Der KI-Arbeitsbereich für Juristen
- Rechtsrecherche mit Zugriff auf über 1 Million Quellen
- Dokumentenautomatisierung
- Mandatsverwaltung
- Gehostet in der EU und der Schweiz
14 Tage kostenlos testen (10 Fragen/Tag während der Testphase)
Der KI-Arbeitsbereich für Juristen
14 Tage kostenlos testen (10 Fragen/Tag während der Testphase)
98-5385•01a0005p.06
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
&+$5/(6 .,1&$,'
LQGLYLGXDOO\DQGRQEHKDOIRI
DOORWKHUVVLPLODUO\VLWXDWHG
&$35, &2))(5LQGLYLGXDOO\
DQGRQEHKDOIRIDOORWKHUV
VLPLODUO\VLWXDWHG
3ODLQWLIIV$SSHOODQWV
Y
%(77< *,%621HWDO
'HIHQGDQWV$SSHOOHHV
;!
1
1R
$SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW
IRUWKH(DVWHUQ'LVWULFWRI.HQWXFN\DW)UDQNIRUW
1R²-RVHSK0+RRG'LVWULFW-XGJH
$UJXHG0D\
'HFLGHGDQG)LOHG-DQXDU\
%HIRUH0$57,1&KLHI-XGJH0(55,775<$1
%2**61255,668+5+(,15,&+6,/(5
%$7&+(/'(5'$8*+75(<0225(&2/(&/$<
DQG*,/0$1&LUFXLW-XGJHV
-- 1 of 18 --
.LQFDLGHWDOY*LEVRQHWDO 1R
BBBBBBBBBBBBBBBBB
&2816(/
$5*8(':LQWHU5+XII/$:2)),&(62)-2+1*
35$7+(56RPHUVHW.HQWXFN\IRU$SSHOODQWV-*XWKULH
7UXH-2+1621-8'<758( *8$51,(5,)UDQNIRUW
.HQWXFN\ IRU $SSHOOHHV 21 %5,() :LQWHU 5 +XII
/$: 2)),&(6 2) -2+1 * 35$7+(5 6RPHUVHW
.HQWXFN\ ' %UXFH 2UZLQ 6RPHUVHW .HQWXFN\ IRU
$SSHOODQWV-*XWKULH7UXH-2+1621-8'<758(
*8$51,(5,)UDQNIRUW.HQWXFN\IRU$SSHOOHHV
&2/( - GHOLYHUHG WKH RSLQLRQ RI WKH FRXUW LQ ZKLFK
0$57,1 & - 0(55,77 6,/(5 '$8*+75(<
0225( &/$< DQG *,/0$1 -- MRLQHG 5<$1 -
S GHOLYHUHGDVHSDUDWHFRQFXUULQJRSLQLRQ%2**6-
SS GHOLYHUHGDVHSDUDWHRSLQLRQFRQFXUULQJLQSDUW
DQG GLVVHQWLQJ LQ SDUW 1255,6 - S GHOLYHUHG D
VHSDUDWHGLVVHQWLQJRSLQLRQLQZKLFK68+5+(,15,&+DQG
%$7&+(/'(5--MRLQHG
BBBBBBBBBBBBBBBBB
23,1,21
BBBBBBBBBBBBBBBBB
5*8<&2/(-5&LUFXLW-XGJH3ODLQWLIIV$SSHOODQWV
&KDUOHV.LQFDLGDQG&DSUL&RIIHUDSSHDOWKHGLVWULFWFRXUW¶V
JUDQWRIVXPPDU\MXGJPHQWXSKROGLQJ'HIHQGDQWV$SSHOOHHV¶
FRQILVFDWLRQDQGEDQRQGLVWULEXWLRQRIDFROOHJH\HDUERRN
HGLWHGE\&RIIHU8SRQHQEDQFUHYLHZZHGHWHUPLQHWKDWWKH
.68RIILFLDOVYLRODWHGWKH)LUVW$PHQGPHQWULJKWVRI.LQFDLG
DQG &RIIHU $FFRUGLQJO\ ZH 5(9(56( WKH RUGHU RI WKH
GLVWULFW FRXUW DQG 5(0$1' WKH FDVH ZLWK LQVWUXFWLRQV WR
HQWHU MXGJPHQW LQ IDYRU RI .LQFDLG DQG &RIIHU DQG WR
GHWHUPLQHWKHUHOLHIWRZKLFKWKH\DUHHQWLWOHG6HHHJ/HLOD
+RVSDQG+HDOWK&WUY%RZHQ)G WK&LU
-- 2 of 18 --
1R .LQFDLGHWDOY*LEVRQHWDO
%RWK .LQFDLG DQG &RIIHU DVVHUW WKDW WKH\ DORQJ ZLWK DOO RWKHU .68
VWXGHQWV SDLG D PDQGDWRU\ HLJKW\GROODU VWXGHQW DFWLYLW\ IHH DW WKH
EHJLQQLQJ RI WKH VFKRRO \HDU ZKLFK FRYHUHG WKH FRVWV RI
VXSSO\LQJ HDFK .68 VWXGHQW ZLWK D FRS\ RI 7KH 7KRUREUHG ,Q KHU
GHSRVLWLRQ *LEVRQ VWDWHG WKDW WKH VWXGHQW DFWLYLW\ IHH GLG QRW IXQG WKH
\HDUERRN EXW UDWKHU WKDW WKH \HDUERRN ZDV IXQGHG E\ JHQHUDO UHYHQXH
7KLV GLIIHUHQFH RI RSLQLRQ LV QRW PDWHULDOO\ UHODWHG WR WKH GLVSXWH DW KDQG
%HFDXVH WKH SDUWLHV DJUHH WKDW WKH \HDUERRN ZDV IXQGHG E\ WKH XQLYHUVLW\
DQG EHFDXVH WKH XQLYHUVLW\ LV D VWDWHIXQGHG LQVWLWXWLRQ .LQFDLG DQG
&RIIHU KDYH )LUVW $PHQGPHQW ULJKWV XQGHU D IRUXP DQDO\VLV DV GHWDLOHG
LQIUD
,%$&.*5281'
$)DFWXDO%DFNJURXQG
$WWKHWLPHVUHOHYDQWWRWKLVFDVHERWK.LQFDLGDQG&RIIHU
ZHUH UHJLVWHUHG VWXGHQWV DW .HQWXFN\ 6WDWH 8QLYHUVLW\
³.68´ DSXEOLFVWDWHIXQGHGXQLYHUVLW\%HWW\*LEVRQZDV
.68¶V 9LFH 3UHVLGHQW IRU 6WXGHQW $IIDLUV .68 IXQGHG
SURGXFWLRQ DQG GLVWULEXWLRQ RI 7KH 7KRUREUHG WKH VWXGHQW
\HDUERRN .68 VWXGHQWV FRPSRVHG DQG SURGXFHG 7KH
7KRUREUHGZLWKOLPLWHGDGYLFHIURPWKHXQLYHUVLW\¶VVWXGHQW
SXEOLFDWLRQVDGYLVRUDVGLVFXVVHGLQIUD
&RIIHUVHUYHGDVWKHHGLWRURIWKH\HDUERRNGXULQJWKH
DFDGHPLF\HDU$OWKRXJKDVWXGHQWSKRWRJUDSKHUDQGDW
OHDVW RQH RWKHU VWXGHQW DVVLVWHG KHU DW RQH SRLQW &RIIHU
RUJDQL]HGDQGSXWWRJHWKHUWKH\HDUERRNKHUVHOIDIWHUKHUVWDII
PHPEHUVORVWLQWHUHVWLQWKHSURMHFW&RIIHUHQGHDYRUHGWR
³GRVRPHWKLQJGLIIHUHQW´ZLWKWKH\HDUERRNLQRUGHUWR³EULQJ
.HQWXFN\6WDWH8QLYHUVLW\LQWRWKHQLQHWLHV´VKHDOVRVRXJKW
WR³SUHVHQWD\HDUERRNWRWKHVWXGHQWSRSXODWLRQWKDWZDVZKDW
WKH\>KDG@QHYHUVHHQEHIRUH´7RWKHVHHQGV&RIIHUFUHDWHG
DSXUSOHFRYHUXVLQJDPDWHULDONQRZQDV³UDLQVKRZHUIRLO
VWDPS´DQGIRUWKHILUVWWLPHJDYHWKH\HDUERRNDWKHPH
7KHWKHPH³GHVWLQDWLRQXQNQRZQ´GHVFULEHGWKHDWPRVSKHUH
RI³XQFHUWDLQW\´WKDW&RIIHUEHOLHYHGFKDUDFWHUL]HGWKHWLPH
&RIIHU IRXQG HYLGHQFH RI WKLV XQFHUWDLQW\ LQ VWXGHQWV
ZRQGHULQJ ³ZKHUH DUH ZH JRLQJ LQ RXU OLYHV´ LQ KLJK
XQHPSOR\PHQWUDWHVDQGLQDFXUUHQWFRQWURYHUV\UHJDUGLQJ
-- 3 of 18 --
.LQFDLGHWDOY*LEVRQHWDO 1R
ZKHWKHU .68 ZDV JRLQJ WR EHFRPH D FRPPXQLW\ FROOHJH
&RIIHULQFOXGHGSLFWXUHVLQWKH\HDUERRNGHSLFWLQJHYHQWVDW
.68 DQG LQ LWV VXUURXQGLQJ FRPPXQLW\ DQG SROLWLFDO DQG
FXUUHQWHYHQWVLQWKHQDWLRQDQGZRUOGDWODUJH7KH\HDUERRN
FRYHUHG ERWK WKH DQG DFDGHPLF \HDUV
EHFDXVHWKHVWXGHQWVZRUNLQJRQWKH\HDUERRNKDG
IDOOHQEHKLQGVFKHGXOH$OWKRXJKWKH\HDUERRNZDVRULJLQDOO\
SURMHFWHGWRFRQWDLQSDJHV&RIIHUWHVWLILHGWKDWWKHILQDO
SURGXFWFRQWDLQHGRQO\SDJHVEHFDXVHVKHGLGQRWKDYH
HQRXJKSLFWXUHVWRILOOSDJHVDQGEHFDXVHWKHXQLYHUVLW\
DGPLQLVWUDWLRQ WRRN QR LQWHUHVW LQ WKH SXEOLFDWLRQ &RIIHU
FRPSOHWHG WKH \HDUERRN VHYHUDO WKRXVDQG GROODUV XQGHU
EXGJHWDQGVHQWWKH\HDUERRNWRWKHSULQWHULQ0D\RU-XQHRI
:KHQ WKH \HDUERRN FDPH EDFN IURP WKH SULQWHU LQ
1RYHPEHU *LEVRQ REMHFWHG WR VHYHUDO DVSHFWV RI LW
ILQGLQJ WKH SXEOLFDWLRQ WR EH RI SRRU TXDOLW\ DQG
³LQDSSURSULDWH´ ,Q SDUWLFXODU *LEVRQ REMHFWHG WR WKH
\HDUERRN¶VSXUSOHFRYHU .68¶VVFKRROFRORUVDUHJUHHQDQG
JROG LWV³GHVWLQDWLRQXQNQRZQ´WKHPHWKHODFNRIFDSWLRQV
XQGHUPDQ\RIWKHSKRWRVDQGWKHLQFOXVLRQRIFXUUHQWHYHQWV
RVWHQVLEO\ XQUHODWHG WR .68 $IWHU FRQVXOWLQJ ZLWK .68
3UHVLGHQW0DU\6PLWKDQGRWKHUXQQDPHGXQLYHUVLW\RIILFLDOV
*LEVRQDQG6PLWKGHFLGHGWRFRQILVFDWHWKH\HDUERRNVDQGWR
ZLWKKROGWKHPIURPWKH.68FRPPXQLW\*LEVRQFRQWDFWHG
/HVOLH 7KRPDV .68¶V 'LUHFWRU RI 6WXGHQW /LIH DQG
LQVWUXFWHGKHUWRVHFXUHWKH\HDUERRNVVRWKDWWKH\ZRXOGQRW
EHGLVWULEXWHG7KRPDVFRQWDFWHG.68¶VGLUHFWRUIRUVHUYLFH
PDQDJHPHQWZKRHQVXUHGWKDWWKH\HDUERRNVZHUHVHFXUHG
$OWKRXJK*LEVRQ¶VLQWHQWLRQZDV³SHUKDSV>WR@GLVFDUG>WKH
\HDUERRNV@´*LEVRQ¶VFRXQVHOLQGLFDWHGDWRUDODUJXPHQWWKDW
WKH\HDUERRNVUHPDLQKLGGHQDZD\RQ.68¶VFDPSXV
%3URFHGXUDO%DFNJURXQG
,Q 1RYHPEHU .LQFDLG DQG &RIIHU VXHG *LEVRQ
6PLWKDQGLQGLYLGXDOPHPEHUVRIWKH.68%RDUGRI5HJHQWV
XQGHU 86& DOOHJLQJ WKDW WKH XQLYHUVLW\¶V
FRQILVFDWLRQ RI DQG IDLOXUH WR GLVWULEXWH WKH .68
1R .LQFDLGHWDOY*LEVRQHWDO
BBBBBBBBBBBBBB
',66(17
BBBBBBBBBBBBBB
$/$1 ( 1255,6 &LUFXLW -XGJH GLVVHQWLQJ :KLOH ,
DJUHH ZLWK WKH PDMRULW\¶V GLVFXVVLRQ RI WKH XQGHUO\LQJ
SUHFHSWVRIWKH)LUVW$PHQGPHQW,FRQWLQXHWREHOLHYHWKDW
WKHUHFRUGVXSSRUWVDFRQFOXVLRQWKDWWKHXQLYHUVLW\GLGQRW
FUHDWHDOLPLWHGSXEOLFIRUXPIRUWKHUHDVRQVRXWOLQHGLQWKH
SULRUSDQHO¶VYDFDWHGRSLQLRQ.LQFDLGY*LEVRQ)G
WK&LU $VVXPLQJWKDWWKH7KRUREUHG
UHSUHVHQWVDQRQSXEOLFIRUXPWKHQ
>L@W LV QR GRXEW UHDVRQDEOH WKDW .68 VKRXOG VHHN WR
PDLQWDLQLWVLPDJHWRSRWHQWLDOVWXGHQWVDOXPQLDQGWKH
JHQHUDOSXEOLF,QOLJKWRIWKHXQGLVSXWHGO\SRRUTXDOLW\
RIWKH\HDUERRNLWLVDOVRUHDVRQDEOHWKDW.68PLJKWFXW
LWVORVVHVE\UHIXVLQJWRGLVWULEXWHDXQLYHUVLW\SXEOLFDWLRQ
WKDWPLJKWWDUQLVKUDWKHUWKDQHQKDQFHWKDWLPDJH
,GDW IRRWQRWHRPLWWHG $OWKRXJKZLWKWKHEHQHILWRI
