The AI workspace for legal professionals
- Legal research with access to more than 1 million sources
- Document automation
- Matter management
- Hosted in the EU and Switzerland
Try it free for 14 days (10 questions/day during trial)
The AI workspace for legal professionals
Try it free for 14 days (10 questions/day during trial)
99-6079•01a0257p.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
+,&.621 &25325$7,21
3ODLQWLII
&RXQWHUGHIHQGDQW$SSHOODQW
Y
125)2/. 6287+(51
5$,/:$< &203$1<
'HIHQGDQW&RXQWHUFODLPDQW
DQG7KLUG3DUW\
3ODLQWLII$SSHOOHH
81,21 7$1. &$5 &203$1<
7KLUG3DUW\
'HIHQGDQW$SSHOODQW
)(5*8621 +$5%285 ,1&
7KLUG3DUW\
'HIHQGDQW$SSHOOHH
;!
1
1R
$SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW
IRUWKH(DVWHUQ'LVWULFWRI7HQQHVVHHDW&KDWWDQRRJD
1R²&XUWLV/&ROOLHU'LVWULFW-XGJH
$UJXHG'HFHPEHU
-- 1 of 8 --
+LFNVRQ&RUSY1RUIRON
6RXWKHUQ5\&R
1R
7KHUH ZDV RQH IHGHUDO FODLP VWDWHG LQ +LFNVRQ &RUSRUDWLRQ¶V
RULJLQDO FRPSODLQW EXW LW LV QRW DW LVVXH LQ WKLV DSSHDO
'HFLGHGDQG)LOHG$XJXVW
%HIRUH0(55,77.(11('<DQG*,/0$1&LUFXLW
-XGJHV
BBBBBBBBBBBBBBBBB
&2816(/
$5*8(' 6WHSKHQ ( 2¶'D\ 60,7+ *$0%5(//
5866(// $WODQWD *HRUJLD IRU +LFNVRQ &RUSRUDWLRQ
:LOOLDP 0 )RVWHU )267(5 )267(5 $//(1
'855(1&(&KDWWDQRRJD7HQQHVVHHIRU1RUIRON6RXWKHUQ
5DLOZD\ &RPSDQ\ -HQQLIHU 3 .HOOHU %$.(5
'21(/621%($50$1 &$/':(//-RKQVRQ&LW\
7HQQHVVHHIRU)HUJXVRQ+DUERXU21%5,()6WHSKHQ(
2¶'D\ $QGUHZ 0 7KRPSVRQ 60,7+ *$0%5(//
5866(// $WODQWD *HRUJLD IRU +LFNVRQ &RUSRUDWLRQ
:LOOLDP 0 )RVWHU )267(5 )267(5 $//(1
'855(1&( &KDWWDQRRJD 7HQQHVVHH :LOOLDP % 3RII
:22'652*(56 +$=/(*529(5RDQRNH9LUJLQLD
0LFKDHO-4XLQDQ:22'652*(56 +$=/(*529(
5LFKPRQG9LUJLQLDIRU1RUIRON6RXWKHUQ5DLOZD\&RPSDQ\
-HQQLIHU 3 .HOOHU 5RQDOG 6 5DQJH -U %$.(5
'21(/621%($50$1 &$/':(//-RKQVRQ&LW\
7HQQHVVHHIRU)HUJXVRQ+DUERXU0LFKDHO.$OVWRQ3DXO
5 /HLWQHU +86&+ (33(1%(5*(5 &KDWWDQRRJD
7HQQHVVHHIRU8QLRQ7DQN&DU&RPSDQ\
BBBBBBBBBBBBBBBBB
23,1,21
BBBBBBBBBBBBBBBBB
0(55,77 &LUFXLW -XGJH 7KLV LV D GLYHUVLW\ FDVH
LQYROYLQJPXOWLSOHSDUWLHVWKDWDURVHDIWHUDQDUVHQLFVSLOOIURP
-- 2 of 8 --
1R +LFNVRQ&RUSY1RUIRON
6RXWKHUQ5\&R
DUDLOURDGWDQNFDULQD&KDWWDQRRJDUDLO\DUG$IWHUDOHQJWK\
WULDOWKHMXU\IRXQG+LFNVRQ&RUSRUDWLRQWKHRZQHURIWKH
DUVHQLFEHLQJWUDQVSRUWHGOLDEOHWR1RUIRON6RXWKHUQ5DLOZD\
&RPSDQ\ WKH UDLO FDUULHU WUDQVSRUWLQJ WKH DUVHQLF ZKHQ LW
OHDNHG DQG DZDUGHG GDPDJHV WR 1RUIRON 6RXWKHUQ 7KLV
DSSHDO IRFXVHV SULPDULO\ RQ D GDPDJHV GLVSXWH EHWZHHQ
+LFNVRQ DQG 1RUIRON 6RXWKHUQ +LFNVRQ FODLPV WKDW WKH
GLVWULFW FRXUW¶V MXGJPHQW DZDUGLQJ LQ FRQWUDFW
GDPDJHVDQGDQDGGLWLRQDOLQQHJOLJHQFHGDPDJHV
WR1RUIRON6RXWKHUQLVLQHUURUEHFDXVH1RUIRON6RXWKHUQGLG
QRW SURYH DQ\ FRQWUDFW GDPDJHV VHSDUDWH IURP QHJOLJHQFH
GDPDJHV ,Q HVVHQFH +LFNVRQ FRQWHQGV WKDW WKH GDPDJHV
DULVHIURPWKHVDPHLQMXU\DQG1RUIRON6RXWKHUQUHFHLYHGDQ
