00-1899; 00-2453; 01-1614•02a0396p.06
00-1899; 00-2453; 01-1614Court of Appeals for the Sixth Circuit15 de nov. de 2002
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
5,&+$5' &+$5/(6
%$57+2/20(:
:$55(1 *(1( +$55,6
DQG-8/((1
1,&2/( +(15<
'HIHQGDQWV$SSHOODQWV
;!
1
1RV
$SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW
IRUWKH(DVWHUQ'LVWULFWRI0LFKLJDQDW)OLQW
1R²3DXO9*DGROD'LVWULFW-XGJH
$UJXHG6HSWHPEHU
'HFLGHGDQG)LOHG1RYHPEHU
%HIRUH6,/(5'$8*+75(<DQG*,/0$1&LUFXLW
-XGJHV
-- 1 of 12 --
8QLWHG6WDWHVY
%DUWKRORPHZHWDO
1RV
BBBBBBBBBBBBBBBBB
&2816(/
$5*8('-RDQ(0RUJDQ7UR\0LFKLJDQ0LFKDHO0
/RVDYLR/RXLVYLOOH.HQWXFN\-DPHV/)HLQEHUJ'HWURLW
0LFKLJDQ IRU $SSHOODQWV 0DUN & -RQHV $66,67$17
81,7(' 67$7(6 $77251(< )OLQW 0LFKLJDQ IRU
$SSHOOHH21%5,()-RDQ(0RUJDQ7UR\0LFKLJDQ
0LFKDHO 0 /RVDYLR /RXLVYLOOH .HQWXFN\ -DPHV /
)HLQEHUJ'HWURLW0LFKLJDQIRU$SSHOODQWV0DUN&-RQHV
$66,67$17 81,7(' 67$7(6 $77251(< )OLQW
0LFKLJDQIRU$SSHOOHH
BBBBBBBBBBBBBBBBB
23,1,21
BBBBBBBBBBBBBBBBB
521$/'/((*,/0$1&LUFXLW-XGJH5LFKDUG&KDUOHV
%DUWKRORPHZ:DUUHQ*HQH+DUULVDQG-XOHHQ1LFROH+HQU\
ZHUHLQGLFWHGIRUFRQVSLUDF\WRGLVWULEXWHPDULMXDQD+DUULV
ZDVDOVRLQGLFWHGIRUSRVVHVVLRQZLWKLQWHQWWRGLVWULEXWHWKH
GUXJ$IWHUDMXU\FRQYLFWHGWKHGHIHQGDQWVRQDOOFRXQWVWKH
GLVWULFW FRXUW VHQWHQFHG WKHP WR YDULRXV WHUPV RI
LPSULVRQPHQW%DUWKRORPHZ+DUULVDQG+HQU\QRZDSSHDO
FODLPLQJWKDWWKHGLVWULFWFRXUWFRPPLWWHGQXPHURXVHUURUV
UHODWLQJWRWKHLUFRQYLFWLRQVDQGVHQWHQFHV)RUWKHUHDVRQV
VHWIRUWKEHORZZH$)),50WKHFRQYLFWLRQVDQGVHQWHQFHV
RI +DUULV DQG +HQU\ $)),50 WKH FRQYLFWLRQ RI
%DUWKRORPHZ EXW 9$&$7( %DUWKRORPHZ¶V VHQWHQFH DQG
5(0$1'KLVFDVHIRUUHVHQWHQFLQJ
,%$&.*5281'
$ )DFWXDOEDFNJURXQG
2Q'HFHPEHUWKH8QLWHG3DUFHO6HUYLFH 836
RIILFHLQ)OLQW0LFKLJDQUHFHLYHGDSDFNDJHWKDWDURXVHGWKH
VXVSLFLRQ RI 836 HPSOR\HH %ULDQ /D)DOFH +H FRQWDFWHG
-- 2 of 12 --
8QLWHG6WDWHVY
%DUWKRORPHZHWDO
1RV
LPSULVRQPHQWXQGHUWKHVHFLUFXPVWDQFHVVHULRXVO\DIIHFWVWKH
IDLUQHVVRIWKHMXGLFLDOSURFHHGLQJVDQGFRQVWLWXWHVSODLQHUURU
,,,&21&/86,21
)RU DOO RI WKH UHDVRQV VHW IRUWK DERYH ZH $)),50 WKH
FRQYLFWLRQVDQGVHQWHQFHVRI+DUULVDQG+HQU\$)),50WKH
FRQYLFWLRQRI%DUWKRORPHZEXW9$&$7(%DUWKRORPHZ¶V
VHQWHQFHDQG5(0$1'KLVFDVHIRUUHVHQWHQFLQJ
1RV 8QLWHG6WDWHVY
%DUWKRORPHZHWDO
6HUJHDQW$-1DYLGRQVNLRIWKH)OLQW$UHD1DUFRWLFV*URXS
D ODZ HQIRUFHPHQW DJHQF\ RI WKH VWDWH DQG FRXQW\ $IWHU
1DYLGRQVNLH[DPLQHGWKHH[WHULRURIWKHSDFNDJHKHREWDLQHG
DVHDUFKZDUUDQWWRORRNLQVLGH:KHQKHRSHQHGWKHSDFNDJH
1DYLGRQVNL GLVFRYHUHG D WXE WKDW FRQWDLQHG D VXEVWDQWLDO
DPRXQWRIPDULMXDQD/DERUDWRU\WHVWVODWHUUHYHDOHGWKDWWKH
SUHFLVHDPRXQWZDVJUDPV DSSUR[LPDWHO\SRXQGV
/DZ HQIRUFHPHQW RIILFLDOV GHFLGHG WR PDNH D FRQWUROOHG
GHOLYHU\RIWKHSDFNDJH$QXQGHUFRYHUSROLFHRIILFHUSRVLQJ
DV D 836 GULYHU GHOLYHUHG WKH SDFNDJH WR :HVW
'DUWPRXWK )OLQW 0LFKLJDQ WKH DGGUHVV VSHFLILHG RQ WKH
ODEHO$VRWKHUODZHQIRUFHPHQWRIILFLDOVVHWXSVXUYHLOODQFH
DPDQODWHULGHQWLILHGDV+DUULVHPHUJHGIURPWKHKRXVHDW
:HVW'DUWPRXWKWRDQVZHUWKHNQRFNRIWKHXQGHUFRYHU
RIILFHU+DUULVVLJQHGWKHQDPH³%LOO\-RQHV´DQGDFFHSWHG
WKHSDFNDJH
0LQXWHV DIWHU DFFHSWLQJ GHOLYHU\ +DUULV OHIW WKH KRXVH
WKURXJKDEDFNGRRU+HWUDYHUVHGWKHQHLJKERUKRRGVWUHHWV
IRUWKLUWHHQPLQXWHVDQGVSRNHZLWKQRRQHGXULQJWKLVWLPH
3ROLFH RIILFHUV ZKR ZHUH FRQWLQXLQJ WR REVHUYH +DUULV
VXVSHFWHGWKDWKHZDVWU\LQJWRDVFHUWDLQZKHWKHUKHZDVLQ