KLQGVLJKWLWPLJKWEHVDLGWKDWWKHXQLYHUVLW\FRXOGKDYHGHDOW
ZLWKWKLVVLWXDWLRQPRUHHIIHFWLYHO\³UHJXODWLRQRIVSHHFKLQ
DQRQSXEOLFIRUXPQHHGRQO\EHUHDVRQDEOHLWQHHGQRWEHWKH
PRVWUHDVRQDEOHRUWKHRQO\UHDVRQDEOHOLPLWDWLRQ´,G FLWLQJ
,QWHUQDWLRQDO6RF¶\IRU.ULVKQD&RQVFLRXVQHVVY/HH
86 LQWHUQDOTXRWDWLRQPDUNVRPLWWHG
$FFRUGLQJO\,UHVSHFWIXOO\GLVVHQW
-- 4 of 18 --
.LQFDLGHWDOY*LEVRQHWDO 1R
7KXV XQGHU HLWKHU OHJDO DQDO\VLV , EHOLHYH WKDW IDFWXDO
LVVXHVUHPDLQDQGWKHUHVKRXOGEHDWULDOUDWKHUWKDQRXUFRXUW
RUGHULQJMXGJPHQWIRUWKHSODLQWLIIV
1R .LQFDLGHWDOY*LEVRQHWDO
.LQFDLG DQG &RIIHU UDLVHG VHYHUDO RWKHU FODLPV ZKLFK DUH QRW EHIRUH
XV RQ DSSHDO 6HH .LQFDLG Y *LEVRQ )G WK &LU
YDFDWHG E\ )G WK &LU
,Q +D]HOZRRG WKH &RXUW KHOG WKDW D QHZVSDSHU SXEOLVKHG E\ D
SXEOLF KLJK VFKRRO MRXUQDOLVP FODVV ZDV D QRQSXEOLF IRUXP 86 DW
DQG WKDW VFKRRO RIILFLDOV¶ UHJXODWLRQ RI WKH FRQWHQW RI WKH SDSHU ZDV
UHDVRQDEO\ UHODWHG WR OHJLWLPDWH SHGDJRJLFDO FRQFHUQV LG DW
VWXGHQW \HDUERRN YLRODWHG WKHLU ULJKWV XQGHU WKH )LUVW DQG
)RXUWHHQWK$PHQGPHQWVWRWKH8QLWHG6WDWHV&RQVWLWXWLRQ
.LQFDLGDQG&RIIHUVRXJKWGDPDJHVDQGLQMXQFWLYHUHOLHI
%RWKSDUWLHVPRYHGIRUVXPPDU\MXGJPHQWRQWKH\HDUERRN
FODLP 7KH GLVWULFW FRXUW DSSOLHG D IRUXP DQDO\VLV WR WKH
VWXGHQWV¶)LUVW$PHQGPHQWFODLPDQGIRXQGWKDWWKH.68
\HDUERRNZDVDQRQSXEOLFIRUXP6HH3HUU\(GXF$VV¶QY
3HUU\/RFDO(GXFDWRUV¶$VV¶Q86 7KH
GLVWULFWFRXUWUHDVRQHGWKDW.LQFDLGDQG&RIIHUKDG³SXWIRUWK
QR HYLGHQFH WKDW 7KH 7KRUREUHG ZDV LQWHQGHG WR UHDFK RU
FRPPXQLFDWHZLWKDQ\ERG\EXW.68VWXGHQWV´DQGKHOGWKDW
³WKH\HDUERRNZDVQRWLQWHQGHGWREHDMRXUQDORIH[SUHVVLRQ
DQGFRPPXQLFDWLRQLQDSXEOLFIRUXPVHQVHEXWLQVWHDGZDV
LQWHQGHGWREHDMRXUQDORIWKHμJRLQJVRQ¶LQ>D@SDUWLFXODU
\HDU DW .68´ +DYLQJ IRXQG WKDW WKH \HDUERRN ZDV QRW D
SXEOLF IRUXP WKH FRXUW KHOG WKDW WKH XQLYHUVLW\ RIILFLDOV¶
UHIXVDO WR GLVWULEXWH WKH \HDUERRN ³RQ WKH JURXQGV WKDW WKH
\HDUERRNZDVQRWRISURSHUTXDOLW\DQGGLGQRWUHSUHVHQWWKH
VFKRROD>V@LWVKRXOG´ZDVUHDVRQDEOH$FFRUGLQJO\WKHFRXUW
JUDQWHGWKH.68RIILFLDOV¶PRWLRQIRUVXPPDU\MXGJPHQWDQG
GHQLHGWKHVWXGHQWV¶PRWLRQ%RWKLQILQGLQJWKDWWKH.68
\HDUERRNZDVDQRQSXEOLFIRUXPDQGLQILQGLQJWKDWWKH.68
RIILFLDOV¶DFWLRQVZHUHUHDVRQDEOHWKHGLVWULFWFRXUWUHOLHGLQ
SDUWXSRQ+D]HOZRRG6FK'LVWY.XKOPHLHU86
$GLYLGHGSDQHORIWKLVFRXUWDIILUPHGWKHGLVWULFWFRXUW¶V
RSLQLRQ6HH.LQFDLGY*LEVRQ)G:HJUDQWHG
HQEDQFUHYLHZWRGHWHUPLQHZKHWKHUWKHSDQHODQGWKHGLVWULFW
FRXUW HUUHG LQ DSSO\LQJ +D]HOZRRG D FDVH WKDW GHDOV
-- 5 of 18 --
.LQFDLGHWDOY*LEVRQHWDO 1R
6HH +D]HOZRRG 86 DW Q ³:H QHHG QRW QRZ GHFLGH
ZKHWKHU WKH VDPH GHJUHH RI GHIHUHQFH LV DSSURSULDWH ZLWK UHVSHFW WR
VFKRROVSRQVRUHG H[SUHVVLYH DFWLYLWLHV DW WKH FROOHJH DQG XQLYHUVLW\
OHYHO´ VHH DOVR %RDUG RI 5HJHQWV RI WKH 8QLY RI :LVFRQVLQ 6\V Y
6RXWKZRUWK 6 &W Q 6RXWHU - FRQFXUULQJ LQ
WKH MXGJPHQW ³>RXU@ FDVHV GHDOLQJ ZLWK WKH ULJKW RI WHDFKLQJ LQVWLWXWLRQV
WR OLPLW H[SUHVVLYH IUHHGRP RI VWXGHQWV KDYH EHHQ FRQILQHG WR KLJK
VFKRROV ZKRVH VWXGHQWV DQG WKHLU VFKRRO¶V UHODWLRQ WR WKHP DUH GLIIHUHQW
DQG DW OHDVW DUJXDEO\ GLVWLQJXLVKDEOH IURP WKHLU FRXQWHUSDUWV LQ FROOHJH
HGXFDWLRQ´ FLWDWLRQV RPLWWHG
7KH SDUWLHV HVVHQWLDOO\ DJUHH WKDW +D]HOZRRG DSSOLHV RQO\ PDUJLQDOO\
WR WKLV FDVH .LQFDLG DQG &RIIHU DUJXH WKDW +D]HOZRRG LV IDFWXDOO\
LQDSSRVLWH WR WKH FDVH DW KDQG WKH .68 RIILFLDOV DUJXH WKDW WKH GLVWULFW
FRXUW UHOLHG XSRQ +D]HOZRRG RQO\ IRU JXLGDQFH LQ DSSO\LQJ IRUXP DQDO\VLV
WR VWXGHQW SXEOLFDWLRQV %HFDXVH ZH ILQG WKDW D IRUXP DQDO\VLV UHTXLUHV
WKDW WKH \HDUERRN EH DQDO\]HG DV D OLPLWHG SXEOLF IRUXP UDWKHU WKDQ D
QRQSXEOLF IRUXP ZH DJUHH ZLWK WKH SDUWLHV WKDW +D]HOZRRG KDV OLWWOH
DSSOLFDWLRQ WR WKLV FDVH &I 6WXGHQW *RYHUQPHQW $VV¶Q Y %RDUG RI
7UXVWHHV RI WKH 8QLY RI 0DVVDFKXVHWWV )G Q VW &LU
VWDWLQJ WKDW +D]HOZRRG ³LV QRW DSSOLFDEOH WR FROOHJH QHZVSDSHUV´
H[FOXVLYHO\ZLWKWKH)LUVW$PHQGPHQWULJKWVRIVWXGHQWVLQD
KLJK VFKRRO VHWWLQJ WR WKH XQLYHUVLW\ VHWWLQJ DQG WR
H[DPLQHZKHWKHUWKHGLVWULFWFRXUWHUUHGLQILQGLQJWKDWWKH
VWXGHQWSODLQWLIIVIDLOHGDVDPDWWHURIODZWRVXEPLWVXIILFLHQW
HYLGHQFHWRSURYHWKDWWKH.68\HDUERRNLVDOLPLWHGSXEOLF
IRUXPUDWKHUWKDQDQRQSXEOLFIRUXP)RUWKHUHDVRQVWKDW
IROORZZHKROGWKDWWKH.68\HDUERRNLVDOLPLWHGSXEOLF
IRUXPDQGWKDW.LQFDLGDQG&RIIHUKDYHSUHVHQWHGVXIILFLHQW
HYLGHQFH WKDW WKH XQLYHUVLW\ RIILFLDOV YLRODWHG WKHLU )LUVW
$PHQGPHQWULJKWVWRSUHYDLODVDPDWWHURIODZ6HH)HG5
&LY3 F
,,67$1'$5'2)5(9,(:
:HUHYLHZWKHGLVWULFWFRXUW¶VJUDQWRIVXPPDU\MXGJPHQW
GHQRYR6HH*UHHUY8QLWHG6WDWHV)G WK
&LU 6XPPDU\ MXGJPHQW LV DSSURSULDWH ZKHQ ³WKH
SOHDGLQJV GHSRVLWLRQV DQVZHUV WR LQWHUURJDWRULHV DQG
DGPLVVLRQVRQILOHWRJHWKHUZLWKWKHDIILGDYLWVLIDQ\VKRZ
WKDWWKHUHLVQRJHQXLQHLVVXHDVWRDQ\PDWHULDOIDFWDQGWKDW
1R .LQFDLGHWDOY*LEVRQHWDO
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&21&855,1*,13$57',66(17,1*,13$57
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
%2**6&LUFXLW-XGJHFRQFXUULQJLQSDUWDQGGLVVHQWLQJ
LQSDUW)URPP\UHDGLQJRIWKHUHFRUGLQWKLVFDVHWKHUHLV
VXEVWDQWLDOEXWQRWFRQFOXVLYHHYLGHQFHWKDWWKH.HQWXFN\
6WDWH 8QLYHUVLW\ DGPLQLVWUDWLRQ ZDV GLVSOHDVHG ZLWK WKH
FRQWHQWRIWKHSURSRVHG\HDUERRN7KHUHLVDOVRVXEVWDQWLDO
EXWQRWFRQFOXVLYHHYLGHQFHWKDWWKH\HDUERRNZDVRISRRU
TXDOLW\)LQDOO\WKHUHLVVXEVWDQWLDOHYLGHQFHRQERWKVLGHVRI
WKHTXHVWLRQRIZKLFKRIWKHVHPDWWHUVDFWXDOO\PRWLYDWHGWKH
DGPLQLVWUDWLRQ8QGHUWKHVHFLUFXPVWDQFHV,ZRXOGUHYHUVH
IRUDWULDORIWKHVHJHQXLQHLVVXHVRIPDWHULDOIDFW,WKHUHIRUH
FRQFXULQWKHMXGJPHQWRIWKHFRXUWUHYHUVLQJWKHUXOLQJRIWKH
GLVWULFW FRXUW EXW GLVVHQW IURP RXU MXGJPHQW RUGHULQJ WKDW
MXGJPHQWEHHQWHUHGIRUWKHVWXGHQWDSSHOODQWV
,Q EULHI VXPPDU\ , DJUHH WKDW D VWXGHQW \HDUERRN
SXEOLFDWLRQRIWKHW\SHDWLVVXHKHUHFRXOGEHDOLPLWHGSXEOLF
IRUXP%XWHYHQVXFKDIRUXPFDQEHVXEMHFWWRUHDVRQDEOH
WLPH SODFH DQG PDQQHU UXOHV , EHOLHYH VRPH PLQLPXP
VWDQGDUGV RI FRPSHWHQFH FRXOG EH D UHDVRQDEOH ³PDQQHU´
UHVWULFWLRQ$IWHUDOOLIWKHVWXGHQWVZHUHWRKDYHFKRVHQWR
KDYHD³\HDUERRN´FRQVLVWLQJRIDVDFNRIFRQGRPVRU
ZKLWHVSDFHRUDUHSURGXFWLRQRIWKHPRUHREVFXUHSRUWLRQV
RI ³)LQQHJDQ¶V :DNH´ WKH FRXUW¶V GHFLVLRQ WKDW WKH
DGPLQLVWUDWLRQKDGUHOLQTXLVKHGDOOFRQWURORYHUHYHQWKHIRUP
RI WKH PDWHULDO LQ WKH \HDUERRN ZRXOG EH PXFK OHVV
FRPSHOOLQJ-XVWZKHUHWKHDFWXDOFRQWHQWGHILFLHQFLHVOLHRQ
VXFKDVFDOHLV,EHOLHYHDGLVSXWHGLVVXHRIPDWHULDOIDFW
$WWKHVDPHWLPHWKHHYLGHQFHWKDW WKHDGPLQLVWUDWLRQ¶V
FODLPVDUHSUHWH[WXDOLVDOVRVLJQLILFDQW7KHUHZDVHYLGHQFH
WKDWDGPLQLVWUDWRUVZHUHGLVWXUEHGE\WKHYLHZSRLQWWKDWWKH\
SHUFHLYHGDVEHLQJH[SUHVVHG,DPWKHUHIRUHQRWSUHSDUHGWR
VD\WKDWWKHUHPD\QRWKDYHEHHQYLHZSRLQWGLVFULPLQDWLRQ
ZKLFKZRXOGEHLOOHJLWLPDWHHYHQLQDQRQSXEOLFIRUP
-- 6 of 18 --
.LQFDLGHWDOY*LEVRQHWDO 1R
BBBBBBBBBBBBBBBBBBBBB
&21&855(1&(
BBBBBBBBBBBBBBBBBBBBB
5<$1&LUFXLW-XGJHFRQFXUULQJ,QWKHLQLWLDOGHFLVLRQRI
WKLVFDVHE\DSDQHORIZKLFK,ZDVDPHPEHU,FRQFXUUHGLQ
WKHRSLQLRQIRUDIILUPDQFH,WKRXJKWWKHQIRUWKHUHDVRQV
H[SUHVVHGLQ-XGJH1RUULV¶VRSLQLRQIRUWKHSDQHOWKDWWKH
SODLQWLIIVKDGVXIIHUHGQRGHSULYDWLRQRIIUHHVSHHFKULJKWV
XQGHU WKH )LUVW $PHQGPHQW , QRZ WKLQN WKDW LQ VR
FRQFOXGLQJ,ZDVLQHUURU
, DP QRZ SHUVXDGHG IRU WKH UHDVRQV GHWDLOHG LQ -XGJH