LPSHUPLVVLEOH GRXEOH UHFRYHU\ 6SHFLILFDOO\ +LFNVRQ
FRQWHQGV WKDW WKH ZRUGLQJ RI WKH YHUGLFW IRUP DQG WKH
VXEVHTXHQWLQWHUSUHWDWLRQRIWKHMXU\¶VDQVZHUVWRWKHVSHFLDO
LQWHUURJDWRULHV RQ WKDW YHUGLFW IRUP E\ WKH GLVWULFW FRXUW
FDXVHG1RUIRON6RXWKHUQWREHDZDUGHGGXSOLFDWLYHGDPDJHV
:HVHHWKLVDWERWWRPDVDQHOHFWLRQRIUHPHGLHVSUREOHP
FDXVHGRUDWOHDVWH[DFHUEDWHGE\DFRQIXVLQJYHUGLFWIRUP
$OWKRXJK 1RUIRON 6RXWKHUQ ZDV HQWLWOHG WR SXW IRUWK
DOWHUQDWLYHWKHRULHVRIOLDELOLW\LWLVFOHDUWKDWWKHUHZDVRQO\
RQH LQMXU\ WR 1RUIRON 6RXWKHUQ DULVLQJ IURP WKH OHDN
$OORZLQJ 1RUIRON 6RXWKHUQ WR UHFRYHU ERWK FRQWUDFW DQG
QHJOLJHQFH GDPDJHV IRU WKH VDPH LQMXU\ JDYH 1RUIRON
6RXWKHUQDQLPSHUPLVVLEOHGRXEOHUHFRYHU\$IWHU WKHMXU\
IRXQG +LFNVRQ OLDEOH WR 1RUIRON 6RXWKHUQ XQGHU ERWK WKH
FRQWUDFW DQG QHJOLJHQFH WKHRULHV WKH GLVWULFW FRXUW VKRXOG
KDYHUHTXLUHG1RUIRON6RXWKHUQWRHOHFWEHWZHHQFRQWUDFWDQG
QHJOLJHQFH GDPDJHV :H WKHUHIRUH UHPDQG WKH FDVH IRU D
UHWULDORQGDPDJHVRQO\
,
7KHIDFWVRIWKLVFDVHDUHJHQHUDOO\XQGLVSXWHG:HZLOO
UHODWHWKHPEULHIO\KHUHDQGDGGDGGLWLRQDOLQIRUPDWLRQZKHQ
QHFHVVDU\+LFNVRQPDQXIDFWXUHVZRRGSUHVHUYDWLYHVLQLWV
&RQOH\*HRUJLDSODQWDQGVKLSVDUVHQLFWRDQRWKHUSODQWLQ
9DOSDUDLVR,QGLDQDDVSDUWRILWVQRUPDOEXVLQHVVSUDFWLFH
-- 3 of 8 --
+LFNVRQ&RUSY1RUIRON
6RXWKHUQ5\&R
1R
+LFNVRQ VLJQHG D ORQJWHUP OHDVH ZLWK 8QLRQ 7DQN &DU
&RPSDQ\IRUWKHXVHRIWDQNFDUVWRDVVLVWLWLQWUDQVSRUWLQJ
DUVHQLFDFLGIURPRQHSODQWWRDQRWKHU7KHOHDN\WDQNFDUDW
LVVXH ZDV PDQXIDFWXUHG LQ E\ 8QLRQ 7DQN &DU DQG
WUDQVSRUWHG FDXVWLF DFLG IRU VRPH WLPH SULRU WR +LFNVRQ
OHDVLQJWKHWDQNFDUIURP8QLRQ7DQN&DULQ3ULRUWR
WKHVWDUWRI+LFNVRQ¶VOHDVH8QLRQ7DQN&DULQVSHFWHGWKHFDU
IRUFRUURVLRQDQGSHUIRUPHGVRPHUHSDLUV2QHRIWKHUHSDLUV
ZDVWRUHSODFHWKHHGXFWLRQSLSHWKHSLSHWKDWH[WUDFWVOLTXLG
FRQWHQWVIURPWKHWDQNFDU7KHSLSHH[WHQGVWRMXVWVKRUWRI
WKHERWWRPRIWKHWDQNFDUDQGLQWRWKHVXPSRUORZHVWDUHD
RIWKHFDU
2Q-XQHSULRUWRORDGLQJWKHWDQNFDUZLWKDUVHQLF
DFLG D +LFNVRQ HPSOR\HH LQVSHFWHG WKH WDQN FDU IRU LWV
MRXUQH\ WR ,QGLDQD ,Q YLRODWLRQ RI IHGHUDO UXOHV DQG
UHJXODWLRQVWKHLQVSHFWLRQGLGQRWLQFOXGHWKHVXPSDUHDRI
WKHFDUEHFDXVHWKDWDUHDZDVFRYHUHGZLWKDSRRORIOLTXLG
'HVSLWHWKLVODFNRIUHTXLUHGLQVSHFWLRQ+LFNVRQORDGHGWKH
DFLGRQWRWKHFDUDQGFHUWLILHGWR1RUIRON6RXWKHUQRQWKHELOO
RI ODGLQJ WKDW WKH DFLG ZDV LQ SURSHU FRQGLWLRQ DQG ZDV
SURSHUO\ ³SDFNDJHG´ IRU WUDQVSRUWDWLRQ LQ DFFRUGDQFH ZLWK
'HSDUWPHQWRI7UDQVSRUWDWLRQUXOHVDQGUHJXODWLRQV1RUIRON
6RXWKHUQWRRNSRVVHVVLRQRIWKHWDQNFDUDQGWUDQVSRUWHGWKH
DUVHQLFDFLGWRGH%XWWV<DUGLQ&KDWWDQRRJDRQ-XQHDQG
,QWKHHDUO\PRUQLQJKRXUVRI-XQHZKLOHWKHFDUZDVVWLOO
DW WKH &KDWWDQRRJD UDLO \DUG D OHDN ZDV GLVFRYHUHG 1R
PHDVXUHVZHUHWDNHQE\1RUIRON6RXWKHUQDWWKDWWLPHWRVWRS
WKHOHDN6HYHUDOKRXUVODWHU1RUIRON6RXWKHUQHPSOR\HHV
PRYHGWKHVWLOOOHDNLQJWDQNFDUWRWKHHGJHRIWKHUDLO\DUGVR
WKDWHPHUJHQF\HTXLSPHQWFRXOGUHDFKLW1RUIRON6RXWKHUQ
HPSOR\HHV QRWLILHG WKH 7HQQHVVHH 'HSDUWPHQW RI