IDFWXQGHUVXUYHLOODQFH
$IWHU+DUULVFLUFOHGEDFNWR:HVW'DUWPRXWKDIRXU
GRRU FDU DUULYHG DQG +DUULV JRW LQWR WKH EDFN VHDW RQ WKH
SDVVHQJHUVLGH7KHFDUZDVGULYHQE\-DMXDQ*DUGQHUZLWK
%DUWKRORPHZ DQG &KHUURQ :ULJKW DV SDVVHQJHUV 3ROLFH
RIILFHUVIROORZHGWKHFDULQDQXQPDUNHGYDQ*DUGQHUDQG
+DUULVVRRQQRWLFHGWKDWWKH\ZHUHEHLQJIROORZHG7KH\VSHG
XSEXWZHUHXQDEOHWRHOXGHWKHYDQVR*DUGQHUSXOOHGLQWR
D WLUH VWRUH DQG VWRSSHG WKH FDU 7KH FDU¶V RFFXSDQWV DOO
MXPSHGRXWDQGVWDUWHGUXQQLQJ
$GGLWLRQDO SROLFH RIILFHUV DUULYHG RQ WKH VFHQH DQG
DSSUHKHQGHG %DUWKRORPHZ *DUGQHU +DUULV DQG :ULJKW
%DUWKRORPHZKDGLQFDVKRQKLVSHUVRQ*DUGQHUZDV
FDUU\LQJDQG+DUULVSRVVHVVHG,QDGGLWLRQ+DUULV
-- 3 of 12 --
8QLWHG6WDWHVY
%DUWKRORPHZHWDO
1RV
ZDV FDUU\LQJ D SDJHU WKDW KDG YHU\ UHFHQWO\ UHFHLYHG D
WHOHSKRQHFDOOIURPWKHQHDUE\%XGJHWHO,QQ%DUWKRORPHZ
DOVRKDGRQKLVSHUVRQDPRQJRWKHUWKLQJVDWUDIILFFLWDWLRQ
WKDWOLVWHGKLVDGGUHVVLQ+RXVWRQ7H[DVDQDGGUHVVERRN
FRQWDLQLQJPDQ\QDPHVDQGDSLHFHRISDSHUZLWKQXPHULFDO
FDOFXODWLRQVWKDWWKHRIILFHUVEHOLHYHGZHUHGUXJWDEXODWLRQV
+H LQIRUPHG WKH DUUHVWLQJ RIILFHUV WKDW KH ZDV VWD\LQJ LQ
5RRPRIWKH%XGJHWHO,QQZKLFKZDVFRQILUPHGE\WKH
KRWHO¶VUHFRUGV7KHUHFRUGVDOVRVKRZHGWKDW5RRPKDG
EHHQ DVVLJQHG WR ³0F*DUWKD -RKQVRQ´ DQ DOLDV IRU -DMXDQ
*DUGQHU
6HYHUDOSROLFHRIILFHUVDFFRPSDQLHG%DUWKRORPHZWR5RRP
DW WKH KRWHO %DUWKRORPHZ FRQVHQWHG WR WKH SROLFH
VHDUFKLQJWKHURRPEXWWKHFDUGNH\LQWKHLUSRVVHVVLRQIDLOHG
WRXQORFNWKHGRRU7KHRIILFHUVKRZHYHU³KDGLQIRUPDWLRQ´
WKDWWKHDGMDFHQWURRPPLJKWEHLQYROYHGLQGUXJWUDIILFNLQJ
7KH\ WKHUHIRUH NQRFNHG RQ WKH GRRU WR 5RRP DQG
DQQRXQFHG WKDW WKH\ ZHUH WKH SROLFH $ PDQ LQVLGH ODWHU
LGHQWLILHGDV2WLV-DPHV-DFNVRQDFNQRZOHGJHGWKHNQRFN
7ZR PLQXWHV ODWHU KH RSHQHG WKH GRRU DQG SHUPLWWHG WKH
RIILFHUVWRHQWHUWKHURRPWRVSHDNZLWKKLP
2QFHLQVLGHWKHURRPWKHRIILFHUVHQFRXQWHUHGDZRPDQ
ODWHULGHQWLILHGDV+HQU\ZKRZDVQDNHGEHORZWKHZDLVW
7KHRIILFHUVLQVWUXFWHGKHUWRSXWRQKHUFORWKHVZKLFKVKH
SURPSWO\ GLG -DFNVRQ WKHQ FRQVHQWHG WR D VHDUFK RI WKH
URRP
2QHRIILFHUIRXQGDEODFNVXLWFDVHEHVLGHWKHEHG+HQU\
VDLGWKDWLWZDVKHUVDQGWKDWWKHRIILFHUVFRXOGVHDUFKLW7KH
VXLWFDVH FRQWDLQHG LQ FDVK SDFNDJHG ZLWK UXEEHU
EDQGV LQ EXQGOHV $QRWKHU RIILFHU IRXQG DQ DGGUHVV
ERRNRQDWDEOHLQWKHURRP7KUHHSDJHVRIDGKHVLYHQRWHVLQ
WKH ERRN FRQWDLQHG VHWV RI QXPEHUV ZKLFK WKH RIILFHU
UHFRJQL]HGDVGUXJWDEXODWLRQV7KHRIILFHUVDOVRGLVFRYHUHG
D FRXSRQ IRU :HVWHUQ 8QLRQ EXVLQHVV FDUGV IURP
3KLODGHOSKLDDQG-DPDLFDSUHSDLGWHOHSKRQHFDUGVVHYHUDO
FDUGVWKDWWKH\UHFRJQL]HGDVGUXJWDEXODWLRQOHGJHUVDSLHFH
1RV 8QLWHG6WDWHVY
%DUWKRORPHZHWDO
WKHTXDQWLW\KDGQRWEHHQSURYHGWRDMXU\PHWWKHILUVWWZR
FULWHULDRISODLQHUURUDQDO\VLV 7KHHUURUDOVRDIIHFWHGKLV
³VXEVWDQWLDO ULJKWV´ EHFDXVH LW PDGH D GLIIHUHQFH LQ ³WKH
RXWFRPHRIWKHGLVWULFWFRXUWSURFHHGLQJV´&RWWRQ6&W
DW ,Q &RWWRQ WKH 6XSUHPH &RXUW DVVXPHG WKDW WKH
GLVWULFWFRXUW¶VIDLOXUHWRUHTXLUHWKHMXU\WRGHWHUPLQHWKHGUXJ
TXDQWLW\EH\RQGDUHDVRQDEOHGRXEWZDVDQREYLRXVHUURUWKDW
DIIHFWHG WKH GHIHQGDQW¶V VXEVWDQWLDO ULJKWV EXW KHOG WKDW
EHFDXVHHYLGHQFHRIWKHGUXJTXDQWLW\ZDV³RYHUZKHOPLQJ´
DQG³HVVHQWLDOO\XQFRQWURYHUWHG´WKHHUURUGLGQRWVXUPRXQW
WKHILQDOKXUGOHRIVHULRXVO\DIIHFWLQJWKHIDLUQHVVLQWHJULW\RU
SXEOLFUHSXWDWLRQRIWKHMXGLFLDOSURFHHGLQJV,G
7KH FLUFXPVWDQFHV RI WKH SUHVHQW FDVH DUH GLIIHUHQW
(YLGHQFH FRQFHUQLQJ WKH DPRXQW RI PDULMXDQD WKDW