&ROH¶V H[FHOOHQW RSLQLRQ IRU WKH FRXUW HQ EDQF WKDW WKH
GLVWULFWFRXUW¶VMXGJPHQWLQIDYRURIWKHGHIHQGDQWVPXVWEH
UHYHUVHG
1R .LQFDLGHWDOY*LEVRQHWDO
WKHPRYLQJSDUW\LVHQWLWOHGWRDMXGJPHQWDVDPDWWHURIODZ´
)HG 5 &LY 3 F 7KHUH LV QR GLVSXWH UHJDUGLQJ WKH
PDWHULDOIDFWVRIWKLVFDVHLQGHHGHDFKSDUW\LQVLVWVWKDWWKH
IDFWV DV SUHVHQWHG WR WKH GLVWULFW FRXUW UHTXLUH VXPPDU\
MXGJPHQWLQKLVRUKHUIDYRU:HUHFRJQL]HWKDW³>W@KHIDFW
WKDWERWKSDUWLHVPDNHPRWLRQVIRUVXPPDU\MXGJPHQWDQG
HDFK FRQWHQGV LQ VXSSRUW RI KLV UHVSHFWLYH PRWLRQ WKDW QR
JHQXLQHLVVXHRIIDFWH[LVWVGRHVQRWUHTXLUHWKH&RXUWWRUXOH
WKDWQRIDFWLVVXHH[LVWV´%HJQDXGY:KLWH)G
WK &LU DFFRUG *UHHU )G DW
1RQHWKHOHVV ³μFURVV PRWLRQV IRU VXPPDU\ MXGJPHQW GR
DXWKRUL]HWKHFRXUWWRDVVXPHWKDWWKHUHLVQRHYLGHQFHZKLFK
QHHGVWREHFRQVLGHUHGRWKHUWKDQWKDWZKLFKKDVEHHQILOHGE\
WKH SDUWLHV¶´ *UHHU )G DW FLWLQJ +DUULVRQ :
&RUSY*XOI2LO&R)G WK&LU
7KHUHLVDVXEVWDQWLDODPRXQWRIWHVWLPRQ\DQGGRFXPHQWDU\
HYLGHQFHLQWKHUHFRUGEHIRUHXV7KXVZHDJUHHZLWKWKH
SDUWLHVWKDWWKHIDFWVDVGHYHORSHGLQWKLVFDVHDUHVXIILFLHQWWR
GHFLGHWKHFDVHLQDFFRUGDQFHZLWKFOHDUO\HVWDEOLVKHG)LUVW
$PHQGPHQWODZDQGZHILQGQRPDWHULDOIDFWVLQGLVSXWHWKDW
SUHYHQWWKHGLVWULFWFRXUWIURPJUDQWLQJVXPPDU\MXGJPHQWLQ
IDYRURI.LQFDLGDQG&RIIHU
,,,',6&866,21
7KH LVVXH EHIRUH XV LV ZKHWKHU WKH XQLYHUVLW\ RIILFLDOV
YLRODWHGWKH)LUVW$PHQGPHQWULJKWVRI.LQFDLGDQG&RIIHUE\
FRQILVFDWLQJ DQG IDLOLQJ WR GLVWULEXWH WKH .68 VWXGHQW
\HDUERRN )RU WKH UHDVRQV WKDW IROORZ ZH DSSO\ D IRUXP
DQDO\VLV WR WKH TXHVWLRQ DQG KROG WKDW WKH .68 \HDUERRN
FRQVWLWXWHV D OLPLWHG RU ³GHVLJQDWHG´ SXEOLF IRUXP
$FFRUGLQJO\ZHDQDO\]HWKHDFWLRQVWDNHQE\WKHXQLYHUVLW\
RIILFLDOVZLWKUHVSHFWWRWKH\HDUERRNXQGHUVWULFWVFUXWLQ\
DQGFRQFOXGHWKDWWKHRIILFLDOV¶FRQILVFDWLRQRIWKH\HDUERRNV
YLRODWHG.LQFDLG¶VDQG&RIIHU¶V)LUVW$PHQGPHQWULJKWV
$$SSOLFDWLRQRI3XEOLF)RUXP'RFWULQH
:HEHJLQZLWKWKHIXQGDPHQWDOSULQFLSOHWKDWWKHUHFDQEH
³QR GRXEW WKDW WKH )LUVW $PHQGPHQW ULJKWV RI VSHHFK DQG
DVVRFLDWLRQ H[WHQG WR WKH FDPSXVHV RI VWDWH XQLYHUVLWLHV´
-- 7 of 18 --
.LQFDLGHWDOY*LEVRQHWDO 1R
:LGPDUY9LQFHQW86 .68LVD
VWDWHIXQGHGSXEOLFXQLYHUVLW\6HH.< 5(9 67$7 $11
$VVXFKWKHDFWLRQV.68RIILFLDOVWDNHLQWKHLU
RIILFLDOFDSDFLWLHVFRQVWLWXWHVWDWHDFWLRQVIRUSXUSRVHVRI)LUVW
$PHQGPHQWDQDO\VLV)XUWKHUWKHIXQGVDQGPDWHULDOVWKDW
.68DOORFDWHVWRZDUGSURGXFWLRQRI7KH7KRUREUHGFRQVWLWXWH
VWDWH SURSHUW\ 6HH 8QLWHG )RRG &RPPHUFLDO :RUNHUV
8QLRQ 8)&:8 /RFDO Y 6RXWKZHVW 2KLR 5HJ¶O
7UDQVLW $XWK )G WK &LU %\
FRQILVFDWLQJ WKH \HDUERRNV DW LVVXH LQ WKLV FDVH WKH .68
RIILFLDOV KDYH UHVWULFWHG DFFHVV WR VWDWH SURSHUW\ XVHG IRU
H[SUHVVLYHSXUSRVHV³7KH 6XSUHPH&RXUWKDVDGRSWHGD
IRUXPDQDO\VLVIRUXVHLQGHWHUPLQLQJZKHWKHUDVWDWHLPSRVHG
UHVWULFWLRQ RQ DFFHVV WR SXEOLF SURSHUW\ LV FRQVWLWXWLRQDOO\
SHUPLVVLEOH´,G$FFRUGLQJO\ZHILQGWKDWIRUXPDQDO\VLVLV
DSSURSULDWHLQWKLVFDVH
$OWKRXJK .LQFDLG DQG &RIIHU DUJXH WKHLU FDVH XQGHU WKH
IRUXP GRFWULQH WKH\ DUJXH LQ WKH DOWHUQDWLYH WKDW IRUXP
DQDO\VLVGRHVQRWDSSO\WRWKH.68\HDUERRNVEHFDXVH³IRUXP
DQDO\VLV LV RQO\ DSSURSULDWH ZKHQ WKH LVVXH FRQFHUQV WKH
DFFHVVVRXJKWE\WKHSURSRVHGVSHDNHU´DQGWKDWDFFHVVLVQRW
DWLVVXHLQWKLVFDVH$SSHOODQWV¶6XSS%UDW:H
GLVDJUHH,WLVWUXHWKDW³DVSHDNHUPXVWVHHNDFFHVVWRSXEOLF
SURSHUW\ RU WR SULYDWH SURSHUW\ GHGLFDWHG WR SXEOLF XVH WR
HYRNH)LUVW$PHQGPHQWFRQFHUQV´6HH&RUQHOLXVY1$$&3
/HJDO 'HIHQVH DQG (GXF )XQG ,QF 86
$OWKRXJKQHLWKHU.LQFDLGQRU&RIIHUVHHNVWRDGG
ZRUGVRUSKRWRJUDSKVWRWKH\HDUERRNDWWKLVSRLQWXQLYHUVLW\
RIILFLDOV KDYH FXW RII .68 VWXGHQWV¶ DFFHVV WR UHDG DQG
SRVVHVVLW)XUWKHUWKH6XSUHPH&RXUWKDVRIWHQDSSOLHGD
IRUXP DQDO\VLV WR H[SUHVVLYH DFWLYLW\ ZLWKLQ HGXFDWLRQDO
VHWWLQJV 6HH HJ 5RVHQEHUJHU Y 5HFWRU DQG 9LVLWRUV RI
8QLY RI 9LUJLQLD 86 DSSO\LQJ IRUXP
DQDO\VLVWRXQLYHUVLW\VWXGHQWDFWLYLWLHVIXQG 3HUU\86
DSSO\LQJIRUXPDQDO\VLVWRVFKRROGLVWULFW¶VLQWHUQDOPDLO
V\VWHP +D]HOZRRG86 DSSO\LQJIRUXPDQDO\VLV
WRKLJKVFKRROQHZVSDSHU :LGPDU86 DSSO\LQJ
IRUXPDQDO\VLVWRXQLYHUVLW\PHHWLQJIRUD 7KXVZHILQGWKDW
1R .LQFDLGHWDOY*LEVRQHWDO
,WLVWKHUHVSRQVLELOLW\RIWKHHGLWRUWRYHULI\WKHDFFXUDF\RI
DOOSULQWHGPDWWHUDQGWRUHFRJQL]HWKDWKHVKHZLOOEHVXEMHFW
WRWKHOHJDOH[LJHQFLHVWKDWPD\DULVHIURPLPSURSHUUHSRUWLQJ
RIQHZV
-- 8 of 18 --
.LQFDLGHWDOY*LEVRQHWDO 1R
6HWTXDOLILFDWLRQVIRUDQGDSSRLQWVWDIIPHPEHUVIRU
HDFK SXEOLFDWLRQ XSRQ QRPLQDWLRQ RI LWV HGLWRU ZLWK
FRQFXUUHQFHRIWKH6WXGHQW3XEOLFDWLRQV$GYLVRUDOVR
UHPRYHDQ\RIWKHVHVWDIIPHPEHUVIRUFDXVH
$UUDQJHVHPLQDUVIRUVWXGHQWSXEOLFDWLRQVSHUVRQQHO
ZLWK VNLOOHG SXEOLFDWLRQV H[SHUWV IRU GLVFXVVLRQ RI
UHSRUWLQJHGLWLQJDQGRWKHUMRXUQDOLVWLFWHFKQLTXHV
3URYLGHWKH7KRUREUHG1HZVDQG7KRUREUHG\HDUERRN
VWDIIVZLWKFRXQVHODQGHQFRXUDJHWKHPWRPDLQWDLQ
>VLF@IRUILVFDOQHZVDQGHGLWRULDOUHVSRQVLELOLWLHV
,Q VXEVLGL]LQJ WKH 7KRUREUHG 1HZV WKURXJK WKH 6WXGHQW
3XEOLFDWLRQV%RDUGWKH8QLYHUVLW\H[SHFWVWKHQHZVSDSHUWR
PDLQWDLQDWOHDVWWKHVHWZRVWDQGDUGVRITXDOLW\FRQWURO
5HSRUW DFFXUDWHO\ DQG IDLUO\QHZVZRUWK\FDPSXV
HYHQWVDQG
3XUVXHLPSRUWDQWQHZVHYHQWVWRPDNHVXUHWKH\DUH
UHSRUWHGDQGFRPPHQWHGXSRQRQWKHHGLWRULDOSDJHV
ZLWK FRPSUHKHQVLRQ DQG IXOO XQGHUVWDQGLQJ RI WKH
IDFWV
6LQFHWKH7KRUREUHG1HZVLVQRWDQRIILFLDORUJDQRIWKH
8QLYHUVLW\WKH6WXGHQW3XEOLFDWLRQ>V@%RDUGVKDOOFDXVHWREH
LQVHUWHGLQWKHPDVWKHDGDVWDQGLQJDQGGLVWLQFWGLVFODLPHU
LQGLFDWLQJWKDWWKHYLHZVH[SUHVVHGDUHQRWQHFHVVDULO\WKRVH
RIWKH8QLYHUVLW\EXWUDWKHUDUHWKRVHRIWKHQDPHGVWXGHQW
DXWKRUHGLWRURUERDUGRIHGLWRUV,QVHWWLQJTXDOLILFDWLRQVIRU
WKHHGLWRUVRIWKHQHZVSDSHUDQG\HDUERRNWKH%RDUGVKDOO
LQFOXGHDVXIILFLHQWO\KLJKDFDGHPLFDYHUDJHRUWKHVXFFHVVIXO
FRPSOHWLRQRIDEDVLFMRXUQDOLVPFRXUVHRUERWK7RDVVXUH
WKDWWKHQHZVSDSHUDQG\HDUERRNLV>VLF@QRWRYHUZKHOPHGE\
LQHSWLWXGHDQGLQH[SHULHQFHWKH%RDUGVKDOOUHTXLUHWKHXVHRI
DQH[SHULHQFHGDGYLVRU,QRUGHUWRPHHWUHVSRQVLEOHVWDQGDUGV
RIMRXUQDOLVPDQDGYLVRUPD\UHTXLUHFKDQJHVLQWKHIRUPRI
PDWHULDOVVXEPLWWHGE\VWXGHQWVEXWVXFKFKDQJHVPXVWGHDO
RQO\ZLWKWKHIRUPRUWKH WLPHDQGPDQQHURIH[SUHVVLRQV
UDWKHUWKDQDOWHUDWLRQRILWVFRQWHQW
1R .LQFDLGHWDOY*LEVRQHWDO
2XU GHFLVLRQ WR DSSO\ WKH IRUXP GRFWULQH WR WKH VWXGHQW \HDUERRN DW
LVVXH LQ WKLV FDVH KDV QR EHDULQJ RQ WKH TXHVWLRQ RI ZKHWKHU DQG WKH H[WHQW
WR ZKLFK D SXEOLF XQLYHUVLW\ PD\ DOWHU WKH FRQWHQW RI D VWXGHQW QHZVSDSHU
6HH HJ 6WDQOH\ Y 0DJUDWK )G WK &LU ILQGLQJ
YLRODWLRQ RI VWXGHQWV )LUVW $PHQGPHQW ULJKWV WR IUHH H[SUHVVLRQ ZKHUH
XQLYHUVLW\ FXW VWXGHQW QHZVSDSHU V IXQGLQJ DW OHDVW LQ SDUW RQ WKH EDVLV WKDW
LW GLVDSSURYHG RI SDSHU¶V FRQWHQW 6FKLII Y :LOOLDPV )G
WK &LU KROGLQJ WKDW ³WKH ULJKW RI IUHH VSHHFK HPERGLHG LQ WKH
SXEOLFDWLRQ RI D FROOHJH VWXGHQW QHZVSDSHU FDQQRW EH FRQWUROOHG H[FHSW
XQGHU VSHFLDO FLUFXPVWDQFHV´ -R\QHU Y :KLWLQJ )G WK
&LU VWDWLQJ WKDW ³LI D FROOHJH KDV D VWXGHQW QHZVSDSHU LWV
SXEOLFDWLRQ FDQQRW EH VXSSUHVVHG EHFDXVH FROOHJH RIILFLDOV GLVOLNH LWV
HGLWRULDO FRPPHQW´ $QWRQHOOL Y +DPPRQG )6XSS ' 0DVV
KROGLQJ WKDW XQLYHUVLW\ UHTXLUHPHQW WKDW DOO PDWHULDO WR EH
SXEOLVKHG LQ VWXGHQW QHZVSDSHU EH SUHYLHZHG E\ XQLYHUVLW\ DGPLQLVWUDWRUV
YLRODWHG VWXGHQWV ULJKWV WR IUHH H[SUHVVLRQ /LNHZLVH ZH QRWH WKDW D
FROOHJH \HDUERRN ZLWK IHDWXUHV DNLQ WR D XQLYHUVLW\ VWXGHQW QHZVSDSHU