(QYLURQPHQW DQG &RQVHUYDWLRQ WKH &KDWWDQRRJD )LUH
'HSDUWPHQW WKH ZDWHU FRPSDQ\ )HUJXVRQ +DUERXU
,QFRUSRUDWHG 1RUIRON 6RXWKHUQ¶V HPHUJHQF\ UHVSRQVH
FRQWUDFWRU DQG +LFNVRQ 7KH )LUH 'HSDUWPHQW VHQW D
KD]DUGRXVPDWHULDOVWHDPWRWKHVLWH7KHFDUFRQWLQXHGWR
1R +LFNVRQ&RUSY1RUIRON
6RXWKHUQ5\&R
WRJHWKHUWRGHWHUPLQHZKHWKHUWKH\SUHVHQWHGWKHLVVXHVWRWKH
MXU\LQDFOHDUDQGIDLUPDQQHU
$SSO\LQJWKHSURFHGXUHVHWRXWLQ&RQFUHWH6SDFHVWRWKH
YHUGLFWIRUPXVHGLQWKLVFDVHGHPRQVWUDWHVWKDWDOWKRXJKWKH
IRUP DVNHG WKH MXU\ LI 1RUIRON 6RXWKHUQ KDG SURYHG LWV
FRQWUDFWFODLPDJDLQVW+LFNVRQLWWKHQIDLOHGWRDVNWKHMXU\
ZKDWWKHVSHFLILFGDPDJHVZHUHIRUWKDWFODLP7KHWULDOFRXUW
VKRXOGKDYHVXEPLWWHGWRWKHMXU\DTXHVWLRQUHTXLULQJWKHMXU\
WRVWDWHVSHFLILFDOO\WKHDPRXQWLIDQ\RIFRQWUDFWGDPDJHV
LQFOXGLQJDQ\PLWLJDWLRQRIWKRVHGDPDJHVDULVLQJIURPWKH
FRQGXFW RI 1RUIRON 6RXWKHUQ DQG WKH RWKHU HQWLWLHV 7KH
YHUGLFWIRUPDORQJZLWKWKHMXU\LQVWUXFWLRQVVKRXOGPDNH
FOHDUWRWKHMXU\WKDWDQ\GDPDJHVDZDUGHGRQDFODLPPXVWEH
VXSSRUWHGE\HYLGHQFHUHODWLQJWRWKDWFODLPDQGGDPDJHVIRU
RQH FODLP PD\ QRW EH GXSOLFDWLYH RI GDPDJHV DZDUGHG LQ
DQRWKHUFODLP7KHMXU\VKRXOGEHWROGWKDW+LFNVRQPD\QRW
UHFRYHUWZLFHIRUWKHVDPHLQMXU\XQGHUDOWHUQDWHWKHRULHVRI
OLDELOLW\,IWKHMXU\DZDUGVGDPDJHVRQPRUHWKDQRQHFODLP
LWLVLQFXPEHQWRQWKHWULDOMXGJHWRHQVXUHWKDWWKHDZDUGVDUH
QRWGXSOLFDWLYHRURYHUODSSLQJ,IDQ\GDPDJHVDZDUGHGDUH
GXSOLFDWLYHWKHGLVWULFWFRXUWPXVWGLUHFW1RUIRON6RXWKHUQWR
HOHFWEHWZHHQWKHDZDUGV
$FFRUGLQJO\ WKH SRUWLRQ RI WKH MXGJPHQW DZDUGLQJ
GDPDJHVLVUHYHUVHGDQGUHPDQGHGIRUDQHZWULDORQGDPDJHV
RQO\7KHMXGJPHQWRQOLDELOLW\LVDIILUPHG
-- 4 of 8 --
+LFNVRQ&RUSY1RUIRON
6RXWKHUQ5\&R
1R
MXU\WRDZDUGGDPDJHVXQGHUHDFKVHSDUDWHWKHRU\IRUZKLFK
LW ILQGV SURRI RI OLDELOLW\ ,G 7KH MXU\ LQGLFDWHG RQ WKH
YHUGLFW IRUP WKDW LW IRXQG OLDELOLW\ XQGHU ERWK 1RUIRON
6RXWKHUQ¶V FRQWUDFW DQG QHJOLJHQFH WKHRULHV DQG WKHUH LV
HYLGHQFHLQWKHUHFRUGWKDWZRXOGVXSSRUWHLWKHUWKHRU\7KH
SUREOHPDURVHEHFDXVHWKHYHUGLFWIRUPSUHVHQWHGWRWKHMXU\
GLGQRWDOORZLWWRLQGLFDWHVSHFLILFDOO\ZKDWLIDQ\FRQWUDFW
GDPDJHVZHUHSURYHQVHSDUDWHIURPWKHQHJOLJHQFHGDPDJHV
7KH 7HQQHVVHH 6XSUHPH &RXUW VHW RXW SURFHGXUHV LQ
&RQFUHWH 6SDFHV IRU HOHFWLQJ D UHPHG\ ZKHQ WKH SODLQWLII
SXUVXHVUHOLHIXQGHUPRUHWKDQRQHWKHRU\RIUHFRYHU\$VWKH
&RXUW SRLQWHG RXW LQ WKDW RSLQLRQ WKH ULVN WKDW D MXU\ ZLOO
EHFRPHFRQIXVHGLVRIJUHDWHUFRQFHUQZKHQWKHMXU\LVDVNHG
WR UHWXUQ D JHQHUDO YHUGLFW EXW WKHUH DUH PXOWLSOH WKHRULHV
XQGHU ZKLFK WKH MXU\ PLJKW ILQG OLDELOLW\ DQG UHVXOWLQJ
GDPDJHV 7KH &RXUW VWDWHG ³%RWK WR SUHVHUYH WKH MXU\¶V
ILQGLQJV DQG WR IDFLOLWDWH WKH SODLQWLII¶V DELOLW\ WR HOHFW
GDPDJHVLWLVHVVHQWLDOWKDWWKHMXU\¶VOLDELOLW\GHWHUPLQDWLRQV
UHIOHFW WKH XQGHUO\LQJ FODLPV XSRQ ZKLFK WKH\ DUH EDVHG´
&RQFUHWH6SDFHV 6:GDW (PSKDVLVDGGHG ,W
ZHQWRQWRVWDWHWKDWWKHUHFDQEHQR³FDWFKDOO´VWDQGDUGVRU
EODQNHWUXOHVEXWLQVWHDGWKHWULDOFRXUWPXVWXVH³JHQHUDO