%DUWKRORPHZ FRQVSLUHG WR GLVWULEXWH ZDV QHLWKHU
RYHUZKHOPLQJQRUHVVHQWLDOO\XQFRQWURYHUWHG)RUH[DPSOH
WKH JRYHUQPHQW¶V ZLWQHVVHV FRXOG QRW VWDWH ZLWK FHUWDLQW\
ZKHWKHU WKH IRXU DGGLWLRQDO WXEV LQ +DUULV¶V UHVLGHQFH KDG
FRQWDLQHGPDULMXDQD2QHODZHQIRUFHPHQWRIILFHUFRQFHGHG
WKDW WKH WXEV ZHUH QRW DOO WKH VDPH FRORU DQG WKDW KH KDG
LQVSHFWHGRQO\RQHFORVHO\$OWKRXJKHYLGHQFHRIWKHWXEV
VXSSRUWVDGHWHUPLQDWLRQRIGUXJTXDQWLW\E\DSUHSRQGHUDQFH
RI WKH HYLGHQFH DV ZDV DSSOLHG E\ WKH GLVWULFW FRXUW LQ
GHWHUPLQLQJ +DUULV¶V VHQWHQFH LW ZRXOG QRW QHFHVVDULO\
DPRXQWWRSURRIRIGUXJTXDQWLW\EH\RQGDUHDVRQDEOHGRXEW
2WKHU HYLGHQFH SUHVHQWHG DW WULDO DV WR WKH DPRXQW RI
PDULMXDQDLQYROYHGLQWKHFRQVSLUDF\ZDVDOVRGLVSXWHGE\WKH
GHIHQGDQWV
$VWKHJRYHUQPHQWFRQFHGHVWKHMXU\FRXOGKDYHFRQYLFWHG
%DUWKRORPHZ EDVHG VROHO\ RQ WKH VLQJOH 836 SDFNDJH
GHOLYHUHGRQ'HFHPEHU7KDWSDFNDJHFRQWDLQHG
DSSUR[LPDWHO\SRXQGVRIPDULMXDQD%XWLIWKHMXU\KDG
IRXQG RQO\ WKDW DPRXQW WR KDYH EHHQ SURYHG EH\RQG D
UHDVRQDEOH GRXEW %DUWKRORPHZ¶V VHQWHQFH FRXOG QRW KDYH
H[FHHGHGPRQWKV¶LPSULVRQPHQW,QVXPZHFRQFOXGH
WKDW VHQWHQFLQJ %DUWKRORPHZ WR D WHUP RI PRQWKV¶
-- 4 of 12 --
8QLWHG6WDWHVY
%DUWKRORPHZHWDO
1RV
DW WK &LU 0D\ SHU FXULDP
XQSXEOLVKHG WDEOH GHFLVLRQ ³7KH VWDWXWRU\ PD[LPXP IRU
GLVWULEXWLQJ DQ XQGHWHUPLQHG DPRXQW RI PDULMXDQD LV ILYH
\HDUV´ +DUULV¶V VHQWHQFH RI PRQWKV¶ LPSULVRQPHQW
WKHUHIRUHGRHVQRWLPSOLFDWHKLV)LIWKRU6L[WK$PHQGPHQW
ULJKWV:HQRWHWKDWLQDQ\HYHQWWKHHYLGHQFHDWWULDOZDV
RYHUZKHOPLQJWKDW+DUULV¶VFULPLQDOFRQGXFWLQYROYHGDWOHDVW
SRXQGVRIPDULMXDQDZKLFKLVFOHDUO\PRUHWKDQD³VPDOO
DPRXQW´
, 7KH GLVWULFW FRXUW SODLQO\ HUUHG LQ VHQWHQFLQJ
%DUWKRORPHZWRPRQWKV¶LPSULVRQPHQW
%DUWKRORPHZLQFRQWUDVWWR+DUULVGLGUHFHLYHDVHQWHQFH
RI LPSULVRQPHQW LQ H[FHVV RI WKH PRQWK PD[LPXP
SUHVFULEHGE\86& E ' %XWEHFDXVHKHGLG
QRW REMHFW DW KLV VHQWHQFLQJ WR ³WKH SURSULHW\ RI WKH
HYLGHQWLDU\VWDQGDUGXVHGE\WKHGLVWULFWFRXUWLQGHWHUPLQLQJ
GUXJTXDQWLW\´ZHZLOOYDFDWHKLVVHQWHQFHRQO\LILWVDWLVILHV
WKH ³SODLQ HUURU´ VWDQGDUG VHW IRUWK LQ 5XOH E RI WKH
)HGHUDO 5XOHV RI &ULPLQDO 3URFHGXUH 8QLWHG 6WDWHV Y
6WHZDUWBB)GBB1RV
:/DW WK&LU
6HSW ³8QGHUWKDWWHVWEHIRUHDQDSSHOODWHFRXUW
FDQFRUUHFWDQHUURUQRWUDLVHGDWWULDOWKHUHPXVWEH HUURU
WKDW LV SODLQ DQG WKDW DIIHFW>V@ VXEVWDQWLDO ULJKWV´
8QLWHG 6WDWHV Y &RWWRQ 6 &W
LQWHUQDO TXRWDWLRQ PDUNV RPLWWHG DOWHUDWLRQ LQ RULJLQDO
:HPD\H[HUFLVHRXUGLVFUHWLRQWRQRWLFHWKHHUURULIWKHVH
WKUHHFRQGLWLRQVDUHPHW³EXWRQO\LI WKHHUURUVHULRXVO\
DIIHFW>V@WKHIDLUQHVVLQWHJULW\RUSXEOLFUHSXWDWLRQRIMXGLFLDO
SURFHHGLQJV´,G DOWHUDWLRQLQRULJLQDO
,QOLJKWRI$SSUHQGLVHQWHQFLQJ%DUWKRORPHZWRDWHUPRI
LPSULVRQPHQW LQ H[FHVV RI PRQWKV ZLWKRXW WKH MXU\
GHWHUPLQLQJWKHTXDQWLW\RIGUXJVLQYROYHGZDVDQREYLRXV
HUURU8QLWHG6WDWHVY&OHDYHV)G WK&LU
KROGLQJWKDWVHQWHQFLQJDGHIHQGDQWLQH[FHVVRIWKH
VWDWXWRU\PD[LPXPIRUDQXQGHWHUPLQHGGUXJTXDQWLW\ZKHUH
1RV 8QLWHG6WDWHVY
%DUWKRORPHZHWDO
RI SDSHU RQ ZKLFK ZDV ZULWWHQ ³:KHQ \RX JR WKURXJK
LPPLJUDWLRQV JR WR WKH EDJJDJH FODLP DQG FROOHFW \RXU
EDJJDJH´ DQG D SLHFH RI SDSHU RQ ZKLFK ZDV ZULWWHQ WKH
QDPH ³0LFKDHO /HZLV´ DQG WKH DGGUHVV ³ :HVW
'DUWPRXWK´
2WKHURIILFHUVVHDUFKHGWKHKRXVHDW:HVW'DUWPRXWK
SXUVXDQWWRWKHVHDUFKZDUUDQWWKDWWKH\KDGREWDLQHGHDUOLHU
WKDWGD\,QWKHEDVHPHQWZHUHIRXUWXEVWKDWZHUHVLPLODUWR