PLJKW EH DQDO\]HG XQGHU D IUDPHZRUN RWKHU WKDQ WKH IRUXP IUDPHZRUN
IRUXPDQDO\VLVLVWKHDSSURSULDWHIUDPHZRUNXQGHUZKLFKWR
SURFHHGLQWKLVFDVH
%7\SHRI)RUXP
7KHUH LV QR UHDO GLVSXWH LQ WKLV FDVH WKDW WKH IRUXP LQ
TXHVWLRQ LV 7KH 7KRUREUHG LWVHOI 7KH SDUWLHV GLVSXWH
VWUHQXRXVO\KRZHYHUWKHDSSURSULDWHFKDUDFWHUL]DWLRQRI7KH
7KRUREUHGXQGHUIRUXPDQDO\VLV.LQFDLGDQG&RIIHUFRQWHQG
WKDWWKH\HDUERRNLVDOLPLWHGSXEOLFIRUXPVXEMHFWRQO\WR
UHDVRQDEOHWLPHSODFHDQGPDQQHUUHJXODWLRQVDQGWRRQO\
WKRVHFRQWHQWEDVHGUHJXODWLRQVWKDWDUHQDUURZO\FUDIWHGWR
VHUYHDFRPSHOOLQJVWDWHLQWHUHVW6HH3HUU\86DW
7KH.68RIILFLDOVUHVSRQGWKDWWKH\HDUERRNLVDQRQSXEOLF
IRUXPVXEMHFWWRDOOUHDVRQDEOHUHJXODWLRQVWKDWSUHVHUYHWKH
\HDUERRN¶VSXUSRVH6HHLG
7KH6XSUHPH&RXUWKDVUHFRJQL]HGWKUHHW\SHVRIIRUD7KH
ILUVWW\SHLVDWUDGLWLRQDOSXEOLFIRUXP$WUDGLWLRQDOSXEOLF
IRUXPLVDSODFH³ZKLFKE\ORQJWUDGLWLRQRUE\JRYHUQPHQW
ILDWKD>V@EHHQGHYRWHGWRDVVHPEO\DQGGHEDWH´VXFKDVD
VWUHHWRUSDUN6HHLGDW,QWUDGLWLRQDOSXEOLFIRUD³WKH
ULJKWV RI WKH VWDWH WR OLPLW H[SUHVVLYH DFWLYLW\ DUH VKDUSO\
-- 9 of 18 --
.LQFDLGHWDOY*LEVRQHWDO 1R
FLUFXPVFULEHG´WKHJRYHUQPHQWPD\HQIRUFHFRQWHQWEDVHG
UHVWULFWLRQV RQO\ LI WKH\ DUH QDUURZO\ GUDZQ WR VHUYH D
FRPSHOOLQJLQWHUHVWDQGPD\HQIRUFHFRQWHQWQHXWUDOWLPH
SODFH DQG PDQQHU UHJXODWLRQV RQO\ LI WKH\ DUH ³QDUURZO\
WDLORUHGWRVHUYHDVLJQLILFDQWJRYHUQPHQWLQWHUHVWDQGOHDYH
RSHQDPSOHDOWHUQDWLYHFKDQQHOVRIFRPPXQLFDWLRQ´,G7KH
VHFRQGW\SHRIIRUXPKDVEHHQDOWHUQDWLYHO\GHVFULEHGDVD
³OLPLWHGSXEOLFIRUXP´VHH5RVHQEHUJHU86DW
DQG DV D ³GHVLJQDWHG SXEOLF IRUXP´ VHH $UNDQVDV (GXF
7HOHYLVLRQ&RPP¶QY)RUEHV86 7KH
JRYHUQPHQWPD\RSHQDOLPLWHGSXEOLFIRUXP³IRUXVHE\WKH
SXEOLFDWODUJHIRUDVVHPEO\DQGVSHHFKIRUXVHE\FHUWDLQ
VSHDNHUV RU IRU WKH GLVFXVVLRQ RI FHUWDLQ VXEMHFWV´
&RUQHOLXV86DW$OWKRXJKWKHJRYHUQPHQWQHHG
QRWUHWDLQWKHRSHQQDWXUHRIDOLPLWHGSXEOLFIRUXP³DVORQJ
DVLWGRHVVRLWLVERXQGE\WKHVDPHVWDQGDUGVDVDSSO\LQD
WUDGLWLRQDOSXEOLFIRUXP´3HUU\86DW7KHWKLUG
DQG ILQDO W\SH RI IRUXP LV D QRQSXEOLF IRUXP 7KH
JRYHUQPHQWPD\FRQWURODFFHVVWRDQRQSXEOLFIRUXP³EDVHG
RQ VXEMHFW PDWWHU DQG VSHDNHU LGHQWLW\ VR ORQJ DV WKH
GLVWLQFWLRQV GUDZQ DUH UHDVRQDEOH LQ OLJKW RI WKH SXUSRVH
VHUYHGE\WKHIRUXPDQGDUHYLHZSRLQWQHXWUDO´&RUQHOLXV
86DWVHHDOVR3HUU\86DW
7KHSDUWLHVDJUHHWKDW7KH7KRUREUHGLVQRWDWUDGLWLRQDO
SXEOLFIRUXP7RGHWHUPLQHZKHWKHUWKH\HDUERRNLVDOLPLWHG
SXEOLFIRUXPWKHWRXFKVWRQHRIRXUDQDO\VLVLVZKHWKHUWKH
JRYHUQPHQW LQWHQGHG WR RSHQ WKH IRUXP DW LVVXH 6HH
&RUQHOLXV86DWDFFRUG)RUEHV86DW
+D]HOZRRG 86 DW 7R GHWHUPLQH ZKHWKHU WKH
JRYHUQPHQW LQWHQGHG WR FUHDWH D OLPLWHG SXEOLF IRUXP ZH
ORRNWRWKHJRYHUQPHQW¶VSROLF\DQGSUDFWLFHZLWKUHVSHFWWR
WKHIRUXPDVZHOODVWRWKHQDWXUHRIWKHSURSHUW\DWLVVXHDQG
LWV³FRPSDWLELOLW\ZLWKH[SUHVVLYHDFWLYLW\´&RUQHOLXV
DW)XUWKHUWKHFRQWH[WZLWKLQZKLFKWKHIRUXPLVIRXQG
LVUHOHYDQWWRGHWHUPLQLQJZKHWKHUWKHJRYHUQPHQWKDVFUHDWHG
DOLPLWHGSXEOLFIRUXP6HHHJ)RUEHV86DW
VWDWLQJ WKDW ³WKH SXEOLF IRUXP GRFWULQH VKRXOG QRW EH
H[WHQGHGLQDPHFKDQLFDOZD\WRWKHYHU\GLIIHUHQWFRQWH[WRI
SXEOLFWHOHYLVLRQEURDGFDVWLQJ´ &RUQHOLXV86DW
1R .LQFDLGHWDOY*LEVRQHWDO
$SSHQGL[,
6WXGHQW3XEOLFDWLRQV
7KH %RDUG RI 5HJHQWV UHVSHFWV WKH LQWHJULW\ RI VWXGHQW
SXEOLFDWLRQV DQG WKH SUHVV DQG WKH ULJKWV WR H[LVW LQ DQ
DWPRVSKHUH RI IUHH DQG UHVSRQVLEOH GLVFXVVLRQ DQG RI
LQWHOOHFWXDO H[SORUDWLRQ 7KH %RDUG H[SHFWV VWXGHQW HGLWRUV
DQGIDFXOW\DGYLVRUVWRDGKHUHWRKLJKVWDQGDUGVRIMRXUQDOLVWLF
HWKLFVDQGWKHKLJKHVWOHYHORIJRRGWDVWHDQGPDWXULW\LQWKH
LQWHJULW\WRQHDQGFRQWHQWRIVWXGHQWSXEOLFDWLRQV
6WXGHQW3XEOLFDWLRQV%RDUG
7KH 7KRUREUHG 1HZV 6WXGHQW 1HZVSDSHU DQG WKH
7KRUREUHG\HDUERRNVKDOOEHXQGHUWKHPDQDJHPHQWRIWKH
6WXGHQW 3XEOLFDWLRQV %RDUG 7KRXJK ERWK SXEOLFDWLRQV DUH
VXEVLGL]HGE\WKH8QLYHUVLW\LWLVWKHLQWHQWWKDWERWKVKDOOEH
DVIUHHRIFHQVRUVKLSDVSUHYDLOLQJODZGLFWDWHV
7KH6WXGHQW3XEOLFDWLRQV%RDUGPHPEHUVKLSVKDOOFRQVLVW
RIWZRPHPEHUVRIWKHIDFXOW\RQHRIZKRPVKDOOVHUYHDV
FKDLUSHUVRQWKHHGLWRURIWKH7KRUREUHG1HZVWKHHGLWRURI
WKH7KRUREUHG<HDUERRNWZRVWXGHQWVWDIIPHPEHUV RWKHU
WKDQWKHHGLWRUVRIWKH\HDUERRNDQGWKHQHZVSDSHU DQGWKH
IROORZLQJ H[RIILFLR >VLF@ PHPEHUV 9LFH 3UHVLGHQW IRU
6WXGHQW$IIDLUV'LUHFWRURI6WXGHQW/LIH3UHVLGHQWRI6WXGHQW
*RYHUQPHQW $VVRFLDWLRQ DQG WKH 6WXGHQW 3XEOLFDWLRQV
$GYLVRU ([FHSW IRU WKRVH ZKR DUH H[RIILFLR >VLF@ DOO
PHPEHUVDQGWKHFKDLUSHUVRQDUHDSSRLQWHGE\WKH3UHVLGHQW
RIWKH8QLYHUVLW\IRUDWHUPRIRQH \HDU$SSRLQWPHQWVDUH
PDGHGXULQJWKHVSULQJVHPHVWHUIRUWKHVXFFHHGLQJ\HDU
7KH6WXGHQW3XEOLFDWLRQV%RDUGVKDOO
$SSURYH WKH ZULWWHQ SXEOLFDWLRQV SROLF\ RI HDFK
VWXGHQWSXEOLFDWLRQLQFOXGLQJVXFKLWHPVDVSXUSRVH
VL]HTXDQWLW\FRQWUROVDQGWLPHSODFHDQGPDQQHURI
GLVWULEXWLRQ
6HW TXDOLILFDWLRQV IRU DQG XSRQ QRPLQDWLRQE\WKH
6WXGHQW3XEOLFDWLRQV$GYLVRU DSSRLQWWKHHGLWRURI
HDFKSXEOLFDWLRQZKRVKDOOVHUYHIRUDRQH\HDUWHUP
XQOHVVUHDSSRLQWHGRUUHPRYHGE\WKH%RDUGIRUFDXVH
-- 10 of 18 --
.LQFDLGHWDOY*LEVRQHWDO 1R
MXGJPHQWLQIDYRURI.LQFDLGDQG&RIIHUDQGWRGHWHUPLQHWKH
UHOLHIWRZKLFKWKH\DUHHQWLWOHG
1R .LQFDLGHWDOY*LEVRQHWDO
7KH 6WXGHQW 3XEOLFDWLRQV SROLF\ ZKLFK LV UHSURGXFHG LQ LWV HQWLUHW\
DW $SSHQGL[ , RI WKLV RSLQLRQ DOVR FRYHUV WKH 7KRUREUHG 1HZV .68¶V
VWXGHQW QHZVSDSHU 7KH QHZVSDSHU LV QRW DW LVVXH EHIRUH WKH HQ EDQF
SDQHO
7KH UHOHYDQW SRUWLRQ RI WKH 6WXGHQW +DQGERRN VWDWHV
7KH 6WXGHQW 3XEOLFDWLRQV %RDUG PHPEHUVKLS VKDOO FRQVLVW RI WZR
PHPEHUV RI WKH IDFXOW\ RQH RI ZKRP VKDOO VHUYH DV FKDLUSHUVRQ
WKH HGLWRU RI WKH 7KRUREUHG 1HZV WKH HGLWRU RI WKH 7KRUREUHG
<HDUERRN WZR VWXGHQW VWDII PHPEHUV RWKHU WKDQ WKH HGLWRUV RI
WKH \HDUERRN DQG WKH QHZVSDSHU DQG WKH IROORZLQJ H[RIILFLR
>VLF@ PHPEHUV 9LFH 3UHVLGHQW IRU 6WXGHQW $IIDLUV 'LUHFWRU RI
6WXGHQW /LIH 3UHVLGHQW RI 6WXGHQW *RYHUQPHQW $VVRFLDWLRQ DQG
WKH 6WXGHQW 3XEOLFDWLRQV $GYLVRU ([FHSW IRU WKRVH ZKR DUH
H[RIILFLR >VLF@ DOO PHPEHUV DQG WKH FKDLUSHUVRQ DUH DSSRLQWHG E\
WKH 3UHVLGHQW RI WKH 8QLYHUVLW\ IRU D WHUP RI RQH \HDU
$SSRLQWPHQWV DUH PDGH GXULQJ WKH VSULQJ VHPHVWHU IRU WKH
VXFFHHGLQJ \HDU
VWDWLQJ WKDW &RXUW ZLOO QRW ³LJQRUH WKH VSHFLDO QDWXUH DQG
IXQFWLRQRIWKHIHGHUDOZRUNSODFHLQHYDOXDWLQJWKHOLPLWVWKDW
PD\EHLPSRVHGRQDQRUJDQL]DWLRQ¶VULJKWWRSDUWLFLSDWH´LQ
IXQGUDLVLQJIRUXP (YDOXDWLQJWKHVHIDFWRUV.68¶VSROLF\
DQG SUDFWLFH WKH QDWXUH RI 7KH 7KRUREUHG DQG LWV
FRPSDWLELOLW\ ZLWK H[SUHVVLYH DFWLYLW\ DQG WKH FRQWH[W LQ
ZKLFK WKH \HDUERRN LV IRXQG ZH ILQG FOHDU HYLGHQFH RI
.68¶VLQWHQWWRPDNHWKH\HDUERRNDOLPLWHGSXEOLFIRUXP
3ROLF\
.68¶VZULWWHQSROLF\WRZDUG7KH7KRUREUHGLVIRXQGLQD
VHFWLRQ RI WKH VWXGHQW KDQGERRN HQWLWOHG ³6WXGHQW
3XEOLFDWLRQV´,QDGGLWLRQWRVWDWLQJ.68¶VSROLF\WRZDUG
WKH \HDUERRN WKH KDQGERRN GHVFULEHV WKH XQLYHUVLW\¶V
VWUXFWXUH IRU RYHUVLJKW RI WKH SXEOLFDWLRQ 7KH \HDUERRN
DORQJZLWKWKHVWXGHQWQHZVSDSHU LV³XQGHUWKHPDQDJHPHQW
RIWKH6WXGHQW3XEOLFDWLRQV%RDUG´7KH6WXGHQW3XEOLFDWLRQV
%RDUG ³63%´ LQ WXUQ LV FRPSRVHG RI VWXGHQWV IDFXOW\
PHPEHUV DQG XQLYHUVLW\ RIILFLDOV %RWK WKH XQLYHUVLW\¶V
ZULWWHQ SROLF\ DQG WKH VWUXFWXUH LW FUHDWHG WR RYHUVHH WKH
-- 11 of 18 --
.LQFDLGHWDOY*LEVRQHWDO 1R
7KH KDQGERRN VWDWHV
7KH 6WXGHQW 3XEOLFDWLRQV %RDUG VKDOO >V@HW TXDOLILFDWLRQV IRU