FRPPRQVHQVHSULQFLSOHV´LQSUHSDULQJMXU\LQVWUXFWLRQVDQG
VSHFLDOYHUGLFWIRUPVIRUFDVHVLQYROYLQJPXOWLSOHWKHRULHVRI
OLDELOLW\RUVHHNLQJYDULRXVW\SHVRIGDPDJHV)LUVWWKHWULDO
FRXUW VKRXOG SURYLGH VHSDUDWH MXU\ LQVWUXFWLRQV IRU HDFK RI
WKHRU\RIOLDELOLW\WKDWFOHDUO\H[SODLQVWKHHOHPHQWVRIHDFK
FODLP,G7KHQLQDFDVHZLWKPXOWLSOHFODLPVVXFKDVWKH
RQHV KHUH WKH MXU\ VKRXOG DOVR XVH D JHQHUDO YHUGLFW IRUP
DFFRPSDQLHGE\VSHFLDOLQWHUURJDWRULHVRUDVSHFLDOYHUGLFW
IRUP,G7HQQHVVHH5XOHRI&LYLO3URFHGXUHDFFRUGVWULDO
FRXUWV JUHDW ODWLWXGH LQ XVLQJ VSHFLDO YHUGLFW IRUPV DQG
WDLORULQJ VSHFLDO LQWHUURJDWRULHV WR PHHW WKH QHHGV RI HDFK
XQLTXHFDVH*HQHUDOO\WKHYHUGLFWIRUPVKRXOGUHSHDWDQG
KLJKOLJKWWKHLVVXHVFRYHUHGLQWKHMXU\FKDUJHDQGVKRXOGEH
FRXFKHG LQ WKH VDPH WHUPV DV WKH MXU\ LQVWUXFWLRQV 7KH
LQVWUXFWLRQV DQG WKH YHUGLFW IRUP VKRXOG EH FRQVLGHUHG
1R +LFNVRQ&RUSY1RUIRON
6RXWKHUQ5\&R
OHDNXQWLOD+LFNVRQHPSOR\HHDUULYHGRQWKHVFHQHVRPH
KRXUV DIWHU GLVFRYHU\ RI WKH OHDN DQG DUUDQJHG IRU WKH
OHDNLQJDFLGWREHGUDLQHGLQWRDFKLOGUHQ¶VSODVWLFSRRODQG
SXPSHGEDFNLQWRWKHFDU%HIRUHWKHOHDNZDVFRQWDLQHG
DSSUR[LPDWHO\RIWKHDFLGZDVORVWFDXVLQJFRQWDPLQDWLRQ
WRWKHVRLOLQWZRSODFHVDWWKHUDLO\DUGDQGWKUHDWHQLQJWKH
&KDWWDQRRJDZDWHUVXSSO\DOWKRXJKH[WHQVLYHOHDNDJHLQWR
WKHZDWHUV\VWHPZDVDYHUWHG
$IWHUWKHVSLOO+LFNVRQDVWKHRZQHURIWKHDUVHQLFEHLQJ
WUDQVSRUWHGEURXJKWDQDFWLRQDJDLQVW1RUIRON6RXWKHUQXQGHU
WKH&DUPDFN$PHQGPHQWWRWKH,QWHUVWDWH&RPPHUFH$FWD
IHGHUDO VWDWXWH DOORZLQJ UHFRYHU\ DJDLQVW DQ LQWHUVWDWH UDLO
FDUULHUE\WKHRZQHURISURSHUW\GDPDJHGE\WKHLQWHUVWDWHUDLO
FDUULHUGXULQJWUDQVLW86&+LFNVRQFODLPHG
DPRQJRWKHUWKLQJVWKDW1RUIRON6RXWKHUQFDXVHGWKHOHDNE\
MRLQLQJ UDLO FDUV WRJHWKHU DW DQ H[FHVVLYH UDWH RI VSHHG
1RUIRON6RXWKHUQFRXQWHUFODLPHGDJDLQVW+LFNVRQDOOHJLQJ
EUHDFK RI FRQWUDFW QHJOLJHQFH QXLVDQFH WUHVSDVV DQG
XOWUDKD]DUGRXVDFWLYLW\EDVHGRQ+LFNVRQ¶VIDLOXUHDGHTXDWHO\
WRLQVSHFWWKHWDQNFDUEHIRUHORDGLQJWKHDUVHQLFRQWRWKHWDQN
FDUDQGIRUPLVUHSUHVHQWLQJWR1RUIRON6RXWKHUQWKURXJKWKH
ELOORIODGLQJWKDWWKHWDQNFDUKDGEHHQSURSHUO\LQVSHFWHG
DQGZDVILWWRWUDQVSRUWDUVHQLF1RUIRON6RXWKHUQDOVRILOHG
D WKLUGSDUW\ FRPSODLQW DJDLQVW 8QLRQ 7DQN &DU WKH
PDQXIDFWXUHUDQGRZQHURIWKHWDQNFDUWKDWOHDNHGFODLPLQJ
EUHDFK RI FRQWUDFW QHJOLJHQFH QXLVDQFH WUHVSDVV DQG
XOWUDKD]DUGRXVDFWLYLW\1RUIRON6RXWKHUQDOOHJHGWKDW8QLRQ
7DQN&DUKDGLQVWDOOHGWKHHGXFWLRQSLSHLQFRUUHFWO\FDXVLQJ
LWWRVWULNHWKHVXPSRIWKHWDQNFDUZHDUWKURXJKWKHWDQN
FDU¶VSURWHFWLYHOLQLQJDQGWKHUHE\DOORZWKHDFLGWRFRUURGH
WKHWDQNFDU¶VVWHHO,QWXUQ8QLRQ7DQN&DUILOHGDWKLUG
SDUW\FRPSODLQWDJDLQVW+LFNVRQIRUQHJOLJHQFHDQG+LFNVRQ
FRXQWHUFODLPHGDJDLQVW8QLRQ7DQN&DUIRUYDULRXVSURGXFWV
OLDELOLW\FODLPVRWKHUQHJOLJHQFHFODLPVEUHDFKRIFRQWUDFW
DQG FRQWULEXWLRQ RU LQGHPQLW\ 7KH GLVWULFW FRXUW JUDQWHG
SDUWLDO VXPPDU\ MXGJPHQW WR 8QLRQ 7DQN &DU GLVPLVVLQJ
1RUIRON6RXWKHUQ¶VFODLPVDJDLQVW8QLRQ7DQN&DUIRUEUHDFK