WKHRQHLQWKH836SDFNDJHWKDWWKHXQGHUFRYHURIILFHUKDG
MXVW GHOLYHUHG $ FORVHW QH[W WR WKH VWDLUV OHDGLQJ WR WKH
EDVHPHQWFRQWDLQHGDVKRWJXQDQGORRVHDPPXQLWLRQ2WKHU
ILUHDUPVZHUHIRXQGLQDQXSVWDLUVEHGURRP7KHRIILFHUVDOVR
GLVFRYHUHGDQRWHERRNWKDWFRQWDLQHGZKDWWKH\EHOLHYHGZHUH
GUXJOHGJHUV
% 3URFHGXUDOEDFNJURXQG
2Q-DQXDU\WKHIHGHUDOJUDQGMXU\LQWKH(DVWHUQ
'LVWULFWRI0LFKLJDQLQGLFWHG%DUWKRORPHZ*DUGQHU+DUULV
+HQU\DQG-DFNVRQIRUFRQVSLUDF\WRGLVWULEXWHPDULMXDQDLQ
YLRODWLRQRI86&DQG D ,WDOVRLQGLFWHG
+DUULVIRUSRVVHVVLRQZLWKLQWHQWWRGLVWULEXWHPDULMXDQDLQ
YLRODWLRQRI86& D DQG86&DQGIRU
EHLQJDIHORQLQSRVVHVVLRQRIDILUHDUPLQYLRODWLRQRI
86& J 7KHJUDQGMXU\UHWXUQHGDILUVWVXSHUFHGLQJ
LQGLFWPHQWRQ$SULOZKLFKUHSHDWHGWKHFKDUJHVRI
WKH HDUOLHU ELOO EXW VSHFLILHG WKDW WKH FRQVSLUDF\ H[LVWHG
EHWZHHQDSSUR[LPDWHO\DQG'HFHPEHURI
$OOGHIHQGDQWVSOHGQRWJXLOW\*DUGQHUSURFHHGHGWRWULDO
ILUVWDQGZDVFRQYLFWHGRQ0D\7KHUHPDLQLQJIRXU
GHIHQGDQWVZHUHWULHGWRJHWKHU-XVWEHIRUHWKHYRLUGLUHDW
WKHLUMRLQWWULDOWKHSURVHFXWRUDJUHHGWRGLVPLVVWKHILUHDUP
FRXQW DJDLQVW +DUULV 7KH MXU\ WKHQ KHDUG WHVWLPRQ\ IURP
YDULRXV ODZ HQIRUFHPHQW RIILFHUV WKDW GHWDLOHG WKHLU
REVHUYDWLRQV IURP WKH KRWHO DQG KRXVH VHDUFKHV 7KLV
WHVWLPRQ\FDWDORJXHGWKHLWHPVWKDWWKHRIILFHUVGLVFRYHUHG
DQG H[SODLQHG KRZ WKRVH LWHPV FRQQHFWHG %DUWKRORPHZ
-- 5 of 12 --
8QLWHG6WDWHVY
%DUWKRORPHZHWDO
1RV
*DUGQHU+DUULV+HQU\DQG-DFNVRQWRHDFKRWKHUWKURXJK
QDPHV QLFNQDPHV DQG WHOHSKRQH QXPEHUV DV ZHOO DV
FRPPRQSODFHVDQGEXVLQHVVHV7KHMXURUVDOVRKHDUGIURP
*DUGQHUZKRZDVFDOOHGDVDJRYHUQPHQWZLWQHVV
*DUGQHUWROGWKHMXU\RIKLVGHDOLQJVZLWK%DUWKRORPHZ
+DUULVDQG-DFNVRQ+HGHVFULEHGWKUHHRFFDVLRQVLQ2FWREHU
DQG1RYHPEHURIZKHQKHSXUFKDVHGPDULMXDQDIURP
-DFNVRQLQWKHEDVHPHQWRI+DUULV¶VUHVLGHQFHDW:HVW
'DUWPRXWK$OWKRXJK-DFNVRQKDQGOHGWKHPDULMXDQD+DUULV
SDUWLFLSDWHGLQHDFKWUDQVDFWLRQHLWKHUE\GLUHFWLQJ*DUGQHUWR
WKHEDVHPHQWRUDFFHSWLQJSD\PHQW*DUGQHUHVWLPDWHGWKDW
GXULQJWKHWLPHKHZDVGHDOLQJZLWK%DUWKRORPHZ+DUULVDQG
-DFNVRQ WKRVH WKUHH LQGLYLGXDOV DQG D FRXSOH RI RWKHUV
WUDIILFNHG LQ D WRWDO RI EHWZHHQ DQG SRXQGV RI
PDULMXDQD
7KHMXU\DOVRKHDUGWHVWLPRQ\FRQFHUQLQJHYHQWVWKDWWRRN
SODFHRXWVLGHRI0LFKLJDQ)RXUDUHSHUWLQHQWWRWKLVDSSHDO
)LUVW3HQQV\OYDQLD6WDWH3ROLFH2IILFHU&DUOWRQ:DWVRQWROG
WKHMXURUVWKDWZKLOHZRUNLQJXQGHUFRYHULQ3KLODGHOSKLDLQ
WKH VXPPHU RI KH WZLFH SXUFKDVHG PDULMXDQD IURP
-DFNVRQ 6HFRQG -XOLHW %URZQ ZKR ZDV PDUULHG WR
%DUWKRORPHZ IURP WR WHVWLILHG WKDW ZKHQ WKH\
ZHUHOLYLQJWRJHWKHULQ+RXVWRQ7H[DVLQVKHREVHUYHG
ODUJH TXDQWLWLHV RI PDULMXDQD LQ WKHLU KRPH RQ VHYHUDO
RFFDVLRQV6KHDOVRKHDUG%DUWKRORPHZGLUHFWDWKLUGSDUW\WR
WUDQVSRUW WKH GUXJV WR ,QGLDQD RQ DW OHDVW RQH RI WKHVH
RFFDVLRQV7KLUGVHYHUDOZLWQHVVHVUHODWHGWKHLUH[SHULHQFHV
DVFRXULHUVIRU%DUWKRORPHZDQG-DFNVRQ5RELQ&DOGZHOO
IRU H[DPSOH WROG KRZ %DUWKRORPHZ SDLG KHU WR WUDQVSRUW
ODUJHVXPVRIFDVKEHWZHHQ,QGLDQDDQG7H[DVLQWKHVXPPHU
DQGIDOORIWRIDFLOLWDWHKLVGUXJWUDQVDFWLRQV7ZRRWKHU
FRXULHUV %HDWULFH %ROHU DQG .DKOLD 0RRUH VWDWHG WKDW RQ
VHSDUDWHRFFDVLRQVLQHDFKKDGFDUULHGEXQGOHVRIFDVK
IURP)OLQW0LFKLJDQWR+RXVWRQ7H[DVDWWKHEHKHVWRIDQG
DFFRPSDQLHG E\ %DUWKRORPHZ DQG -DFNVRQ )LQDOO\ WKH
JRYHUQPHQWSUHVHQWHGHYLGHQFHFRQFHUQLQJWKHDFWLYLWLHVRI
5RKDQ(GZDUGVLQ3KRHQL[$UL]RQD2Q-XO\ODZ
1RV 8QLWHG6WDWHVY
%DUWKRORPHZHWDO
PDUNVRPLWWHG 7KHILUVWTXHVWLRQWKHQLVZKHWKHUDWHUPRI
PRQWKVH[FHHGVWKHVWDWXWRU\PD[LPXPIRUDPDULMXDQD