DQG XSRQ QRPLQDWLRQ E\ WKH 6WXGHQW 3XEOLFDWLRQV $GYLVRU
DSSRLQW WKH HGLWRU RI HDFK SXEOLFDWLRQ ZKR VKDOO VHUYH IRU D
RQH\HDU WHUP XQOHVV UHDSSRLQWHG RU UHPRYHG E\ WKH %RDUG IRU
FDXVH ,Q VHWWLQJ TXDOLILFDWLRQV IRU WKH HGLWRUV RI WKH
QHZVSDSHU DQG \HDUERRN WKH %RDUG VKDOO LQFOXGH D VXIILFLHQWO\
KLJK DFDGHPLF DYHUDJH RU WKH VXFFHVVIXO FRPSOHWLRQ RI D EDVLF
MRXUQDOLVP FRXUVH RU ERWK
\HDUERRNHYLGHQFH.68¶VLQWHQWLRQWKDWWKH\HDUERRNVHUYHDV
DOLPLWHGSXEOLFIRUXP
)LUVWDQGIRUHPRVWWKHSROLF\SODFHVHGLWRULDOFRQWURORIWKH
\HDUERRNLQWKHKDQGVRIDVWXGHQWHGLWRURUHGLWRUV$OWKRXJK
WKH SROLF\ SURYLGHV IRU WKH HVWDEOLVKPHQW RI PLQLPXP
TXDOLILFDWLRQVIRUVWXGHQWHGLWRUVRQFHDVWXGHQWLVDSSRLQWHG
HGLWRUHGLWRULDOFRQWURORIWKH\HDUERRN¶VFRQWHQWEHORQJVWR
KHU 7KLV LV PDGH FOHDU E\ WKH SROLF\¶V GHVFULSWLRQ RI WKH
6WXGHQW3XEOLFDWLRQV$GYLVRUDXQLYHUVLW\HPSOR\HH7KH
SROLF\ GLUHFWV WKDW WKH 63% ³VKDOO UHTXLUH WKH XVH RI DQ
H[SHULHQFHG DGYLVRU´ EXW OLPLWV WKH DGYLVRU¶V UROH WR
³DVVXU>LQJ@ WKDW WKH \HDUERRN LV QRW RYHUZKHOPHG E\
LQHSWLWXGHDQGLQH[SHULHQFH´,QGHHGWKHSROLF\H[SUHVVO\
OLPLWVWKHW\SHVRIFKDQJHVWKDWWKHDGYLVRUPD\PDNHWRWKH
\HDUERRN
,QRUGHUWRPHHWWKHUHVSRQVLEOHVWDQGDUGVRIMRXUQDOLVP
DQDGYLVRUPD\UHTXLUHFKDQJHVLQWKHIRUPRIPDWHULDOV
VXEPLWWHGE\VWXGHQWVEXWVXFKFKDQJHVPXVWGHDORQO\
ZLWK WKH IRUP RU WKH WLPH DQG PDQQHU RI H[SUHVVLRQV
UDWKHUWKDQDOWHUDWLRQRIFRQWHQW
6HH$SS, HPSKDVLVDGGHG 7KLVODQJXDJHLVUHYHDOLQJQRW
RQO\GRHVLWGLUHFWWKHXQLYHUVLW\¶VFKRVHQDGYLVRUWRUHIUDLQ
IURPHGLWLQJWKHFRQWHQWRIWKH\HDUERRNLWDOVRWUDFNVWKH
6XSUHPH&RXUW¶VGHVFULSWLRQRIWKHOLPLWDWLRQVRQJRYHUQPHQW
UHJXODWLRQRIH[SUHVVLYHDFWLYLW\LQDOLPLWHGSXEOLFIRUXP
6HH 3HUU\ 86 DW ³5HDVRQDEOH WLPH SODFH DQG
PDQQHU UHJXODWLRQV DUH SHUPLVVLEOH DQG D FRQWHQWEDVHG
1R .LQFDLGHWDOY*LEVRQHWDO
YLRODWHG WKH )LUVW $PHQGPHQW XQGHU D QRQSXEOLF IRUXP
DQDO\VLV DV ZHOO DV D OLPLWHG SXEOLF IRUXP DQDO\VLV 6HH
5RVHQEHUJHU86DW ³7KHJRYHUQPHQWPXVWDEVWDLQ
IURPUHJXODWLQJVSHHFKZKHQWKHVSHFLILFPRWLYDWLQJLGHRORJ\
RUWKHRSLQLRQRUSHUVSHFWLYHRIWKHVSHDNHULVWKHUDWLRQDOHIRU
WKHUHVWULFWLRQ´
,9&21&/86,21
7KHGLVWULFWFRXUWHUUHGE\JUDQWLQJVXPPDU\MXGJPHQWWR
WKHXQLYHUVLW\RIILFLDOVDQGGHQ\LQJLWWR.LQFDLGDQG&RIIHU
EHFDXVHWKHUHFRUGFOHDUO\VKRZV.68¶VLQWHQWWRGHVLJQDWH
7KH7KRUREUHGDVDOLPLWHGSXEOLFIRUXP6SHFLILFDOO\WKH
GLVWULFW FRXUW HUUHG LQ FRQFOXGLQJ WKDW WKH \HDUERRN ZDV D
QRQSXEOLFIRUXPRQWKHEDVLVWKDW.LQFDLGDQG&RIIHU³SXW
IRUWKQRHYLGHQFHWKDW7KH7KRUREUHGZDVLQWHQGHGWRUHDFK
RU FRPPXQLFDWH ZLWK DQ\ERG\ EXW .68 VWXGHQWV´ 7KLV
UHDVRQLQJVLPSO\PLVDSSOLHVZHOOHVWDEOLVKHGSXEOLFIRUXP
ODZ7KHGLVWULFWFRXUWIXUWKHUHUUHGLQFRQFOXGLQJWKDW³WKH
\HDUERRNZDVQRWLQWHQGHGWREHDMRXUQDORIH[SUHVVLRQDQG
FRPPXQLFDWLRQLQDSXEOLFIRUXPVHQVHEXWLQVWHDGWREHD
MRXUQDO RI WKH μJRLQJV RQ¶ LQ >D@ SDUWLFXODU \HDU DW .68´
*LYHQ.68¶VVWDWHGSROLF\DQGSUDFWLFHZLWKUHJDUGWRWKH
\HDUERRN WKH QDWXUH RI WKH \HDUERRN DQG LWV FRPSDWLELOLW\
ZLWKH[SUHVVLYHDFWLYLW\DQGWKHXQLYHUVLW\FRQWH[WLQZKLFK
WKH\HDUERRNLVSXEOLVKHGWKHUHFDQEHQRTXHVWLRQWKDW7KH
7KRUREUHGLVD³MRXUQDORIH[SUHVVLRQDQGFRPPXQLFDWLRQLQ
WKHSXEOLFIRUXPVHQVH´7KHXQLYHUVLW\¶VFRQILVFDWLRQRIWKLV
MRXUQDO RI H[SUHVVLRQ ZDV DUELWUDU\ DQG XQUHDVRQDEOH $V
VXFK LW YLRODWHG .LQFDLG¶V DQG &RIIHU¶V )LUVW $PHQGPHQW
ULJKWV
,Q OLJKW RI WKH FOHDUO\ HVWDEOLVKHG FRQWRXUV RI WKH SXEOLF
IRUXPGRFWULQHDQGWKHVXEVWDQWLDOO\GHYHORSHGIDFWXDOUHFRUG
LQWKLVFDVHWKHGLVWULFWFRXUWVKRXOGKDYHGHQLHGWKH.68
RIILFLDOV¶ PRWLRQ IRU VXPPDU\ MXGJPHQW DQG JUDQWHG
.LQFDLG¶V DQG &RIIHU¶V VXPPDU\ MXGJPHQW PRWLRQ
$FFRUGLQJO\ ZH 5(9(56( WKH MXGJPHQW RI WKH GLVWULFW
FRXUW DQG 5(0$1' WKH FDVH ZLWK LQVWUXFWLRQV WR HQWHU
-- 12 of 18 --
.LQFDLGHWDOY*LEVRQHWDO 1R
&XOOHQ DOVR LQGLFDWHG WKDW WKH \HDUERRN ZDV QRW PDWHULDOO\
GLIIHUHQW LQ TXDOLW\ IURP RWKHU \HDUERRNV ³WKH WKLQJV WKDW ZHUH VDLG DERXW
WKH >@ \HDUERRN WKLV SDUWLFXODU ERRN WKDW ZDV FRQILVFDWHG LV >VLF@
QRWKLQJ QHZ RU XQLTXH WR DQ\ RWKHU \HDUERRN 7KH\ DOO KDYH SUREOHPV´
FRQWHQWLRXVWKHPHDQGSLFNRXWLWVDOOHJHGO\VFDQGDORXVFRYHU
)LQDOO\WKHXQLYHUVLW\UHOHDVHGWKHVXEVHTXHQW LH
\HDUERRN GHVSLWH WKH IDFW WKDW LW ZDV LQ *LEVRQ¶V RZQ
HVWLPDWLRQRQO\³DWDGEHWWHUWKDQWKHSUHYLRXVRQH´LHWKH
\HDUERRNDWLVVXHLQWKLVFDVH7KHVHIDFWVVKRZZLWKRXW
GRXEWWKDWWKHXQLYHUVLW\¶VFRQILVFDWLRQRIWKH\HDUERRNVZDV
DQ\WKLQJEXWUHDVRQDEOHUDWKHULWZDVDUDVKDUELWUDU\DFW
ZKROO\ RXW RI SURSRUWLRQ WR WKH VLWXDWLRQ LW ZDV DOOHJHGO\
LQWHQGHGWRDGGUHVV
:HQRWHWKDW.68¶VVXSSUHVVLRQRIWKH\HDUERRNVPDFNVRI
YLHZSRLQW GLVFULPLQDWLRQ DV ZHOO 7KH XQLYHUVLW\ RIILFLDOV
EDVHG WKHLU FRQILVFDWLRQ RI WKH \HDUERRN LQ SDUW XSRQ WKH
SDUWLFXODUWKHPHFKRVHQE\&RIIHU³GHVWLQDWLRQXQNQRZQ´
&RIIHUFKDUDFWHUL]HGWKDWWKHPHZKLFKVKHGHVFULEHGLQWKH
\HDUERRNLWVHOIDV³P\RSLQLRQDVDVWXGHQWUHJDUGLQJWKH
RYHUDOOVWXGHQWSRSXODWLRQ´&RIIHU¶VFKRLFHRIWKHPHLVD
FODVVLF LOOXVWUDWLRQ RI ZKDW ZH PHDQ ZKHQ ZH UHIHU WR D
VSHDNHU¶V³YLHZSRLQW´7KHXQLYHUVLW\RIILFLDOVDOVREDVHG
WKHLUFRQILVFDWLRQRIWKH\HDUERRNVRQWKHIDFWWKDWWKHVRPH
RI LWV SLFWXUHV FDSWXUHG SDUWLFXODU ZHOONQRZQ LQGLYLGXDOV
ZKRPWKH\GHHPHGWREHRXWRISODFHLQDVWXGHQW\HDUERRN
.LQFDLGVXPPDUL]HGWKHEDVLFSUHPLVHRI)LUVW$PHQGPHQW
YLHZSRLQWMXULVSUXGHQFHZKHQKHWHVWLILHG³>D@SLFWXUHWKDW
PD\ EH UHOHYDQW WR PH PD\ EH VRPHWKLQJ WKDW ZRXOG EH
JDUEDJHWR\RX´:HPLJKWDGGWKDWLQDWUDGLWLRQDOOLPLWHG
RU QRQSXEOLF IRUXP VWDWH RIILFLDOV PD\ QRW H[SXQJH HYHQ
³JDUEDJH´LILWUHSUHVHQWVDVSHDNHU¶VYLHZSRLQW6HH3HUU\
86 DW )LQDOO\ WKH \HDUERRN FRQWDLQHG ZULWWHQ
VHJPHQWVZKLFK&RIIHUGHVFULEHGDVVWDWLQJKHURSLQLRQVRQ
YDULRXVPDWWHUV%HFDXVHWKHJRYHUQPHQWPD\QRWUHJXODWH
HYHQDQRQSXEOLFIRUXPEDVHGXSRQWKHVSHDNHU¶VYLHZSRLQW
VHHLGDQGEHFDXVHDQHGLWRU¶VFKRLFHRIWKHPHVHOHFWLRQRI
SDUWLFXODU SLFWXUHV DQG H[SUHVVLRQ RI RSLQLRQV DUH FOHDU
H[DPSOHVRIWKHHGLWRU¶VYLHZSRLQWWKH.68RIILFLDOV¶DFWLRQV
1R .LQFDLGHWDOY*LEVRQHWDO
$W WKH WLPH RI WKH HYHQWV JLYLQJ ULVH WR WKH LQVWDQW FDVH WKHUH ZDV
QR SXEOLFDWLRQV SROLF\ ZULWWHQ VSHFLILFDOO\ IRU WKH \HDUERRN $OWKRXJK WKH
SDUWLHV LQFOXGHG D GUDIW RI VXFK D SROLF\ LQ WKH -RLQW $SSHQGL[ WKH\ DJUHH
WKDW WKH GUDIW KDV QR UHOHYDQFH WR WKLV FDVH EHFDXVH LW ZDV SURGXFHG DIWHU
WKH HYHQWV DW LVVXH
7KH UHOHYDQW SRUWLRQ RI WKH KDQGERRN UHDGV
6LQFH WKH 7KRUREUHG 1HZV LV QRW DQ RIILFLDO RUJDQ RI WKH
8QLYHUVLW\ WKH 6WXGHQW 3XEOLFDWLRQ>V@ %RDUG VKDOO FDXVH WR EH
SURKLELWLRQ PXVW EH QDUURZO\ GUDZQ WR HIIHFWXDWH D
FRPSHOOLQJVWDWHLQWHUHVW´ .68¶VLQWHQWWROLPLWLWVRZQ
RYHUVLJKWWRWLPHSODFHDQGPDQQHUDVSHFWVRIWKH\HDUERRN
LVDOVRVHHQLQWKHSROLF\¶VWUHDWPHQWRIWKH63%7KHSROLF\
GHFODUHVWKDWRQHRIWKHGXWLHVRIWKH63%LVWR³>D@SSURYHWKH
ZULWWHQ SXEOLFDWLRQV SROLF\ RI HDFK VWXGHQW SXEOLFDWLRQ
LQFOXGLQJVXFKLWHPVDVSXUSRVHVL]HTXDQWLW\FRQWUROVDQG
WLPH SODFH DQG PDQQHU RI GLVWULEXWLRQ´ 7KLV ODQJXDJH
UHLWHUDWHVWKHXQLYHUVLW\¶VLQWHQWWROLPLWLWVRYHUVLJKWRIWKH
\HDUERRNWRJHQHUDODQGDGPLQLVWUDWLYHPDWWHUVDQGWRFHGH
DXWKRULW\ RYHU WKH \HDUERRN¶V FRQWHQW WR WKH VWXGHQWV ZKR
SXEOLVKHG LW )LQDOO\ WKH SXEOLFDWLRQV SROLF\ RSHQV ZLWK
ODQJXDJHWKDWLQGLFDWHVWKDWWKHH[SUHVVLYHDFWLYLW\FRQWDLQHG
LQVWXGHQWSXEOLFDWLRQVLVWREHODUJHO\XQUHVWUDLQHG³7KH