RI FRQWUDFW WUHVSDVV DQG QXLVDQFH 8QLRQ 7DQN &DU DQG
-- 5 of 8 --
+LFNVRQ&RUSY1RUIRON
6RXWKHUQ5\&R
1R
1RUIRON 6RXWKHUQ DOVR ILOHG WKLUGSDUW\ FRPSODLQWV DJDLQVW WKH
&LW\ RI &KDWWDQRRJD IRU QHJOLJHQFH LQ LWV FOHDQ XS UHVSRQVH
:LVFRQVLQ 3URWHFWLYH &RDWLQJV WKH PDQXIDFWXUHU RI WKH SURWHFWLYH
OLQLQJ LQ WKH OHDNLQJ WDQN FDU DQG 7ULQLW\ ,QGXVWULHV ,QF WKH
DSSOLFDWRU RI WKH OLQHU PDWHULDO WR WKH OHDNLQJ WDQN FDU +LFNVRQ WKHQ
EURXJKW D WKLUGSDUW\ FRPSODLQW DJDLQVW )HUJXVRQ +DUERXU ,QF 1RUIRON
6RXWKHUQ¶V HPHUJHQF\ UHVSRQVH WHDP IRU VSLOOV IRU FRQWULEXWLRQ EDVHG RQ
)HUJXVRQ +DUERXU¶V QHJOLJHQFH LQ LWV FOHDQXS UHVSRQVH 3ULRU WR WULDO WKH
GLVWULFW FRXUW GLVPLVVHG +LFNVRQ¶V FODLP IRU FRQWULEXWLRQ DJDLQVW )HUJXVRQ
+DUERXU EHFDXVH XQGHU 7HQQHVVHH¶V FRPSDUDWLYH IDXOW VWDWXWH LQ
QHJOLJHQFH FDVHV WKHUH FDQ EH QR FODLPV RI FRQWULEXWLRQ 1RUIRON
6RXWKHUQ VHWWOHG LWV FODLPV ZLWK WKH &LW\ RI &KDWWDQRRJD 7ULQLW\ ,QGXVWULHV
DQG :LVFRQVLQ 3URWHFWLYH &RDWLQJV
+LFNVRQVHWWOHGWKHLUFODLPVDJDLQVWHDFKRWKHUIROORZLQJMXU\
VHOHFWLRQ 1XPHURXV RWKHU WKLUGSDUW\ FRPSODLQWV DQG
FRXQWHUFODLPVZHUHILOHGEDVHGRQWKLVLQFLGHQW
$IWHUWKHGLVWULFWFRXUWUXOHGRQYDULRXVGLVSRVLWLYHPRWLRQV
WKHIROORZLQJLVVXHVZHUHWULHGWRDMXU\
+LFNVRQ¶V&DUPDFN$PHQGPHQWFODLPDJDLQVW1RUIRON
6RXWKHUQIRUGDPDJHWRSURSHUW\EHLQJWUDQVSRUWHGLQWHUVWDWH
E\UDLO
1RUIRON6RXWKHUQ¶VFODLPVDJDLQVW+LFNVRQIRUEUHDFK
RIFRQWUDFWQHJOLJHQFHQXLVDQFHDQGWUHVSDVVDULVLQJIURPWKH
DOOHJHG IDLOXUH DGHTXDWHO\ WR LQVSHFW WKH WDQN FDU DQG IRU
PLVUHSUHVHQWDWLRQVDERXWWKHLQVSHFWLRQDQGFRQGLWLRQRIWKH
WDQNFDUSXWIRUWKLQWKHELOORIODGLQJ
1RUIRON6RXWKHUQ¶VFODLPDJDLQVW8QLRQ7DQN&DUIRU
QHJOLJHQFHLQLQVWDOOLQJWKHHGXFWLRQSLSH
$OOSDUWLHVPRYHGIRUMXGJPHQWDVDPDWWHURIODZDWWKHFORVH
RI WKH HYLGHQFH 7KH GLVWULFW FRXUW JUDQWHG MXGJPHQW DV D
PDWWHU RI ODZ WR +LFNVRQ RQ 1RUIRON 6RXWKHUQ¶V
XOWUDKD]DUGRXVDFWLYLW\FODLPDQGGHQLHGDOORWKHUPRWLRQV
7KHMXU\IRXQG+LFNVRQOLDEOHWR1RUIRON6RXWKHUQIRUEUHDFK
RIFRQWUDFWDQGQHJOLJHQFHDQGIRXQG8QLRQ7DQN&DUOLDEOH
1R +LFNVRQ&RUSY1RUIRON
6RXWKHUQ5\&R
HQWLWOHGWRRQO\RQHUHFRYHU\ 5HJDUGOHVVRIWKHQDWXUHRU
QXPEHURIOHJDOWKHRULHVDGYDQFHGE\DSDUW\LWLVQRWHQWLWOHG
WR PRUH WKDQ D VLQJOH UHFRYHU\ IRU HDFK GLVWLQFW LWHP RI
FRPSHQVDEOHGDPDJHVXSSRUWHGE\WKHHYLGHQFH
2XUUHYLHZRIWKHFODLPVEURXJKWE\1RUIRON6RXWKHUQDQG
WKH HYLGHQFH SUHVHQWHG LQGLFDWH WKDW 1RUIRON 6RXWKHUQ
VXIIHUHGRQO\RQHLQMXU\DVDUHVXOWRIWKHOHDNDQGLWFDQQRW
FROOHFW D GRXEOH UHFRYHU\ IRU DFWXDO GDPDJHV WKDW DUH
FRH[WHQVLYH XQGHU WKH FRQWUDFW DQG WRUW FODLPV 1RUIRON
6RXWKHUQSUHPLVHGERWKLWVFRQWUDFWDQGWRUWGDPDJHVRQLWV
FRVWWRFOHDQXSWKHVSLOO,WGRHVQRWDSSHDUWKDWWKHGLVWULFW
FRXUWUHYLHZHGWKHHYLGHQFHWRGHWHUPLQHZKHWKHUHDFKFODLP
ZDVEDVHGRQDVHSDUDEOHLWHPRIFRPSHQVDEOHGDPDJHVRDV
WRMXVWLI\DJJUHJDWLQJWKHPLQFRPSXWLQJWKHWRWDODPRXQWRI
GDPDJHV ,W GLG QRW H[DPLQH ZKHWKHU DQ\ SRUWLRQ RI WKH