FRQVSLUDF\ FRQYLFWLRQ ZKHUH WKH DPRXQW RI WKH GUXJ LV
XQGHWHUPLQHG
+DUULV DUJXHV WKDW 86& E IXUQLVKHV WKH
DSSOLFDEOHVWDWXWRU\PD[LPXP7KDWVXEVHFWLRQSURYLGHVWKDW
DQ\ SHUVRQ ZKR YLRODWHV WKH SURKLELWLRQ RQ SRVVHVVLQJ RU
GLVWULEXWLQJ PDULMXDQD ³E\ GLVWULEXWLQJ D VPDOO DPRXQW RI
PDULKXDQDIRUQRUHPXQHUDWLRQVKDOOEHWUHDWHGDVSURYLGHGLQ
VHFWLRQRIWKLVWLWOHDQGVHFWLRQRI7LWOH´
86& E 7KH PD[LPXP WHUP RI LPSULVRQPHQW
XQGHULVRQH\HDU,QFRQWUDVWWKHJRYHUQPHQWFRQWHQGV
WKDW 86& E ' ZKLFK SURYLGHV IRU D
PD[LPXPVHQWHQFHRIILYH\HDUV³>L@QWKHFDVHRIOHVVWKDQ
NLORJUDPVRIPDULKXDQD´LVWKHVWDWXWRU\PD[LPXP
:H EHOLHYH WKDW WKH JRYHUQPHQW LV FRUUHFW %HFDXVH
$SSUHQGLLVFRQFHUQHGZLWKWKHIDFWVWKDWDMXU\PXVWGHFLGH
³WKH SURSHU μEDVHOLQH¶ RU μGHIDXOW¶ SURYLVLRQ LV QRW WKH
SURYLVLRQZLWKWKHORZHVWSHQDOW\EXWUDWKHUWKHRQHZKLFK
VWDWHVDFRPSOHWHFULPHXSRQWKHIHZHVWIDFWV´8QLWHG6WDWHV
Y 2XWHQ )G G &LU HPSKDVLV LQ
RULJLQDO 6HFWLRQ E WKHUHIRUHFDQQRWEHWKHGHIDXOW
SURYLVLRQIRUPDULMXDQDYLRODWLRQVZKHUHWKHTXDQWLW\RIWKH
GUXJ LV XQGHWHUPLQHG EHFDXVH LW UHTXLUHV SURRI RI DQ
DGGLWLRQDO IDFW²WKH DEVHQFH RI UHPXQHUDWLRQ ,G DW
DFFRUG 8QLWHG 6WDWHV Y 6HOODUV 1R :/
DW WK &LU 'HF XQSXEOLVKHG WDEOH
GHFLVLRQ GHFOLQLQJ WR DSSO\ E EHFDXVH WKH
VXSHUVHGLQJLQGLFWPHQWFKDUJHGWKHGHIHQGDQWZLWKLQWHQWWR
GLVWULEXWHDPHDVXUDEOHTXDQWLW\RIPDULMXDQDQRWZLWKHLWKHU
VLPSOH SRVVHVVLRQ RU WKH LQWHQW WR GLVWULEXWH ZLWKRXW
UHPXQHUDWLRQ
:HWKHUHIRUHFRQFOXGHWKDW E ' LVWKHVWDWXWHWKDW
SUHVFULEHV WKH PD[LPXP VHQWHQFH IRU SRVVHVVLQJ RU
FRQVSLULQJ WR GLVWULEXWH DQ XQGHWHUPLQHG DPRXQW RI
PDULMXDQD8QLWHG6WDWHVY-DFNVRQ1R:/
-- 6 of 12 --
8QLWHG6WDWHVY
%DUWKRORPHZHWDO
1RV
PLQLPDO´866HQWHQFLQJ*XLGHOLQHV0DQXDO%FPW
QQ 7KHGHWHUPLQDWLRQRIDGHIHQGDQW¶VFXOSDELOLW\
³LVKHDYLO\GHSHQGHQWXSRQWKHIDFWVDQGWKHGHIHQGDQWKDV
WKHEXUGHQRISURYLQJPLWLJDWLQJIDFWRUVE\DSUHSRQGHUDQFH
RIWKHHYLGHQFH´8QLWHG6WDWHVY3HUU\)G WK
&LU LQWHUQDOFLWDWLRQDQGTXRWDWLRQPDUNVRPLWWHG
+DUULVZDVDIXOO\LQWHJUDWHGPHPEHURIDVXEVWDQWLDOGUXJ
FRQVSLUDF\WKDWXVHGKLVUHVLGHQFHDVDEDVHRIRSHUDWLRQV+H
SDUWLFLSDWHGLQVHYHUDOGUXJWUDQVDFWLRQVWKDWWRRNSODFHLQKLV
EDVHPHQWVWRUHGDVKRWJXQDQGDPPXQLWLRQLQWKHFORVHWQHDU
WKHVWDLUVWRKLVEDVHPHQWDQGSHUVRQDOO\UHFHLYHGDWOHDVWRQH
ODUJHVKLSPHQWRIPDULMXDQD+DUULVZDVWKHUHIRUHQRWHQWLWOHG
WRHLWKHUDPLQRUUROHRUDPLQLPDOUROHUHGXFWLRQRQWKHVH
IDFWV7KHGLVWULFWFRXUWGLGQRWHUULQUHIXVLQJWRJUDQWKLP
VXFKDUHGXFWLRQ
+ 7KHGLVWULFWFRXUWGLGQRWHUULQVHQWHQFLQJ+DUULVWR
PRQWKV¶LPSULVRQPHQW
+DUULV ILQDOO\ DUJXHV WKDW WKH GLVWULFW FRXUW YLRODWHG KLV
ULJKWVXQGHUWKH)LIWKDQG6L[WK$PHQGPHQWVE\QRWUHTXLULQJ
WKH LQGLFWPHQW WR DOOHJH DQG WKH MXU\ WR ILQG EH\RQG D
UHDVRQDEOHGRXEWWKHSUHFLVHTXDQWLW\RIPDULMXDQDWKDWKH
SRVVHVVHG RU FRQVSLUHG WR GLVWULEXWH ,QVWHDG WKH MXGJH
GHWHUPLQHGWKHDPRXQWDWVHQWHQFLQJ+DUULVPDNHVWKHVDPH
DUJXPHQWZLWKUHVSHFWWRWKHHQKDQFHPHQWRIKLVEDVHRIIHQVH
OHYHOIRUSRVVHVVLQJDILUHDUPEHFDXVHWKHMXGJHQRWWKHMXU\
IRXQGWKHIDFWRI+DUULV¶VILUHDUPSRVVHVVLRQ
7KH6XSUHPH&RXUWKDVKHOGWKDW³>R@WKHUWKDQWKHIDFWRI
DSULRUFRQYLFWLRQDQ\IDFWWKDWLQFUHDVHVWKHSHQDOW\IRUD
FULPH EH\RQG WKH SUHVFULEHG VWDWXWRU\ PD[LPXP PXVW EH
VXEPLWWHGWRDMXU\DQGSURYHGEH\RQGDUHDVRQDEOHGRXEW´
$SSUHQGL Y 1HZ -HUVH\ 86 ³%XW
$SSUHQGLLVQRWWULJJHUHGZKHUHWKHGHIHQGDQWUHFHLYHVDWHUP
RILPSULVRQPHQWZLWKLQWKHVWDWXWRU\PD[LPXPWKDWZRXOG