%RDUGRI5HJHQWVUHVSHFWVWKHLQWHJULW\RIVWXGHQWSXEOLFDWLRQV
DQGWKHSUHVVDQGWKHULJKWVWRH[LVWLQDQDWPRVSKHUHRIIUHH
DQGUHVSRQVLEOHGLVFXVVLRQDQGRILQWHOOHFWXDOH[SORUDWLRQ´
6XFK VHOILPSRVHG UHVWUDLQW LV VWURQJ HYLGHQFH RI .68¶V
LQWHQWWRFUHDWHDOLPLWHGSXEOLFIRUXPUDWKHUWKDQWRUHVHUYH
WR LWVHOI WKH ULJKW WR HGLW RU GHWHUPLQH 7KH 7KRUREUHG¶V
FRQWHQW
7KH.68RIILFLDOVDUJXHWKDWWKHKDQGERRNSROLF\VKRZV
WKHXQLYHUVLW\¶VLQWHQWWRUHWDLQUDWKHUWKDQUHOLQTXLVKFRQWURO
RYHUWKH\HDUERRN¶VFRQWHQW7KH\SRLQWLQSDUWLFXODUWRWKH
IDFWWKDWWKHSROLF\UHTXLUHVDGLVFODLPHUWREHSODFHGRQWKH
VWXGHQWQHZVSDSHUEXWQRWRQWKH\HDUERRNDVHYLGHQFH
RIWKHXQLYHUVLW\¶VLQWHQWWRUHWDLQFRQWURORYHUWKHFRQWHQWRI
WKH \HDUERRN 6XFK UHDVRQLQJ UHOLHV XSRQ D QHJDWLYH
-- 13 of 18 --
.LQFDLGHWDOY*LEVRQHWDO 1R
LQVHUWHG LQ WKH PDVWKHDG D VWDQGLQJ DQG GLVWLQFW GLVFODLPHU
LQGLFDWLQJ WKDW WKH YLHZV H[SUHVVHG DUH QRW QHFHVVDULO\ WKRVH RI
WKH 8QLYHUVLW\ EXW UDWKHU DUH WKRVH RI WKH QDPHG VWXGHQW DXWKRU
HGLWRU RU ERDUG RI HGLWRUV
TXRWDWLRQ PDUNV LQ RULJLQDO
7KH KDQGERRN VWDWHV
,Q VXEVLGL]LQJ WKH 7KRUREUHG 1HZV WKURXJK WKH 6WXGHQW
3XEOLFDWLRQV %RDUG WKH 8QLYHUVLW\ H[SHFWV WKH QHZVSDSHU WR
PDLQWDLQ DW OHDVW WKHVH WZR VWDQGDUGV RI TXDOLW\ FRQWURO
5HSRUW DFFXUDWHO\ DQG IDLUO\ QHZVZRUWK\ FDPSXV
HYHQWV DQG
3XUVXH LPSRUWDQW QHZV HYHQWV WR PDNH VXUH WKH\ DUH
UHSRUWHG DQG FRPPHQWHG XSRQ RQ WKH HGLWRULDO SDJHV
ZLWK FRPSUHKHQVLRQ DQG IXOO XQGHUVWDQGLQJ RI WKH IDFWV
LQIHUHQFH LQ RWKHU ZRUGV WKH IDFW WKDW WKH SROLF\ IDLOV WR
UHTXLUH D GLVFODLPHU WR EH SODFHG XSRQ WKH \HDUERRN
SXUSRUWHGO\LPSOLHVWKDWWKH\HDUERRNLV³DQμRIILFLDO¶RUJDQ
RI WKH 8QLYHUVLW\´ EHFDXVH WKH XQLYHUVLW\ UHTXLUHV D
GLVFODLPHURQWKHQHZVSDSHUDQGWKHQHZVSDSHULVQRWVXFK
DQ RIILFLDO RUJDQ 7KLV LV KDUGO\ SHUVXDVLYH :HUH ZH WR
IROORZ WKH ORJLF EHKLQG WKLV FRQFOXVLRQ ZH PXVW DOVR
FRQFOXGH WKDW WKH XQLYHUVLW\ KDV IRUJRQH DOO VWDQGDUGV RI
TXDOLW\FRQWUROZLWKUHODWLRQWRWKH\HDUERRN$IWHUDOOWKH
SXEOLFDWLRQV SROLF\ VWDWHV PLQLPXP VWDQGDUGV RI TXDOLW\
FRQWUROIRUWKHQHZVSDSHUEXWQRQHIRUWKH\HDUERRN<HW
WR FRQFHGH WKDW ZRXOG UHTXLUH WKH XQLYHUVLW\ RIILFLDOV WR
FRQFHGHWKHLUHQWLUHDUJXPHQW*LEVRQDUJXHVRQDSSHDOWKDW
WKH EDVLV IRU FRQILVFDWLQJ WKH \HDUERRNV LV WKHLU DOOHJHGO\
³SRRU TXDOLW\´ 5DWKHU WKDQ HQJDJH LQ VXFK LQIHUHQWLDO
J\PQDVWLFV ZH UHDG WKH XQLYHUVLW\¶V SROLF\ LQ D
VWUDLJKWIRUZDUGPDQQHU)RUWKHUHDVRQVGLVFXVVHGVXSUD
.68¶VSROLF\OHDYHVURRPIRURQO\RQHFRQFOXVLRQWKDWWKH
XQLYHUVLW\LQWHQGHGWRRSHQWKH\HDUERRNDVDOLPLWHGSXEOLF
IRUXP
1R .LQFDLGHWDOY*LEVRQHWDO
&RIIHU LPPHGLDWHO\ FODULILHG KHU VWDWHPHQW ³:HOO WKH VWXGHQWV
SURYLGH >WKH \HDUERRN@ WKURXJK WKH XQLYHUVLW\´ HPSKDVLV DGGHG
&RIIHU WHVWLILHG WKDW VKH LQFOXGHG SLFWXUHV RI FXUUHQW HYHQWV DQG
FHOHEULWLHV EHFDXVH ³WKRVH ZHUH VRPH RI WKH PDMRU SHRSOH DQG PDMRU
HYHQWV WKDW ZHUH KDSSHQLQJ GXULQJ WKDW WLPH´
\HDU´7KHRIILFLDOVWKHQDUJXHWKDWEHFDXVHWKH\HDUERRN
ZDVRQO\SDJHVDERXWKDOILWVLQWHQGHGOHQJWKDQG
FRQWDLQHGSLFWXUHVWKDWODFNHGFDSWLRQVLWIDLOHGWRIXOILOOLWV
SXUSRVH%HFDXVHWKH\HDUERRNIDLOHGWRIXOILOOLWVLQWHQGHG
SXUSRVHWKHDUJXPHQWJRHVWKHXQLYHUVLW\¶VFRQILVFDWLRQRI
WKH \HDUERRNV ZDV UHDVRQDEOH 7KH XQLYHUVLW\ RIILFLDOV
DFNQRZOHGJHKRZHYHUWKDW&RIIHUH[SODLQHGHOVHZKHUHLQ
KHU WHVWLPRQ\ WKDW WKH \HDUERRN ZDV LQWHQGHG WR EH ³D
FROOHFWLRQRISLFWXUHVWKDWGHSLFWHGZKDWZHQWRQDW.HQWXFN\
6WDWH8QLYHUVLW\DURXQGWKHFRPPXQLW\WKDW.HQWXFN\6WDWH
8QLYHUVLW\ VHW LQ WKH VWDWH DQG WKH ZRUOG´ 7KHUH LV QR
GLVSXWHWKDWWKH\HDUERRNLQFOXGHGSLFWXUHVRIDZLGHUDQJHRI
LQGLYLGXDOVDQGHYHQWV,QGHHGRQHRI*LEVRQ¶VPDLQJULSHV
ZLWK WKH \HDUERRN ZDV WKDW LW LQFOXGHG SLFWXUHV RI FXUUHQW
HYHQWV DQG FHOHEULWLHV DQG ³>Q@XPHURXV SLFWXUHV RI 5RVV
3HURW%LOO&OLQWRQWKH3RSHDQGORWVRISHRSOH´7KXVWKH
\HDUERRNDSSHDUVWRKDYHIXOILOOHGWKHSXUSRVHH[SUHVVHGE\
LWVHGLWRU
0RUH LPSRUWDQW WKH .68 RIILFLDOV¶ DFWLRQV ZHUH QRW
UHDVRQDEOHEHFDXVHWKH\ZHUHDUELWUDU\DQGFRQIOLFWHGZLWKWKH
XQLYHUVLW\¶VRZQVWDWHGSROLF\7KHXQLYHUVLW\¶VSXEOLFDWLRQV
SROLF\VWDWHVWKDW³WKH7KRUREUHG\HDUERRNVKDOOEHXQGHUWKH
PDQDJHPHQWRIWKH6WXGHQW3XEOLFDWLRQV%RDUG´<HW7KRPDV
WHVWLILHGWKDWQHLWKHU*LEVRQQRUDQ\RWKHU.68DGPLQLVWUDWRUV
GLVFXVVHG ZLWK WKH 63% WKH GUDVWLF DFW RI FRQILVFDWLQJ WKH
\HDUERRNV)XUWKHUWKHXQLYHUVLW\¶VSROLF\JDYHWR&XOOHQWKH
SRZHUWR³UHTXLUHFKDQJHVLQWKHIRUPRIPDWHULDOVVXEPLWWHG
E\VWXGHQWV>WKDW@GHDOZLWKWKHIRUPRUWKHWLPHDQG
PDQQHURIH[SUHVVLRQV´<HWWKH.68RIILFLDOVQHYHUHYHQ
FRQVXOWHG&XOOHQWKHVWXGHQWSXEOLFDWLRQVDGYLVRUEHIRUHWKH\
VHL]HGWKH\HDUERRNV,QIDFW&RIIHUWHVWLILHGWKDW&XOOHQKDG
KHOSHG KHU FRPH XS ZLWK WKH \HDUERRN¶V DSSDUHQWO\
-- 14 of 18 --
.LQFDLGHWDOY*LEVRQHWDO 1R
VKRXOG KDYH EHHQ DQG LW ZDVQ¶W ZKDW RWKHU SHRSOH ZKR
YLHZHG LW WKRXJKW LW VKRXOG KDYH EHHQ´ $QG DIWHU WKH
\HDUERRNVFDPHEDFNIURPWKHSULQWHU*LEVRQFRPSODLQHGWR
&XOOHQWKDW³>V@HYHUDOSHUVRQVKDYHUHFHLYHGWKHERRNDQGDUH
WKRURXJKO\GLVDSSRLQWHGDWWKHTXDOLW\DQGFRQWHQW´7KXVLW
LVTXLWHFOHDUWKDW*LEVRQDWWHPSWHGWRUHJXODWHWKHFRQWHQWRI
7KH7KRUREUHGRQFHLWZDVSULQWHG
7KH RIILFLDOV¶ DUJXPHQW DOVR IDLOV EHFDXVH WKH\ KDYH LQ
HIIHFWDOWHUHG7KH7KRUREUHG&RQILVFDWLRQUDQNVZLWKIRUFHG
JRYHUQPHQWVSHHFKDVDPRQJVWWKHSXUHVWIRUPVRIFRQWHQW
DOWHUDWLRQ7KHUH LV OLWWOHLIDQ\GLIIHUHQFHEHWZHHQKLGLQJ
IURP SXEOLF YLHZ WKH ZRUGV DQG SLFWXUHV VWXGHQWV XVH WR
SRUWUD\ WKHLU FROOHJH H[SHULHQFH DQG IRUFLQJ VWXGHQWV WR
SXEOLVK D VWDWHVSRQVRUHG VFULSW ,Q HLWKHU FDVH WKH
JRYHUQPHQWDOWHUVVWXGHQWH[SUHVVLRQE\REOLWHUDWLQJLW:H
ZLOO QRW VDQFWLRQ D UHDGLQJ RI WKH )LUVW $PHQGPHQW WKDW
SHUPLWVJRYHUQPHQWRIILFLDOVWRFHQVRUH[SUHVVLRQLQDOLPLWHG
SXEOLF IRUXP LQ RUGHU WR FRHUFH VSHHFK WKDW SOHDVHV WKH
JRYHUQPHQW7KH.68RIILFLDOVSUHVHQWQRFRPSHOOLQJUHDVRQ
WRQXOOLI\&RIIHU¶VH[SUHVVLRQRUWRVKLHOGLWIURP.LQFDLG¶V
YLHZ DQG DFFRUGLQJO\ WKH RIILFLDOV¶ DFWLRQV YLRODWH WKH
&RQVWLWXWLRQ6HH3HUU\86DW
(YHQZHUHZHWRDVVXPHDVWKH.68RIILFLDOVDUJXHWKDW
WKH \HDUERRN ZDV D QRQSXEOLF IRUXP FRQILVFDWLRQ RI WKH
\HDUERRN ZRXOG VWLOO YLRODWH .LQFDLG¶V DQG &RIIHU¶V IUHH
VSHHFKULJKWV$OWKRXJKWKHJRYHUQPHQWPD\DFWWRSUHVHUYH
DQRQSXEOLFIRUXPIRULWVLQWHQGHGSXUSRVHVLWVUHJXODWLRQRI
VSHHFK PXVW QRQHWKHOHVV EH UHDVRQDEOH DQG LW PXVW QRW
DWWHPSW WR VXSSUHVV H[SUHVVLRQ EDVHG RQ WKH VSHDNHU¶V
YLHZSRLQW6HH3HUU\86DW7KHDFWLRQVWDNHQE\
WKH.68RIILFLDOVIDLOXQGHUHYHQWKLVUHOD[HGVWDQGDUG
,Q DUJXLQJ WKDW WKHLU FRQILVFDWLRQ RI WKH \HDUERRN ZDV
UHDVRQDEOH WR SUHVHUYH WKH IRUXP¶V SXUSRVH VHH LG WKH
RIILFLDOVDGRSWDSRUWLRQRI&RIIHU¶VWHVWLPRQ\DVDVWDWHPHQW
RIWKH\HDUERRN¶VSXUSRVH³,W¶VVRPHWKLQJWKDWWKHXQLYHUVLW\
SURYLGHVDVDUHFRUGIRUWKDW\HDUDSLFWRULDOUHFRUGIRUWKDW
1R .LQFDLGHWDOY*LEVRQHWDO
&XOOHQ¶V WHQXUH DV SXEOLFDWLRQV DGYLVRU WR WKH \HDUERRN LQFOXGHG
WKH HQWLUH SHULRG DW LVVXH LQ WKLV FDVH IURP -DQXDU\ WR 1RYHPEHU
&XOOHQ UHVLJQHG IURP .68 LQ -XO\ 6HH &XOOHQ Y *LEVRQ
1R :/ WK &LU 6HSW
3UDFWLFH
,Q DGGLWLRQ WR H[DPLQLQJ .68¶V VWDWHG SROLF\ ZH PXVW
H[DPLQHWKHXQLYHUVLW\¶VDFWXDOSUDFWLFHWRGHWHUPLQHZKHWKHU
LW WUXO\ LQWHQGHG WR FUHDWH D OLPLWHG SXEOLF IRUXP LQ 7KH
7KRUREUHG ,QGHHG ZH KDYH QRWHG WKDW ³μDFWXDO SUDFWLFH
VSHDNV ORXGHU WKDQ ZRUGV¶´ LQ GHWHUPLQLQJ ZKHWKHU WKH