FRQWUDFW GDPDJHV DUULYHG DW WKURXJK WKH
PDWKHPDWLFDO FDOFXODWLRQV RI WKH GLVWULFW FRXUW LQVWHDG RI
WKURXJKDGLUHFWTXHVWLRQWRWKHMXU\DQGWKHLQ
QHJOLJHQFH GDPDJHV VSHFLILFDOO\ DZDUGHG E\ WKH MXU\ WR
1RUIRON 6RXWKHUQ RYHUODS RU GXSOLFDWH HDFK RWKHU (YHQ
WKRXJKWKHUHPD\EHPRUHWKDQRQHOHJDOUHDVRQZK\+LFNVRQ
LVOLDEOHWR1RUIRON6RXWKHUQXQGHUWKHHYLGHQFHZHFDQQRW
VHHZKHUH1RUIRON6RXWKHUQZDVKDUPHGLQDZD\WKDWFDXVHG
PRUHWKDQRQHGLVWLQFWLQMXU\±WKHFRVWRIFOHDQLQJXSWKH
VSLOO
$GHTXDF\RIWKH9HUGLFW)RUP
7KHGRXEOHUHFRYHU\SUREOHPZDVH[DFHUEDWHGE\DYHUGLFW
IRUPWKDWGLGQRWDOORZWKHMXU\WRDZDUGVSHFLILF GDPDJH
DPRXQWVIRUHDFKFODLP7KHRUGHUDQGIRUPRIWKHTXHVWLRQV
RQWKHYHUGLFWIRUPOHIWWKHGLVWULFWFRXUWXQDEOHWRGHWHUPLQH
ZKDWWKHMXU\LQWHQGHGLQLWVDZDUGRIGDPDJHV&RQFUHWH
6SDFHVDGGUHVVHVDPRQJRWKHUWKLQJVWKHQHFHVVLW\WKDWWKH
YHUGLFW IRUP SURSHUO\ VHSDUDWH WKH FDXVHV RI DFWLRQ DQG
FRUUHVSRQGLQJGDPDJHVWRDYRLGWKHFRPSOLFDWLRQVWKDWPLJKW
RWKHUZLVHUHVXOWIURPDJHQHUDOILQGLQJRIGDPDJHV&RQFUHWH
6SDFHV6:GDW7KHYHUGLFWIRUPPXVWDOORZWKH
-- 6 of 8 --
+LFNVRQ&RUSY1RUIRON
6RXWKHUQ5\&R
1R
FRQWUDFWZLWK1RUIRON6RXWKHUQWKHIRUPGLGQRWSHUPLWWKH
MXU\WRDZDUGDGDPDJHDPRXQWIRUWKDWFODLP7KHUHVXOWLQJ
FRQIXVLRQDERXWZKDWWKHMXU\LQWHQGHGUHTXLUHVXVWRUHPDQG
WKHFDVHDQGRUGHUDQHZWULDORQGDPDJHV
%HFDXVHWKLVFDVHLVEDVHGRQRXUGLYHUVLW\MXULVGLFWLRQZH
GHFLGHWKHTXHVWLRQXQGHU7HQQHVVHHODZ7KH7HQQHVVHH
6XSUHPH&RXUWRSLQLRQ&RQFUHWH6SDFHV,QFY6HQGHU
6:G 7HQQ GHFLGHGDIWHUWKHWULDOLQWKLVFDVH
SURYLGHV JXLGDQFH WR RXU UHYLHZ $V VWDWHG LQ &RQFUHWH
6SDFHV WKH 7HQQHVVHH 5XOHV RI &LYLO 3URFHGXUH DOORZ D
SODLQWLIIVLPXOWDQHRXVO\WRSXUVXHDYDULHW\RIOHJDOWKHRULHV
DJDLQVWDGHIHQGDQWVRORQJDVWKHSODLQWLIILVQRWDZDUGHGD
GRXEOHUHFRYHU\,IWKHGDPDJHDZDUGUHVXOWVLQDGXSOLFDWLYH
UHFRYHU\ WKH FRXUW PD\ WKHQ GLUHFW WKH SODLQWLII WR HOHFW D
UHPHG\,GDWVHHDOVR6WHYHQ:)HOGPDQ(OHFWLRQ
RI 5HPHGLHV LQ 7HQQHVVHH 0DNLQJ WKH 5LJKW &KRLFHV
7HQQ %DU - -DQ GLVFXVVLQJ&RQFUHWH6SDFHV
+HUHWKHFRQIXVLQJYHUGLFWIRUPFRPELQHGZLWKWKHGLVWULFW
FRXUW¶V LQWHUSUHWDWLRQ RI WKH MXU\¶V DQVZHUV RQ WKH IRUP
DOORZHG WKH SRVVLELOLW\ RI D GRXEOH UHFRYHU\ E\ 1RUIRON
6RXWKHUQ QHFHVVLWDWLQJ D QHZ WULDO RQ GDPDJHV XQGHU WKH
KROGLQJLQ&RQFUHWH6SDFHV
'RXEOH5HFRYHU\DQG(OHFWLRQRI5HPHGLHV
(OHFWLRQRIUHPHGLHVLV³WKHOHJDOYHUVLRQRIWKHLGHDWKDWD
SODLQWLIIPD\QRWKDYHKLVFDNHDQGHDWLWWRR´''REEV
5HPHGLHVDW 7KH GRFWULQHLVUHPHGLDOLQ
QDWXUHDQGGRHVQRPRUHWKDQSUHYHQWGRXEOHUHFRYHU\,G
DW$OWKRXJKWKHGRFWULQHKDVEHHQLQWHUSUHWHGPDQ\ZD\V
ZKDWLWPHDQVLQWKLVFDVHLVWKDW1RUIRON6RXWKHUQLVHQWLWOHG
WRWKHJUHDWHVWDPRXQWUHFRYHUDEOHXQGHUDQ\VLQJOHWKHRU\
SOHGWKDWLVVXSSRUWHGE\WKHHYLGHQFH,WLVZHOOVHWWOHGXQGHU
7HQQHVVHH ODZ WKDW D SDUW\ FDQQRW EH FRPSHQVDWHG IRU WKH
VDPHLQMXU\WZLFH6KDKUGDUY*OREDO+RXVLQJ,QF
6:G 7HQQ&W$SS FLWLQJ$OOLHG6RXQG
,QFY1HHO\6:G 7HQQ&W$SS LI
GDPDJHV XQGHU GLIIHUHQW OHJDO WKHRULHV RYHUODS SODLQWLII
