO\
DSSOLHV WR ILUHDUPV RU DPPXQLWLRQ WKDW DUH VKLSSHG RU
WUDQVSRUWHGLQLQWHUVWDWHRUIRUHLJQFRPPHUFHRUSRVVHVVHGLQ
RU DIIHFWLQJ FRPPHUFH 86& † J :LWK WKLV
MXULVGLFWLRQDO HOHPHQW † J ERWK H[SOLFLWO\ UHODWHV WR
FRPPHUFH DQG HQVXUHV RQO\ WKRVH DFWLYLWLHV DIIHFWLQJ
LQWHUVWDWHFRPPHUFHIDOOZLWKLQLWVVFRSH%DNHU)GDW

%DNHUGRHVQRWVWDQGDORQH,Q8QLWHG6WDWHVY&KHVQH\
)G WK&LU DQG8QLWHG6WDWHVY7XUQHU
1R 8QLWHG6WDWHVY1DSLHU
)G WK &LU ZH UHOLHG RQ WKLV
MXULVGLFWLRQDO HOHPHQW LQ XSKROGLQJ † J DJDLQVW D
&RPPHUFH&ODXVHFKDOOHQJH$VZHVWDWHGLQ7XUQHUHYHU\
FRXUW RI DSSHDOV WKDW KDV EHHQ IDFHG ZLWK WKH &RPPHUFH
&ODXVHFKDOOHQJHWR† J VLQFH/RSH]KDVKHOGWKDWWKH
MXULVGLFWLRQDOHOHPHQWRI† J SURYLGHVWKHUHTXLVLWHQH[XV
ZLWKLQWHUVWDWHFRPPHUFHWKDW† T ODFNHG7XUQHU
)GDW
1RWZLWKVWDQGLQJ RXU GHWHUPLQDWLRQ LQ %DNHU WKDW
† J LVDSURSHUH[HUFLVHRIFRQJUHVVLRQDOSRZHUXQGHU
WKH &RPPHUFH &ODXVH 1DSLHU FRQWHQGV WKDW KLV FDVH LV
GLVWLQJXLVKDEOHIURP%DNHUEHFDXVH%DNHUSXUFKDVHGDJXQ
DIWHUKHZDVVXEMHFWWRDGRPHVWLFYLROHQFHRUGHU1DSLHURQ
WKH RWKHU KDQG KDG SRVVHVVHG KLV JXQ IRU \HDUV EHIRUH D
GRPHVWLF YLROHQFH RUGHU ZDV HQWHUHG DJDLQVW KLP +H
FRQWHQGVWKDWDQ\FRPPHUFHLQYROYLQJWKHILUHDUPKDGORQJ
VLQFHFHDVHGDQGWKHOLQNEHWZHHQKLVFRQGXFWDQGWKHHIIHFW
RQ FRPPHUFH LV WRR DWWHQXDWHG WR FRPH ZLWKLQ &RQJUHVV
SRZHUXQGHUWKH&RPPHUFH&ODXVH+HFRQWHQGVWKDWHYHQLI
&RQJUHVVKDVWKHDXWKRULW\WRUHJXODWHSHUVRQVZKRSXUFKDVH
JXQVZKHQWKH\DUHVXEMHFWWRGRPHVWLFYLROHQFHRUGHUVLW
GRHVQRWKDYHWKHDXWKRULW\WRUHJXODWHSHUVRQVZKRDOUHDG\
RZQJXQVEHIRUHWKH\EHFRPHVXEMHFWWRDGRPHVWLFYLROHQFH
RUGHU
$ VLPLODU DUJXPHQW ZDV UHMHFWHG LQ &KHVQH\ $OWKRXJK
WKHUH ZDV QR TXHVWLRQ WKDW &KHVQH\ V JXQ KDG PRYHG LQ
LQWHUVWDWHFRPPHUFH&KHVQH\DUJXHGWKDW/RSH]UHTXLUHVWKH
JRYHUQPHQWWRSURYHWKDWKLVSRVVHVVLRQRIWKHJXQLQLWVHOI
KDGDVXEVWDQWLDOFRQQHFWLRQWRLQWHUVWDWHFRPPHUFH)G
DW:HUHMHFWHGWKDWDUJXPHQWEHFDXVHLWUHDG/RSH]WRR
EURDGO\ /RSH] GLG QRW GLVWXUE WKH 6XSUHPH &RXUW V
SUHFHGHQWV ZKLFK LQGLFDWH WKDW D ILUHDUP WKDW KDV EHHQ
WUDQVSRUWHGDWDQ\WLPHLQLQWHUVWDWHFRPPHUFHKDVDVXIILFLHQW
HIIHFW RQ FRPPHUFH WR DOORZ FRQJUHVV WR UHJXODWH WKH
SRVVHVVLRQRIWKDWILUHDUPSXUVXDQWWRLWV&RPPHUFH&ODXVH
SRZHUV&KHVQH\DW HPSKDVLVDGGHG $VZHQRWHG
LQ &KHVQH\ >S@URKLELWLQJ SRVVHVVLRQ E\ IHORQV OLPLWV WKH
PDUNHWIRUILUHDUPVDQGGLVFRXUDJHVVKLSSLQJWUDQVSRUWLQJ

-- 10 of 10 --

Setzen Sie Ihre Recherche in ChatGPT oder Claude fort

Verbinden Sie Omnilex, um den Rechtskorpus über Ihren KI-Assistenten zu durchsuchen.