KDYHDSSOLHGHYHQZLWKRXWWKHHQKDQFLQJIDFWRU VXFKDVWKH
GUXJDPRXQW ´%XUQV)GDW LQWHUQDOTXRWDWLRQ
1RV 8QLWHG6WDWHVY
%DUWKRORPHZHWDO
HQIRUFHPHQW RIILFLDOV ORFDWHG D VXEVWDQWLDO DPRXQW RI
PDULMXDQDDW(GZDUGV¶VWRZQKRXVH,PPHGLDWHO\SULRUWRKLV
DUUHVW(GZDUGVKDGEHHQWDNHQE\DVVRFLDWHVWRDKRWHOURRP
LQ7HPSH$UL]RQDWKDWKDGEHHQUHVHUYHGE\+HQU\
2Q )HEUXDU\ WKH MXU\ FRQYLFWHG WKH UHPDLQLQJ
GHIHQGDQWVRQDOOSHQGLQJFKDUJHV7KHGLVWULFWFRXUWWKHQ
VHQWHQFHG%DUWKRORPHZWRPRQWKV¶LPSULVRQPHQW+DUULV
UHFHLYHG WZR FRQFXUUHQW PRQWK VHQWHQFHV +HQU\ ZDV
VHQWHQFHG WR GD\V¶ LPSULVRQPHQW -DFNVRQ¶V WHUP RI
LPSULVRQPHQWZDVVHWDWPRQWKV
%DUWKRORPHZ+DUULV+HQU\DQG-DFNVRQWLPHO\DSSHDOHG
WKHMXGJPHQWVDJDLQVWWKHP$SUHYLRXVSDQHORIWKLVFRXUW
KDV DOUHDG\ GLVSRVHG RI -DFNVRQ¶V DSSHDO E\ YDFDWLQJ KLV
VHQWHQFHDQGUHPDQGLQJWKHFDVHIRUUHVHQWHQFLQJ8QLWHG
6WDWHVY-DFNVRQ1R:/ WK&LU
0D\ XQSXEOLVKHGWDEOHGHFLVLRQ 7KLVOHDYHVXV
ZLWKWKHDSSHDOVRI%DUWKRORPHZ+DUULVDQG+HQU\
,,$1$/<6,6
$ 7KH GLVWULFW FRXUW GLG QRW HUU LQ GHQ\LQJ
%DUWKRORPHZ¶VPRWLRQWRVXSSUHVV
:HEHJLQZLWKDFKDOOHQJHWRDUXOLQJE\WKHGLVWULFWFRXUW
LQDGYDQFHRIWKHMRLQWWULDO%DUWKRORPHZPRYHGWKHGLVWULFW
FRXUWWRVXSSUHVVWKHHYLGHQFHREWDLQHGE\WKHSROLFHLQFLGHQW
WRKLVDUUHVW+HDUJXHGWKDWKLV)RXUWK$PHQGPHQWULJKWV
ZHUHYLRODWHGEHFDXVHWKHSROLFHKDGQHLWKHUDZDUUDQWQRU
SUREDEOHFDXVHWRDUUHVWKLP7KHGLVWULFWFRXUWGLVDJUHHG
ILQGLQJ WKDW WKH SROLFH KDG SUREDEOH FDXVH WR DUUHVW
%DUWKRORPHZ ³$ GLVWULFW FRXUW¶V GHQLDO RI D PRWLRQ WR
VXSSUHVVHYLGHQFHLVUHYLHZHGXQGHUDK\EULGVWDQGDUG,WV
ILQGLQJVRIIDFWDUHUHYLHZHGXQGHUWKHμFOHDUO\HUURQHRXV¶
VWDQGDUGEXWLWVFRQFOXVLRQVRIODZDUHUHYLHZHGGHQRYR´
8QLWHG6WDWHVY2UODQGR)G WK&LU FHUW
GHQLHG 1R :/ 86 2FW
-- 7 of 12 --
8QLWHG6WDWHVY
%DUWKRORPHZHWDO
1RV
$IWHUDSROLFHRIILFHUGHOLYHUHGWKHVKLSPHQWRIPDULMXDQD
WR+DUULVRWKHURIILFHUVREVHUYHG+DUULVH[LWKLVKRXVHDQG
VWUROOWKHQHLJKERUKRRGLQDPDQQHUVXJJHVWLQJWKDWKHZDV
WU\LQJWRGHWHUPLQHZKHWKHUKHZDVXQGHUVXUYHLOODQFH7KHQ
DFDUGURYHE\DQG+DUULVJRWLQ3ROLFHRIILFHUVIROORZHGWKH
YHKLFOH LQ DQ XQPDUNHG YDQ 7KH FDU FRQWDLQLQJ +DUULV
VWRSSHGDQGLWVRFFXSDQWVIOHG2QHRIWKHIOHHLQJRFFXSDQWV
ZDV%DUWKRORPHZ%DUWKRORPHZFRQWHVWVQRQHRIWKHVHIDFWV
DVIRXQGE\WKHGLVWULFWFRXUW7KH\DUHVXIILFLHQWWRVXSSRUW
WKHFRXUW¶VGHWHUPLQDWLRQWKDWWKHSROLFHRIILFHUVKDGSUREDEOH
FDXVH WR DUUHVW %DUWKRORPHZ 6HH HJ 8QLWHG 6WDWHV Y
+XJKHV)G WK&LU ILQGLQJWKDWDQ
DUUHVW IRU LOOHJDO GUXJ DFWLYLW\ ZDV VXSSRUWHG E\ SUREDEOH
FDXVHZKHUHWKHVXVSHFWZDVSUHVHQWLQDQDUHDNQRZQIRU
GUXJ WUDIILFNLQJ HQJDJHG LQ HYHQWV FRQVLVWHQW ZLWK GUXJ
WUDIILFNLQJIOHGDIWHUVHHLQJWKHSROLFHDQGWULHGWRFRQFHDO
WKHVXEMHFWRIKHUDFWLYLWLHV
% 7KH GLVWULFW FRXUW GLG QRW HUU LQ SHUPLWWLQJ WKH
SURVHFXWRUWRH[HUFLVHSHUHPSWRU\FKDOOHQJHVDJDLQVW
SRWHQWLDOMXURUV$GDPV&KDWPRQDQG+LFNV
:HWXUQQH[WWRWKHGHIHQGDQWV¶REMHFWLRQVUHODWLQJWRWKH
FRPSRVLWLRQRIWKH MXU\%DUWKRORPHZ+DUULVDQG+HQU\
FODLPWKDWWKHSURVHFXWRUH[HUFLVHGKLVSHUHPSWRU\FKDOOHQJHV
LQDUDFLDOO\DQGVH[XDOO\GLVFULPLQDWRU\PDQQHULQYLRODWLRQ
RIWKH(TXDO3URWHFWLRQ&ODXVH6HH-(%Y$ODEDPDH[UHO
7%86 SURKLELWLQJWKHH[HUFLVHRIVH[
EDVHGSHUHPSWRU\FKDOOHQJHV %DWVRQY.HQWXFN\86
SURKLELWLQJWKHH[HUFLVHRIUDFHEDVHGSHUHPSWRU\
FKDOOHQJHV 7KHSURVHFXWRUH[HUFLVHGSHUHPSWRU\FKDOOHQJHV
WRH[FOXGHWKUHHEODFNIHPDOHVIURP WKHMXU\YHQLUH-HDQ
$GDPV*HUDOGLQH&KDWPRQDQG.LPHUO\+LFNV)LQGLQJWKDW