1R +LFNVRQ&RUSY1RUIRON
6RXWKHUQ5\&R
WR1RUIRON6RXWKHUQIRUQHJOLJHQFH7KHMXU\DOVRIRXQGWKDW
1RUIRON6RXWKHUQZDVQRWQHJOLJHQWZLWKUHVSHFWWR+LFNVRQ¶V
FODLPWKDWLWFDXVHGWKHOHDNE\FRXSOLQJWKHFDUVWRJHWKHUWRR
IDVWEXWLWGLGILQGWKDW1RUIRON6RXWKHUQZDVQHJOLJHQWLQLWV
UHVSRQVHWRWKHVSLOORQFHGLVFRYHUHGWKHUHE\LQFUHDVLQJWKH
KDUPGRQHE\WKHVSLOO
$IWHUGHWHUPLQLQJOLDELOLW\WKHYHUGLFWIRUPDVNHGWKHMXU\
WRGHWHUPLQHGDPDJHV$IWHUGLVFXVVLRQDPRQJWKHSDUWLHV
DQGWKHFRXUWWKHMXU\ZDVSUHVHQWHGZLWKDVLQJOHGDPDJH
TXHVWLRQ LQ 4XHVWLRQ RI WKH YHUGLFW IRUP WKDW UHDG DV
IROORZV³:KDWLVWKHWRWDODPRXQWWKDW1RUIRON6RXWKHUQ
LQFXUUHGLQGDPDJHVSXUVXDQWWRWKHFODLPV\RXIRXQG1RUIRON
6RXWKHUQKDGSURYHGE\DSUHSRQGHUDQFHRIWKHHYLGHQFH"´
7KH MXU\ UHVSRQGHG WKDW 1RUIRON 6RXWKHUQ KDG LQFXUUHG
GDPDJHVLQWKHDPRXQWRI4XHVWLRQDVNHG
WKHMXU\LQDFFRUGDQFHZLWK7HQQHVVHH¶VFRPSDUDWLYHIDXOW
ODZWRDOORFDWHWKHIDXOWDPRQJYDULRXVHQWLWLHVEXWLWGLGQRW
LQVWUXFW RU WHOO WKH MXU\ WKDW LW ZDV DSSRUWLRQLQJ RQO\
QHJOLJHQFH GDPDJHV ³ 8VLQJ RQH KXQGUHG SHUFHQW
DVWKHWRWDOFRPELQHGIDXOWZKDWSHUFHQWDJHRIWKH
WRWDODVSURYHGE\DSUHSRQGHUDQFHRIWKHHYLGHQFHVKRXOGEH
DOORFDWHGWRHDFKHQWLW\"´7KHMXU\DSSRUWLRQHGIDXOWDPRQJ
YDULRXVSDUWLHVDQGQRQSDUWLHVDVIROORZV+LFNVRQ±
8QLRQ7DQN&DU1RUIRON6RXWKHUQ7ULQLW\
,QGXVWULHV±:LVFRQVLQ3URWHFWLYH&RDWLQJV±&LW\
RI&KDWWDQRRJD±)HUJXVRQ+DUERXU±DQG.ORSSHUV
.ORSSHUVOHDVHGWKHWDQNFDULQTXHVWLRQWRWUDQVSRUWDUVHQLF
DFLGEHIRUH+LFNVRQWRRNRYHUWKHOHDVH 7KHQLQ4XHVWLRQ
WKHYHUGLFWIRUPVSHFLILFDOO\DVNHGWKHMXU\WRILQGWKH
QHJOLJHQFHGDPDJHVLQFXUUHGE\1RUIRON6RXWKHUQ³2XWRI
WKHWRWDODPRXQWRIGDPDJHV\RXOLVWHGLQ4XHVWLRQ DQG
ZLWKRXWFRQVLGHULQJWKHSHUFHQWDJHRIIDXOWLQ4XHVWLRQ
ZKDW ZDV WKH DPRXQW RI GDPDJH VXVWDLQHG E\ 1RUIRON
6RXWKHUQSXUVXDQWWRLWVQHJOLJHQFHFODLP"´,QDQVZHUWRWKLV
TXHVWLRQWKHMXU\VSHFLILFDOO\IRXQGPLOOLRQLQQHJOLJHQFH
GDPDJHV 7KH MXGJH WKHQ DOORFDWHG WKH PLOOLRQ LQ
QHJOLJHQFHGDPDJHVLQDFFRUGDQFHZLWKWKHSHUFHQWDJHVJLYHQ
LQ4XHVWLRQ
-- 7 of 8 --
+LFNVRQ&RUSY1RUIRON
6RXWKHUQ5\&R
1R
$OWKRXJK WKH YHUGLFW IRUP DVNHG WKH MXU\ IRU D ³WRWDO´
GDPDJHVDZDUGDQGDOVRVSHFLILFDOO\DVNHGWKHMXU\WRDZDUG
GDPDJHVRQWKHQHJOLJHQFHFODLPLWGLGQRWDVNIRUDVSHFLILF
GDPDJHDZDUGRQWKHEUHDFKRIFRQWUDFWFODLP%HFDXVHWKH
MXU\IRXQGOLDELOLW\XQGHUWKHFRQWUDFWFODLPWKHGLVWULFWFRXUW
KDGWRGHGXFHWKHDPRXQWRIFRQWUDFWGDPDJHVLIDQ\EDVHG
RQWKHMXU\¶VDQVZHUVWRWKHRWKHULQWHUURJDWRULHV7KHWULDO
FRXUWDUULYHGDWFRQWUDFWGDPDJHVLQWKHDPRXQWRI
PLOOLRQE\WDNLQJWKHWRWDODPRXQWRIGDPDJHVIRXQGE\WKH
MXU\LQ4XHVWLRQ DQGVXEWUDFWLQJWKHDPRXQW
RI QHJOLJHQFH GDPDJHV IRXQG E\ WKH MXU\ WR
DUULYH DW WKH FRQWUDFW GDPDJHV DPRXQW 7KH
GLVWULFWFRXUWFDOFXODWHG+LFNVRQ¶VWRWDOGDPDJHSD\PHQWWR
1RUIRON6RXWKHUQE\DGGLQJWKHFRQWUDFWGDPDJHDZDUGRI
PLOOLRQ WR +LFNVRQ¶V SRUWLRQ RI WKH QHJOLJHQFH
GDPDJHV PLOOLRQ IRU WRWDO GDPDJHV RI
PLOOLRQWREHSDLGE\+LFNVRQWR1RUIRON6RXWKHUQ
7KH SULPDU\ LVVXH UDLVHG RQ DSSHDO LV ZKHWKHU WKH MXU\