JRYHUQPHQWLQWHQGHGWRFUHDWHDOLPLWHGSXEOLFIRUXP6HH
8)&:8)GDW TXRWLQJ*UDFH%LEOH)HOORZVKLS
,QFY0DLQH6FK$GPLQ'LVW1R)G VW
&LU 7KH UHFRUG EHIRUH XV FRQWDLQV VXEVWDQWLDO
HYLGHQFHIURPYDULHGVRXUFHVWKDWWKH63%IROORZHGLWVVWDWHG
³KDQGVRII´SROLF\LQDFWXDOSUDFWLFH&RIIHUWHVWLILHGZLWKRXW
FRQWUDGLFWLRQ WKDW 9LFH 3UHVLGHQW *LEVRQ ZKR &RIIHU
GHVFULEHGDVD³IULHQG>@´ZLWKZKRPVKHZDV³RQH[FHOOHQW
WHUPV´ ³QHYHU H[SUHVVHG DQ\ FRQFHUQ DERXW ZKDW WKH
FRQWHQWPLJKWEHLQWKH\HDUERRN´SULRUWRLWVSXEOLFDWLRQEXW
UDWKHU OLPLWHG KHU FRQFHUQV WR WKH \HDUERRN¶V UHOHDVH GDWH
1RUGLGWKH63%H[HUFLVHRYHUVLJKWRIWKH\HDUERRN¶VFRQWHQW
/DXUD-R&XOOHQWKHXQLYHUVLW\¶VSXEOLFDWLRQVDGYLVRUWRWKH
\HDUERRNDQGDQH[RIILFLRPHPEHURIWKH63%WHVWLILHGWKDW
WKH63%OLPLWHGLWVRYHUVLJKWRIWKH\HDUERRNWRLVVXHVVXFKDV
DGYHUWLVLQJUDWHVDQGVHOHFWLRQRIHGLWRUVDQGWKDWLQWKHWLPH
GXULQJZKLFKVKHKDGEHHQDVVRFLDWHGZLWKWKH\HDUERRN
WKH%RDUGKDGQHYHUDWWHPSWHGWRFRQWUROWKHFRQWHQWRIWKH
\HDUERRN/HVOLH7KRPDV.68¶V'LUHFWRURI6WXGHQW/LIH
DQG DQRWKHU PHPEHU RI WKH 63% WHVWLILHG WKDW WKH 63%
H[HUFLVHG PLQLPDO RYHUVLJKW RI WKH \HDUERRN LQ DFWXDO
SUDFWLFH³:HMXVWDOZD\VGHDOWZLWKWKHQHZVSDSHUVR,JXHVV
WKDWZDVWKHPDMRUIRFXV´7KRPDVDOVRWHVWLILHGWKDWLWZDV
WKHVWXGHQWHGLWRUUDWKHUWKDQWKH63%ZKRGHWHUPLQHGWKH
FRQWHQWRIWKH\HDUERRN7KXVWKHUHFRUGEHIRUHXVLVFOHDU
WKDWLQDFWXDOSUDFWLFHVWXGHQWHGLWRUVQRW.68RIILFLDOV
QRW WKH VWXGHQW SXEOLFDWLRQV DGYLVRU DQG QRW WKH 63%
GHWHUPLQHGWKHFRQWHQWRI.68¶VVWXGHQW\HDUERRN
-- 15 of 18 --
.LQFDLGHWDOY*LEVRQHWDO 1R
7KH KDQGERRN IXUWKHU VWDWHV WKDW DOWKRXJK WKH \HDUERRN LV
³VXEVLGL]HG E\ WKH 8QLYHUVLW\ LW LV WKH LQWHQW WKDW >LW@ VKDOO EH IUHH RI
FHQVRUVKLS DV SUHYDLOLQJ ODZ GLFWDWHV´ $OWKRXJK ZH DFNQRZOHGJH WKDW
WKLV IUHHGRP IURP FHQVRUVKLS EHJV WKH TXHVWLRQ RI ZKDW SUHFLVHO\
SUHYDLOLQJ ODZ GLFWDWHV ZH ILQG LW KDUG WR IDWKRP WKDW .68 ZRXOG KDYH
LQFOXGHG VXFK ODQJXDJH LQ LWV VWXGHQW SXEOLFDWLRQV SROLF\ LI LW
FRQWHPSODWHG FRQILVFDWLQJ DQG ZLWKKROGLQJ GLVWULEXWLRQ RI SXEOLFDWLRQV
ZLWK ZKLFK LW GLVDJUHHG
1DWXUHRIWKH3URSHUW\DQG&RPSDWLELOLW\ZLWK
([SUHVVLYH$FWLYLW\
,Q DGGLWLRQ WR WKH XQLYHUVLW\¶V SROLF\ DQG SUDFWLFH DQ
H[DPLQDWLRQ RI WKH QDWXUH RI WKH IRUXP DW LVVXH DQG LWV
FRPSDWLELOLW\ZLWKH[SUHVVLYHDFWLYLW\IXUWKHULQGLFDWHVWKDW
.68LQWHQGHGWRRSHQ7KH7KRUREUHGWRWKHVWXGHQWHGLWRUV
DVDOLPLWHGSXEOLFIRUXP7KH.68\HDUERRNLVDVWXGHQW
SXEOLFDWLRQWKDWE\LWVYHU\QDWXUHH[LVWVIRUWKHSXUSRVHRI
H[SUHVVLYHDFWLYLW\7KHUHFDQEHQRVHULRXVDUJXPHQWDERXW
WKHIDFWWKDWLQLWVPRVWEDVLFIRUPWKH\HDUERRNVHUYHVDVD
IRUXPLQZKLFKVWXGHQWHGLWRUVSUHVHQWSLFWXUHVFDSWLRQVDQG
RWKHU ZULWWHQ PDWHULDO DQG WKDW WKHVH PDWHULDOV FRQVWLWXWH
H[SUHVVLRQ IRU SXUSRVHV RI WKH )LUVW $PHQGPHQW $V D
FUHDWLYHSXEOLFDWLRQWKH\HDUERRNLVHDVLO\GLVWLQJXLVKHGIURP
RWKHUJRYHUQPHQWIRUDZKRVHQDWXUHVDUHQRWVRFRPSDWLEOH
ZLWKIUHHH[SUHVVLRQ6HHHJ&RUQHOLXV86DW
ILQGLQJWKDWQDWXUHRIJRYHUQPHQWSURSHUW\DWLVVXHLQGLFDWHV
WKDW IXQGUDLVLQJ IRUXP LQ IHGHUDO ZRUNSODFH LV QRQSXEOLF
IRUXP -RQHV Y 1RUWK &DUROLQD 3ULVRQHUV¶ /DERU 8QLRQ
,QF 86 ILQGLQJ WKDW SULVRQ LV D
QRQSXEOLFIRUXP *UHHUY6SRFN86
KROGLQJWKDWPLOLWDU\LQVWDOODWLRQLVQRWDSXEOLFIRUXP 1RU
LV7KH7KRUREUHGDFORVHO\PRQLWRUHGFODVVURRPDFWLYLW\LQ
ZKLFK DQ LQVWUXFWRU DVVLJQV VWXGHQW HGLWRUV D JUDGH RU LQ
ZKLFKDXQLYHUVLW\RIILFLDOHGLWVFRQWHQW6HH+D]HOZRRG
86DW7KHVWXGHQWKDQGERRNLWVHOIGHVFULEHVWKH
\HDUERRNDVD³VWXGHQWSXEOLFDWLRQ´WKDWVKRXOG³H[LVWLQDQ
DWPRVSKHUH RI IUHH DQG UHVSRQVLEOH GLVFXVVLRQ DQG RI
LQWHOOHFWXDO H[SORUDWLRQ´ ,W LV GLIILFXOW WR FRQFHLYH RI D
IRUXPZKRVHQDWXUHLVPRUHFRPSDWLEOHZLWKH[SUHVVLRQ
1R .LQFDLGHWDOY*LEVRQHWDO
FDPSXVDQHZVSDSHUFRQWDLQLQJLQGHFHQWVSHHFKYLRODWHG)LUVW
$PHQGPHQW EHFDXVH VKH ³ZDV H[SHOOHG EHFDXVH RI WKH
GLVDSSURYHGFRQWHQWRIWKHQHZVSDSHUUDWKHUWKDQWKHWLPH
SODFH RU PDQQHU RI LWV GLVWULEXWLRQ´ LWDOLFV LQ RULJLQDO
IRRWQRWH RPLWWHG 1RU LV LW D QDUURZO\ FUDIWHG UHJXODWLRQ
GHVLJQHGWRSUHVHUYHDFRPSHOOLQJVWDWHLQWHUHVW6HH3HUU\
86 DW 5DWKHU ZKROHVDOH FRQILVFDWLRQ RI SULQWHG
PDWHULDOVZKLFKWKHVWDWHIHHOVUHIOHFWSRRUO\RQLWVLQVWLWXWLRQV
LVDVEURDGO\VZHHSLQJDUHJXODWLRQDVWKHVWDWHPLJKWPXVWHU
)XUWKHU WKH XQLYHUVLW\ RIILFLDOV¶ DFWLRQ OHDYHV RSHQ QR
DOWHUQDWLYHJURXQGVIRUVLPLODUH[SUHVVLYHDFWLYLW\6HHLGDW
7KHUHFRUGFRQWDLQVQRRWKHUVWXGHQWIRUXPIRUUHFRUGLQJ
ZRUGVDQGSLFWXUHVWRUHIOHFWWKHH[SHULHQFHRI.68VWXGHQWV
GXULQJ WKH WKURXJK VFKRRO \HDUV ,QGHHG WKH
OLNHOLKRRGRIWKHH[LVWHQFHRIDQ\VXFKDOWHUQDWLYHIRUXPDW
WKLVODWHGDWHZKHQYLUWXDOO\DOORIWKHVWXGHQWVZKRZHUHDW
.68 LQ WKH HDUO\ V ZLOO KDYH VXUHO\ PRYHG RQ LV
H[WUDRUGLQDULO\ VOLP $FFRUGLQJO\ WKH .68 RIILFLDOV¶
FRQILVFDWLRQRIWKH\HDUERRNVYLRODWHVWKH)LUVW$PHQGPHQW
DQG WKH XQLYHUVLW\ KDV QR FRQVWLWXWLRQDOO\ YDOLG UHDVRQ WR
ZLWKKROGGLVWULEXWLRQRIWKH7KRUREUHGIURP.68
VWXGHQWVIURPWKDWHUD
7KH.68RIILFLDOVDUJXHWKDWZLWKKROGLQJWKH\HDUERRNVLV
H[FXVDEOHEHFDXVHWKH\ZHUHUHJXODWLQJWKHVW\OHDQGIRUPRI
WKH\HDUERRNVUDWKHUWKDQWKHLUFRQWHQW$WRUDODUJXPHQW
FRXQVHOIRUWKHRIILFLDOVDUJXHGWKDWWKHUHFRUGFRQWDLQVQR
HYLGHQFH WKDW WKH RIILFLDOV ZLWKKHOG GLVWULEXWLRQ RI WKH
\HDUERRNVEDVHGRQFRQWHQWRUWKDWWKH\DOWHUHGWKHFRQWHQWRI
WKH\HDUERRNV7KLVDUJXPHQWLVVLPSO\QRWFUHGLEOH)LUVW
WKH UHFRUG PDNHV FOHDU WKDW *LEVRQ VRXJKW WR UHJXODWH WKH
FRQWHQWRIWKH\HDUERRNLQDGGLWLRQWRFRPSODLQLQJ
DERXW WKH \HDUERRN¶V FRORU ODFN RI FDSWLRQV DQG RYHUDOO
TXDOLW\*LEVRQZLWKKHOGWKH\HDUERRNVEHFDXVHVKHIRXQGWKH
\HDUERRN WKHPH RI ³GHVWLQDWLRQ XQNQRZQ´ LQDSSURSULDWH
*LEVRQ DOVR GLVDSSURYHG RI WKH LQFOXVLRQ RI SLFWXUHV RI
FXUUHQWHYHQWVDQGWHVWLILHGWKDW³>W@KHUHZHUHDORWRISLFWXUHV
LQWKHEDFNRIWKHERRNWKDWWRPHORRNHGOLNHD/LIH
PDJD]LQH´ *LEVRQ IXUWKHU VWDWHG WKDW WKH LQFOXVLRQ RI
SLFWXUHVRIFXUUHQWHYHQWV³ZDVQRWH[DFWO\ZKDW,WKRXJKWLW
-- 16 of 18 --
.LQFDLGHWDOY*LEVRQHWDO 1R
VSHHFK 6HH 9LUJLQLD 6WDWH %G RI 3KDUPDF\ Y 9LUJLQLD &LWL]HQV
&RQVXPHU &RXQFLO ,QF 86 ³>:@KHUH D VSHDNHU
H[LVWV WKH SURWHFWLRQ DIIRUGHG LV WR WKH FRPPXQLFDWLRQ WR LWV VRXUFH
DQG WR LWV UHFLSLHQWV ERWK´ IRRWQRWH RPLWWHG
,Q VXP RXU UHYLHZ RI .68¶V SROLF\ DQG SUDFWLFH ZLWK
UHJDUGWR7KH7KRUREUHGWKHQDWXUHRIWKH\HDUERRNDQGLWV
FRPSDWLELOLW\ ZLWK H[SUHVVLYH DFWLYLW\ DQG WKH XQLYHUVLW\
FRQWH[WLQZKLFKWKH\HDUERRNLVFUHDWHGDQGGLVWULEXWHGDOO
SURYLGHVWURQJHYLGHQFHRIWKHXQLYHUVLW\¶VLQWHQWWRGHVLJQDWH
WKH \HDUERRN DV D OLPLWHG SXEOLF IRUXP $FFRUGLQJO\ ZH
PXVWGHWHUPLQHZKHWKHUWKHXQLYHUVLW\RIILFLDOV¶DFWLRQVZLWK
UHVSHFWWRWKH\HDUERRNZHUHFRQVWLWXWLRQDO
&&RQVWLWXWLRQDOLW\RI8QLYHUVLW\2IILFLDOV¶$FWLRQV
$V GLVFXVVHG VXSUD WKH JRYHUQPHQW PD\ LPSRVH RQO\
UHDVRQDEOHWLPHSODFHDQGPDQQHUUHJXODWLRQVDQGFRQWHQW
EDVHG UHJXODWLRQV WKDW DUH QDUURZO\ GUDZQ WR HIIHFWXDWH D
FRPSHOOLQJVWDWHLQWHUHVWRQH[SUHVVLYHDFWLYLW\LQDOLPLWHG
SXEOLFIRUXP6HH3HUU\86DW,QDGGLWLRQDVZLWK
DOO PDQQHU RI IRUD WKH JRYHUQPHQW PD\ QRW VXSSUHVV
H[SUHVVLRQRQWKHEDVLVWKDWVWDWHRIILFLDOVRSSRVHDVSHDNHU¶V
YLHZ6HHLG)RUWKHIROORZLQJUHDVRQVZHKROGWKDWWKH
DFWLRQV WDNHQ E\ WKH .68 RIILFLDOV UDQ DIRXO RI WKHVH
UHVWULFWLRQVRQJRYHUQPHQWDFWLRQ
8SRQWKHLUUHWXUQIURPWKHSULQWHUWKH\HDUERRNV
ZHUH GHOLYHUHG WR WKH RIILFH RI /DXUD &XOOHQ WKH VWXGHQW