WKH SURVHFXWRU GLG QRW VWULNH WKHVH SRWHQWLDO MXURUV IRU
GLVFULPLQDWRU\ UHDVRQV WKH GLVWULFW FRXUW SHUPLWWHG WKHLU
UHPRYDO:KHWKHUDSDUW\H[HUFLVHGLWVSHUHPSWRU\FKDOOHQJHV
LQ D GLVFULPLQDWRU\ PDQQHU LV D ILQGLQJ RI IDFW ZKLFK ZH
UHYLHZXQGHUWKHFOHDUO\HUURQHRXVVWDQGDUG8QLWHG6WDWHVY
1RV 8QLWHG6WDWHVY
%DUWKRORPHZHWDO
FULPH LV D IDFWXDO ILQGLQJ VXEMHFW WR WKH FOHDUO\ HUURQHRXV
VWDQGDUGRIUHYLHZ´8QLWHG6WDWHVY(OGHU)G
WK&LU
7KHFRPPHQWDU\WRWKH6HQWHQFLQJ*XLGHOLQHVH[SODLQVWKDW
³>W@KH DGMXVWPHQW VKRXOG EH DSSOLHG LI WKH ZHDSRQ ZDV
SUHVHQWXQOHVVLWLVFOHDUO\LPSUREDEOHWKDWWKHZHDSRQZDV
FRQQHFWHG ZLWK WKH RIIHQVH´ 86 6HQWHQFLQJ *XLGHOLQHV
0DQXDO'FPWQ 8QLWHG6WDWHVY6WHZDUWBB
)GBB1RV
:/DW WK&LU6HSW
UHFLWLQJDQGDSSO\LQJWKLVFRPPHQWDU\ 2Q'HFHPEHU
DVKRWJXQDQGORRVHDPPXQLWLRQZHUHIRXQGLQDFORVHW
QH[WWRWKHVWDLUZD\WKDWOHGWR+DUULV¶VEDVHPHQW0DULMXDQD
VDOHV ZHUH FRQGXFWHG LQ WKH EDVHPHQW $W OHDVW DV WR WKH
VKRWJXQ +DUULV KDV IDLOHG WR VKRZ WKDW LW ZDV ³FOHDUO\
LPSUREDEOHWKDWWKHZHDSRQZDVFRQQHFWHGZLWKWKHRIIHQVH´
* 7KHGLVWULFWFRXUWGLGQRWHUULQUHIXVLQJWRUHGXFH
+DUULV¶VEDVHRIIHQVHOHYHOIRUKLVUROHLQWKHRIIHQVH
+DUULVDOVRFODLPVWKDWWKHGLVWULFWFRXUWFOHDUO\HUUHGZKHQ
LWUHIXVHGKLVUHTXHVWIRUDPLQLPDOUROHUHGXFWLRQLQKLVEDVH
RIIHQVH OHYHO $OWKRXJK KH DUJXHV RQ DSSHDO WKDW KH ZDV
HQWLWOHG WR HLWKHU D PLQLPDOUROH RU PLQRUUROH UHGXFWLRQ
+DUULV GLG QRW VHHN WKH ODWWHU DW WKH GLVWULFW FRXUW OHYHO
8QLWHG 6WDWHV 6HQWHQFLQJ *XLGHOLQHV 0DQXDO %
LQVWUXFWVWKHVHQWHQFLQJFRXUWWRGHFUHDVHDGHIHQGDQW¶VEDVH
RIIHQVHOHYHOE\IRXUSRLQWVLIKHZDVDPLQLPDOSDUWLFLSDQWLQ
WKH FULPLQDO DFWLYLW\ RU E\ WZR SRLQWV LI KH ZDV D PLQRU
SDUWLFLSDQW ³:H ZLOO UHYHUVH D GLVWULFW FRXUW¶V ILQGLQJ
UHJDUGLQJ D GHIHQGDQW¶V UROH LQ DQ RIIHQVH RQO\ LI ZH
GHWHUPLQHWKDWWKHILQGLQJLVFOHDUO\HUURQHRXV´8QLWHG6WDWHV
Y%XUQV)G WK&LU
$PLQLPDOSDUWLFLSDQWLVRQHZKRLV³SODLQO\DPRQJWKH
OHDVWFXOSDEOHRIWKRVHLQYROYHGLQWKHFRQGXFWRIDJURXS´
DQGDPLQRUSDUWLFLSDQWLVRQHZKR³LVOHVVFXOSDEOHWKDQPRVW
RWKHUSDUWLFLSDQWVEXWZKRVHUROHFRXOGQRWEHGHVFULEHGDV
-- 8 of 12 --
8QLWHG6WDWHVY
%DUWKRORPHZHWDO
1RV
LV D UHDVRQDEOH RQH´ +HLJKWV &PW\ &RQJUHVV Y +LOOWRS
5HDOW\,QF)G WK&LU
8QGHUWKH8QLWHG6WDWHV6HQWHQFLQJ*XLGHOLQHV³>D@FR
FRQVSLUDWRULVQRWQHFHVVDULO\UHVSRQVLEOHIRUWKHWRWDODPRXQW
RI >PDULMXDQD@ LQYROYHG LQ WKH FRQVSLUDF\ IRU SXUSRVHV RI
HVWDEOLVKLQJKLVEDVHRIIHQVHOHYHO5DWKHUDSDUWLFLSDQWLV
UHVSRQVLEOH IRU RWKHU FRQVSLUDWRUV¶ FRQGXFW RQO\ LI WKDW
FRQGXFWZDVUHDVRQDEO\IRUHVHHDEOHWRKLPDQGLQIXUWKHUDQFH
RIWKHH[HFXWLRQRIWKHMRLQWO\XQGHUWDNHQFULPLQDODFWLYLW\´
8QLWHG6WDWHVY-HQNLQV)G WK&LU
VHHDOVR866HQWHQFLQJ*XLGHOLQHV0DQXDO%FPW
Q7KHHYLGHQFHDWWULDOHVWDEOLVKHGWKDW+DUULVDFFHSWHGD
SDFNDJHFRQWDLQLQJDWXEZLWKDSSUR[LPDWHO\SRXQGVRI
PDULMXDQDLQVLGHDQGWKDWIRXUVLPLODUWXEVZHUHIRXQGLQKLV
UHVLGHQFH7KLVDORQHVXIILFHVWRVXSSRUWWKHGLVWULFWFRXUW¶V
GHWHUPLQDWLRQ WKDW KH ZDV UHVSRQVLEOH IRU SRXQGV RI
PDULMXDQD WXEV [ SRXQGVWXE SRXQGV 7KH
WHVWLPRQ\ RI %URZQ DQG *DUGQHU DV ZHOO DV WKDW RI ODZ
HQIRUFHPHQW RIILFHUV FRQFHUQLQJ GUXJ WDEXODWLRQV IRXQG LQ
%DUWKRORPHZ¶V SRVVHVVLRQ VXSSRUW D ILQGLQJ WKDW
%DUWKRORPHZZDVUHVSRQVLEOHIRUDWOHDVWDQDGGLWLRQDO
SRXQGV:HDUHWKXVXQDEOHWRFRQFOXGHWKDWWKHGLVWULFWFRXUW
FOHDUO\ HUUHG LQ GHWHUPLQLQJ WKH DPRXQWV RI PDULMXDQD IRU
ZKLFK%DUWKRORPHZDQG+DUULVZHUHUHVSRQVLEOH
) 7KHGLVWULFWFRXUWGLGQRWHUULQHQKDQFLQJ+DUULV¶V