LQWHQGHG IRU +LFNVRQ WR SD\ PLOOLRQ LQ FRQWUDFW
GDPDJHVWR1RUIRON6RXWKHUQLQDGGLWLRQWRLWVVKDUHRIWKH
PLOOLRQLQQHJOLJHQFHGDPDJHVDSSRUWLRQHGDPRQJWKHYDULRXV
HQWLWLHV +LFNVRQ FRQWHQGV WKDW WKH MXU\ GLG QRW LQWHQG WR
DZDUG 1RUIRON 6RXWKHUQ ERWK FRQWUDFW DQG QHJOLJHQFH
GDPDJHVEXWWKHFRQIXVLQJYHUGLFWIRUPFDXVHGWKHWULDOMXGJH
WR DZDUG FRQWUDFW GDPDJHV ZKHUH QRQH ZHUH LQWHQGHG
$OWHUQDWLYHO\+LFNVRQFODLPVWKDWHYHQLIWKHMXU\GLGLQWHQG
WRDZDUGERWKFRQWUDFWDQGQHJOLJHQFHGDPDJHVWKHDPRXQWV
DZDUGHG DUH H[FHVVLYH EHFDXVH WKH\ FRPSHQVDWH 1RUIRON
6RXWKHUQ WZLFH IRU WKH VDPH LQMXU\ DQG GR QRW WDNH LQWR
DFFRXQW WKH IDFW WKDW WKH MXU\ IRXQG 1RUIRON 6RXWKHUQ
QHJOLJHQWLQLWVUHVSRQVHWRWKHVSLOO,QDGGLWLRQ+LFNVRQDOVR
FRQWHQGV WKDW WKH GLVWULFW FRXUW HUUHG LQ GLVPLVVLQJ LWV
FRQWULEXWLRQ FODLP DJDLQVW )HUJXVRQ+DUERXU 1RUIRON
6RXWKHUQ FDQQRW UHFRYHU EHFDXVH WKH MXU\ IRXQG 1RUIRON
6RXWKHUQ¶VQHJOLJHQFHWREHJUHDWHUWKDQ+LFNVRQ¶VRU8QLRQ
7DQN &DU¶V DQG WKH GLVWULFW FRXUW HUUHG LQ GHQ\LQJ
+LFNVRQ¶VPRWLRQIRUUHPLWWLWXU7KHODWWHUWKUHHLVVXHVDUH
1R +LFNVRQ&RUSY1RUIRON
6RXWKHUQ5\&R
PRRWLQOLJKWRIRXUGHFLVLRQWRUHPDQGIRUDQHZWULDORQ
GDPDJHV
,,
:H ILUVW DGGUHVV WKH ZDLYHU LVVXH UDLVHG E\ 1RUIRON
6RXWKHUQ1RUIRON6RXWKHUQFRQWHQGVWKDW+LFNVRQZDLYHG
DQ\FRPSODLQWVRQDSSHDODERXWWKHDGHTXDF\RIWKHYHUGLFW
IRUP EHFDXVH +LFNVRQ DJUHHG WR WKH IRUP EHIRUH LW ZDV
VXEPLWWHGWRWKHMXU\DQG+LFNVRQGHFOLQHGWRDVNWKHMXU\WR
FODULI\ LWV UHVSRQVHV EHIRUH LW ZDV GLVPLVVHG 7KH UHFRUG
LQGLFDWHVKRZHYHUWKDW+LFNVRQGLGH[SUHVVVRPHFRQFHUQ
DERXWWKHYHUGLFWIRUPEHIRUHLWZDVJLYHQWRWKHMXU\EXWLW
ZDVXQDEOHWRFRQYLQFHWKHWULDOMXGJHWRDGRSWWKHIRUPLW
ZDQWHG+LFNVRQDQG8QLRQ7DQN&DUDOVRFKDOOHQJHGWKH
YHUGLFWEDVHGRQREMHFWLRQVWRWKHYHUGLFWIRUPLQSRVWWULDO
PRWLRQV 6HH HJ +LFNVRQ &RUSRUDWLRQ¶V 0RWLRQ IRU
,QWHUSUHWDWLRQRIWKH-XU\9HUGLFW%ULHILQ6XSSRUW7KHUHRI
DQG5HVSRQVHLQ2SSRVLWLRQWRWKH%ULHIRI1RUIRON6RXWKHUQ
5DLOZD\&RPSDQ\ZLWK5HVSHFWWR(QWU\RI-XGJPHQWRQWKH
-XU\9HUGLFW GDWHG-DQ +LFNVRQ&RUSRUDWLRQ¶V
%ULHI LQ 6XSSRUW RI ,WV &RQVROLGDWHG >3RVWWULDO@ 0RWLRQV
GDWHG)HE )XUWKHUPRUHLQDGGLWLRQWRTXHVWLRQLQJ
WKHZRUGLQJRIWKHYHUGLFWIRUP+LFNVRQDQG8QLRQ7DQN&DU
DOVR FODLP HUURU LQ WKH WULDO MXGJH¶V LQWHUSUHWDWLRQ RI WKH
YHUGLFWIRUPDOHJDOLVVXHWKDWFRXOGQRWKDYHEHHQUDLVHG
EHIRUHWKHFRQFOXVLRQRIWKHWULDO+LFNVRQDQG8QLRQ7DQN
&DUVXIILFLHQWO\UDLVHGEHORZWKHLVVXHRI WKHZRUGLQJDQG
LQWHUSUHWDWLRQRIWKHYHUGLFWIRUPDQGZHWKHUHIRUHILQGWKDW
WKHLVVXHLVSURSHUO\EHIRUHXV
,,,
7KH SUREOHP ZLWK WKLV FDVH LV WZRIROG WKH GLVWULFW
FRXUWGLGQRWH[DPLQHZKHWKHUWKHFODLPVEURXJKWE\1RUIRON
6RXWKHUQZHUHDOWHUQDWLYHWKHRULHVEDVHGRQRQHLQMXU\DQG
ZKHWKHU WKH UHVXOWLQJ GDPDJHV ZHUH GXSOLFDWLYH RU
RYHUODSSLQJDQG WKHYHUGLFWIRUPZDVFRQIXVLQJEHFDXVH
GHVSLWHWKHIDFWWKDWWKHMXU\IRXQG+LFNVRQKDGEUHDFKHGLWV
-- 8 of 8 --
Connect Omnilex to search the legal corpus from your AI assistant.