SXEOLFDWLRQV DGYLVRU %HIRUH WKH\ FRXOG EH GLVWULEXWHG WR
.LQFDLG DQG RWKHU .68 VWXGHQWV *LEVRQ RUGHUHG /HVOLH
7KRPDV WR KDYH WKHP VHFXUHG 7KRPDV FRPSOLHG DQG
ZLWKRXW DQ\ QRWLILFDWLRQ RU H[SODQDWLRQ WR &XOOHQ WKH
\HDUERRNVZHUHVSLULWHGDZD\7RWKLVGD\QHDUO\VL[\HDUV
DIWHUWKH\HDUERRNVUHWXUQHGIURPWKHSULQWHUWKHXQLYHUVLW\
UHIXVHV WR GLVWULEXWH WKHP 7KLV LV QRW D UHDVRQDEOH WLPH
SODFHRUPDQQHUUHJXODWLRQRIH[SUHVVLYHDFWLYLW\6HH3HUU\
86DWVHHDOVR3DSLVKY%RDUGRI&XUDWRUVRIWKH
8QLYRI0LVVRXUL86 KROGLQJWKDW
XQLYHUVLW\¶VH[SXOVLRQRIJUDGXDWHVWXGHQWIRUGLVWULEXWLQJRQ
1R .LQFDLGHWDOY*LEVRQHWDO
&RQWH[W
:HDUHDOVRSHUVXDGHGWKDWWKHFRQWH[WZLWKLQZKLFKWKLV
FDVHDULVHVLQGLFDWHVWKDW7KH7KRUREUHGFRQVWLWXWHVDOLPLWHG
SXEOLFIRUXP7KHXQLYHUVLW\LVDVSHFLDOSODFHIRUSXUSRVHV
RI)LUVW$PHQGPHQWMXULVSUXGHQFH7KHGDQJHURI³FKLOOLQJ
LQGLYLGXDOWKRXJKWDQGH[SUHVVLRQLVHVSHFLDOO\UHDOLQ
WKH 8QLYHUVLW\ VHWWLQJ ZKHUH WKH 6WDWH DFWV DJDLQVW D
EDFNJURXQGDQGWUDGLWLRQRIWKRXJKWDQGH[SHULPHQWWKDWLVDW
WKH FHQWHU RI RXU LQWHOOHFWXDO DQG SKLORVRSKLF WUDGLWLRQ´
5RVHQEHUJHU 86 DW FLWLQJ FDVHV VHH DOVR
:LGPDU86DWQ ³7KLV&RXUWKDVUHFRJQL]HGWKDW
WKHFDPSXVRIDSXEOLFXQLYHUVLW\DWOHDVWIRULWVVWXGHQWV
SRVVHVVHVPDQ\RIWKHFKDUDFWHULVWLFVRIDSXEOLFIRUXP´
7KHXQLYHUVLW\HQYLURQPHQWLVWKHTXLQWHVVHQWLDO³PDUNHWSODFH
RI LGHDV´ ZKLFK PHULWV IXOO RU LQGHHG KHLJKWHQHG )LUVW
$PHQGPHQWSURWHFWLRQ6HH+HDO\Y-DPHV86
VWDWLQJ WKDW WKH ³YLJLODQW SURWHFWLRQ RI
FRQVWLWXWLRQDO IUHHGRPV LV QRZKHUH PRUH YLWDO WKDQ LQ WKH
FRPPXQLW\ RI $PHULFDQ VFKRROV´ TXRWDWLRQ PDUNV DQG
FLWDWLRQRPLWWHG ,QDGGLWLRQWRWKHQDWXUHRIWKHXQLYHUVLW\
VHWWLQJZHILQGLWUHOHYDQWWKDWWKHHGLWRUVRI7KH7KRUREUHG
DQGLWVUHDGHUVDUHOLNHO\WREH\RXQJDGXOWV.LQFDLGKLPVHOI
ZDVWKLUW\VHYHQDWWKHWLPHRIKLV0DUFKGHSRVLWLRQ
7KXV WKHUH FDQ EH QR MXVWLILFDWLRQ IRU VXSSUHVVLQJ WKH
\HDUERRN RQ WKH JURXQGV WKDW LW PLJKW EH ³XQVXLWDEOH IRU
LPPDWXUHDXGLHQFHV´&RPSDUH+D]HOZRRG86DW
IRRWQRWH RPLWWHG ZLWK :LGPDU 86 DW Q
³8QLYHUVLW\VWXGHQWVDUHRIFRXUVH\RXQJDGXOWV7KH\DUH
OHVV LPSUHVVLRQDEOH WKDQ \RXQJHU VWXGHQWV ´
$FFRUGLQJO\ ZH ILQG WKDW WKH IDFW WKDW WKH IRUXP DW LVVXH
DULVHVLQWKHXQLYHUVLW\FRQWH[WPLWLJDWHVLQIDYRURIILQGLQJ
WKDWWKH\HDUERRNLVDOLPLWHGSXEOLFIRUXP
.682IILFLDOV¶$UJXPHQWV
7KH.68RIILFLDOVGLVSXWHWKLVVXEVWDQWLDOHYLGHQFHRIWKH
XQLYHUVLW\¶V LQWHQW WR FUHDWH D OLPLWHG SXEOLF IRUXP LQ WKH
VWXGHQW \HDUERRN 7KH\ DUJXH WKDW D OLPLWHG SXEOLF IRUXP
FDQQRWH[LVWXQOHVVWKHJRYHUQPHQWKDVRSHQHGWKHIRUXPDW
-- 17 of 18 --
.LQFDLGHWDOY*LEVRQHWDO 1R
LVVXH IRU ³LQGLVFULPLQDWH XVH E\ WKH JHQHUDO SXEOLF´ 7KH
GLVWULFW FRXUW DJUHHG FRQFOXGLQJ WKDW WKH \HDUERRN ZDV D
QRQSXEOLFIRUXPE\UHDVRQLQJWKDW.LQFDLGDQG&RIIHUKDG
³SXWIRUWKQRHYLGHQFHWKDW7KH7KRUREUHGZDVLQWHQGHGWR
UHDFKRUFRPPXQLFDWHZLWKDQ\ERG\EXW.68VWXGHQWV´7KLV
UHDVRQLQJEDGO\GLVWRUWVDEDVLFWHQHWRISXEOLFIRUXPODZ,W
LVWUXH WKDW RQHRIWKHZD\VLQZKLFKWKHJRYHUQPHQWPD\
FUHDWHRUGHVLJQDWHDSXEOLFIRUXPLVE\RSHQLQJWKHIRUXP
³IRULQGLVFULPLQDWHXVHE\WKHJHQHUDOSXEOLF´6HH3HUU\
86DW%XWWKHJRYHUQPHQWPD\FUHDWHDOLPLWHGSXEOLF
IRUXPLQRWKHUZD\VDVZHOO³DSXEOLFIRUXPPD\EHFUHDWHG
E\ JRYHUQPHQW GHVLJQDWLRQ RI D SODFH RU FKDQQHO RI
FRPPXQLFDWLRQIRUXVHE\WKHSXEOLFDWODUJHIRUDVVHPEO\DQG
VSHHFKIRUXVHE\FHUWDLQVSHDNHUVRUIRUWKHGLVFXVVLRQRI
FHUWDLQ VXEMHFWV´ &RUQHOLXV 86 DW HPSKDVLV
DGGHG VHHDOVR+D]HOZRRG86DW ³>+LJK@VFKRRO
IDFLOLWLHVPD\EHGHHPHGWREHSXEOLFIRUXPVRQO\LIVFKRRO
DXWKRULWLHV KDYH μE\ SROLF\ RU E\ SUDFWLFH¶ RSHQHG WKH
IDFLOLWLHVμIRULQGLVFULPLQDWHXVHE\WKHJHQHUDOSXEOLF¶RUE\
VRPHVHJPHQWRIWKHSXEOLFVXFKDVVWXGHQWRUJDQL]DWLRQV´
FLWDWLRQV RPLWWHG DQG HPSKDVLV DGGHG 7KXV WKH
SURSRVLWLRQ SXW IRUWK E\ WKH XQLYHUVLW\ RIILFLDOV DQG UHOLHG
XSRQE\WKHGLVWULFWFRXUWLHWKDWWKHJRYHUQPHQWPXVW
RSHQDIRUXPIRULQGLVFULPLQDWHXVHE\WKHJHQHUDOSXEOLFLQ
RUGHUWRFUHDWHDGHVLJQDWHGSXEOLFIRUXPLVHUURQHRXV
7KH.68RIILFLDOVIXUWKHUDUJXHWKDWRQO\VHOHFWLQGLYLGXDOV
KDGDFFHVVWR7KH7KRUREUHGDQGWKDW³>D@GHVLJQDWHGSXEOLF
IRUXPLVQRWFUHDWHGZKHQWKHJRYHUQPHQWDOORZVVHOHFWLYH
DFFHVVIRULQGLYLGXDOVSHDNHUVUDWKHUWKDQJHQHUDODFFHVVIRU
D FODVV RI VSHDNHUV´ 6HH )RUEHV 86 DW ,Q DQ
DWWHPSWWREULQJ7KH7KRUREUHGXQGHUWKLVUXOHWKHRIILFLDOV
SRLQW RXW WKDW .68 OLPLWHG DFFHVV WR WKH \HDUERRN WR WKH
\HDUERRNVWDIIZKLFKLQWKLVFDVHZDVFRPSULVHGRIRQO\
&RIIHU7KHRIILFLDOVQRWHDGGLWLRQDOO\WKDW.68¶VVWXGHQW
KDQGERRNLPSRVHVFHUWDLQPLQLPXPUHTXLUHPHQWVVXFKDV
DPLQLPXPJUDGHSRLQWDYHUDJHRUVXFFHVVIXOFRPSOHWLRQRI
DMRXUQDOLVPFRXUVHXSRQPHPEHUVRIWKH\HDUERRN¶VERDUG
RIHGLWRUVDQGWKDWWKHUHLVQRHYLGHQFHWKDWWKHVWXGHQWERG\
DV D ZKROH PD\ FRQWULEXWH WR WKH \HDUERRN 7KH .68
1R .LQFDLGHWDOY*LEVRQHWDO
:H QRWH WKDW WKH FODVV LQ WKLV FDVH WXUQHG RXW WR LQFOXGH DW PRVW
WKUHH VWXGHQWV &RIIHU DQG WKH WZR \HDUERRN VWDII PHPEHUV ZKR EULHIO\
DVVLVWHG KHU DQG SHUKDSV LQFOXGHV DV IHZ DV RQH &RIIHU 7KH VPDOO
QXPEHU RI VWXGHQWV ZKR HQGHG XS ZRUNLQJ RQ WKH \HDUERRN KDV QR
EHDULQJ RQ RXU ILQGLQJ WKDW WKH \HDUERRN FRQVWLWXWHV D OLPLWHG SXEOLF
IRUXP 2XU IRFXV LV RQ ZKHWKHU WKH XQLYHUVLW\ LQWHQGHG WR FUHDWH D OLPLWHG
SXEOLF IRUXP LQ WKH \HDUERRN 7KH SDUWLFXODU HYHQWV LQ WKLV FDVH
LQFOXGLQJ WKH IDFWV WKDW D VPDOO QXPEHU RI VWXGHQWV MRLQHG WKH \HDUERRN
VWDII DQG WKDW WZR VWXGHQWV OHIW LW WUDQVSLUHG ORQJ DIWHU WKH XQLYHUVLW\
H[SUHVVHG LWV LQWHQW WR FUHDWH D OLPLWHG SXEOLF IRUXP IRU WKH VWXGHQW
\HDUERRN HGLWRUV ZKRPHYHU WKH\ PLJKW WXUQ RXW WR EH :H IXUWKHU QRWH
WKDW DOWKRXJK .LQFDLG LV QRW SDUW RI WKH FODVV RI VWXGHQW VSHDNHUV ZKR
ZRUNHG RQ WKH \HDUERRN WKH )LUVW $PHQGPHQW SURWHFWV KLV ULJKW WR UHDG
7KH 7KRUREUHG RQFH WKH XQLYHUVLW\ KDV RSHQHG LW XS DV D IRUXP IRU
RIILFLDOV DJDLQ PLVLQWHUSUHW )LUVW $PHQGPHQW IRUXP ODZ
7KHUH LV D ³GLVWLQFWLRQ EHWZHHQ μJHQHUDO DFFHVV¶ ZKLFK
LQGLFDWHVWKDWWKHSURSHUW\LVDGHVLJQDWHGSXEOLFIRUXPDQG
μVHOHFWLYH DFFHVV¶ ZKLFK LQGLFDWHV WKDW WKH SURSHUW\ LV D
QRQSXEOLF IRUXP´ )RUEHV 86 DW FLWDWLRQV
RPLWWHG *HQHUDODFFHVVLVGHILQHGDVWKHVLWXDWLRQLQZKLFK
WKHJRYHUQPHQW³PDNHVLWVSURSHUW\JHQHUDOO\DYDLODEOHWRD
FHUWDLQFODVVRIVSHDNHUV´,G HPSKDVLVDGGHG 6HOHFWLYH
DFFHVV RFFXUV ZKHQ WKH JRYHUQPHQW ³GRHV QR PRUH WKDQ
UHVHUYHHOLJLELOLW\IRUDFFHVVWRWKHIRUXPWRDSDUWLFXODUFODVV
RI VSHDNHUV ZKRVH PHPEHUV PXVW WKHQ DV LQGLYLGXDOV
μREWDLQ SHUPLVVLRQ¶ WR XVH LW´ ,G HPSKDVLV DGGHG DQG
FLWDWLRQ RPLWWHG ,Q WKH LQVWDQW FDVH .68¶V SROLF\ DQG
SUDFWLFHLQGLFDWHWKDWWKHXQLYHUVLW\LQWHQGHGWRGHVLJQDWHWKH
\HDUERRNDVDSXEOLFIRUXPIRUWKRVHVWXGHQWVZKREHFDPH
HGLWRUVRIWKH\HDUERRNLQRWKHUZRUGVWKHVWXGHQWHGLWRUV
FRPSRVHGWKH³FODVVRIVSHDNHUV´ IRUZKLFKWKHXQLYHUVLW\
GHVLJQDWHGWKH\HDUERRNDVDOLPLWHGSXEOLFIRUXP7KHVH
HGLWRUVZHUHXQGHUQRREOLJDWLRQWR³REWDLQSHUPLVVLRQ´HDFK
WLPHWKH\VRXJKWWRDFFHVVWKH\HDUERRNLQGHHGWKHSROLF\
DQGSUDFWLFHRIWKHXQLYHUVLW\ZDVWRJLYHWKHVWXGHQWHGLWRUV
H[FOXVLYHFRQWURORYHUWKHFRQWHQWRI7KH7KRUREUHG7KXV
WKHVWXGHQWHGLWRUVKDG³JHQHUDODFFHVV´WRWKH\HDUERRN6HH
)RUEHV86DW7KLVLVFRQVLVWHQWZLWKRXUILQGLQJ
WKDWWKH\HDUERRNFRQVWLWXWHVDOLPLWHGSXEOLFIRUXPIRUWKDW
SDUWLFXODUFODVV
-- 18 of 18 --
Verbinden Sie Omnilex, um den Rechtskorpus über Ihren KI-Assistenten zu durchsuchen.