EDVH RIIHQVH OHYHO IRU SRVVHVVLRQ RI D ILUHDUP LQ
FRQQHFWLRQZLWKWKHRIIHQVH
+DUULV QH[W FKDOOHQJHV WKH GLVWULFW FRXUW¶V GHFLVLRQ WR
LQFUHDVH KLV EDVH RIIHQVH OHYHO E\ WZR SRLQWV SXUVXDQW WR
8QLWHG6WDWHV6HQWHQFLQJ*XLGHOLQHV0DQXDO' E
EHFDXVHLWIRXQGWKDWKHSRVVHVVHGILUHDUPVLQFRQQHFWLRQZLWK
WKH RIIHQVHV RI FRQYLFWLRQ +H FRQWHQGV WKDW WKH ILUHDUPV
IRXQGXSVWDLUVLQKLVUHVLGHQFHEHORQJHGWRKLVURRPPDWHDQG
WKDWWKHUHZDVQRSURRIWKDWWKHVKRWJXQLQKLVFORVHWKDGDQ\
FRQQHFWLRQ WR PDULMXDQD WUDIILFNLQJ ³$ GLVWULFW FRXUW¶V
ILQGLQJWKDWDGHIHQGDQWSRVVHVVHGDILUHDUPGXULQJDGUXJ
1RV 8QLWHG6WDWHVY
%DUWKRORPHZHWDO
<DQJ)G WK&LU SHWLWLRQIRUFHUWILOHG
86/: 86-XO\ 1R
$QDO\VLVRID%DWVRQFODLPLVDWKUHHVWHSSURFHVV)LUVW
WKH GHIHQGDQWV PXVW PDNH D SULPD IDFLH VKRZLQJ WKDW WKH
SURVHFXWRU UHPRYHG D SRWHQWLDO MXURU IRU D GLVFULPLQDWRU\
UHDVRQ,IWKHGHIHQGDQWVPDNHWKLVVKRZLQJWKHSURVHFXWRU
KDVWKHEXUGHQWRDUWLFXODWHDQRQGLVFULPLQDWRU\UHDVRQIRUWKH
UHPRYDO$VVXPLQJWKDWWKHSURVHFXWRUGRHVVRWKHWULDOFRXUW
PXVWWKHQGHWHUPLQHZKHWKHUWKHRSSRQHQWRIWKHSHUHPSWRU\
VWULNHVKDVSURYHQSXUSRVHIXOGLVFULPLQDWLRQ,GDW
,Q WKLV FDVH WKH SURVHFXWRU RIIHUHG GLIIHUHQW UHDVRQV IRU
HDFKRIWKHWKUHHSHUHPSWRU\FKDOOHQJHV+HVRXJKWWRVWULNH
$GDPVEHFDXVHVKHKDGVKRWKHUKXVEDQGDQGKDGDVRQZKR
KDG EHHQ FRQYLFWHG RI D IHORQ\ &KDWPRQ KDG JDWKHUHG
PRQH\ WR KLUH WKH DWWRUQH\ UHSUHVHQWLQJ -DFNVRQ IRU KHU
JUDQGVRQ+LFNVKDGDORXGYRLFHZDVSK\VLFDOO\ODUJHDQG
LPSUHVVHGWKHSURVHFXWRUDVDKLJKO\RSLQLRQDWHGSHUVRQ
7KHGHIHQGDQWVFKDUDFWHUL]HWKHSURVHFXWRU¶VH[SODQDWLRQV
IRUH[FXVLQJ$GDPVDQG&KDWPRQDVUHO\LQJ³LQSDUW´RQWKH
IDFWWKDW³WKH\KDGUHODWLYHVLQWKHFULPLQDOMXVWLFHV\VWHP´
$FFRUGLQJ WR %DUWKRORPHZ +DUULV DQG +HQU\ ZH QHHG
SURFHHG QR IXUWKHU 7KH\ FRQWHQG WKDW EHFDXVH D
GLVSURSRUWLRQDWH QXPEHU RI EODFN SHRSOH DUH LQFDUFHUDWHG
VXFKDQH[SODQDWLRQLVQRWUDFHQHXWUDO7KH6XSUHPH&RXUW
KRZHYHUKDVUHMHFWHGWKLVYLHZ³>'@LVSDUDWHLPSDFWVKRXOG
EH JLYHQ DSSURSULDWH ZHLJKW LQ GHWHUPLQLQJ ZKHWKHU WKH
SURVHFXWRUDFWHGZLWKDIRUELGGHQLQWHQWEXWLWZLOOQRWEH
FRQFOXVLYH LQ WKH SUHOLPLQDU\ UDFHQHXWUDOLW\ VWHS RI WKH
%DWVRQ LQTXLU\ $Q DUJXPHQW UHODWLQJ WR WKH LPSDFW RI D
FODVVLILFDWLRQGRHVQRWDORQHVKRZLWVSXUSRVH´+HUQDQGH]
Y1HZ<RUN86
:HILQGWKHGHIHQGDQWV¶%DWVRQFKDOOHQJHVWRWKHUHPRYDO
RI $GDPV DQG &KDWPRQ WR EH ZLWKRXW PHULW )LUVW WKH
SURVHFXWRU GLG QRW H[FXVH WKHVH SRWHQWLDO MXURUV VLPSO\
EHFDXVHWKH\KDGUHODWLYHVLQWKHFULPLQDOMXVWLFHV\VWHP7KH
-- 9 of 12 --
8QLWHG6WDWHVY
%DUWKRORPHZHWDO
1RV
IDFWWKDW$GDPVKDGVKRWKHUKXVEDQGDQGWKDW&KDWPRQKDG
JDWKHUHGPRQH\WRKLUH-DFNVRQ¶VDWWRUQH\DUHLQGLYLGXDOL]HG
FRQVLGHUDWLRQV WKDW FRXOG HDVLO\ ZDUUDQW WKH SURVHFXWRU¶V
VXVSLFLRQ WKDW WKH\ ZRXOG QRW EH LPSDUWLDO MXURUV
)XUWKHUPRUH EH\RQG KLJKOLJKWLQJ WKH DOOHJHGO\ GLVSDUDWH
LPSDFWWKHGHIHQGDQWVPDGHQRVKRZLQJWKDWWKHSURVHFXWRU¶V
PRWLYHVZHUHGLVFULPLQDWRU\
,QGHHG ZH EHOLHYH WKDW WKH VWULNH RI +LFNV SUHVHQWV WKH
FORVHU TXHVWLRQ %XW ZH DUH PLQGIXO WKDW WKH SURVHFXWRU¶V
DUWLFXODWHGUHDVRQQHHGQRWEH³SHUVXDVLYHRUHYHQSODXVLEOH´
VRORQJDVLWLVQRQGLVFULPLQDWRU\3XUNHWWY(OHP86
³>7@KHGLVWULFWFRXUWKDVWKHUHVSRQVLELOLW\
WRDVVHVVWKHSURVHFXWRU¶VFUHGLELOLW\XQGHUDOORIWKHSHUWLQHQW
FLUFXPVWDQFHV´8QLWHG6WDWHVY+LOO)G WK
&LU $PRQJWKRVHFLUFXPVWDQFHVLVWKH³ILQDOPDNHXS
RIWKHMXU\´<DQJ)GDW7KHUHPRYDORI$GDPV
&KDWPRQ DQG +LFNV VWLOO OHIW D PDMRULW\IHPDOH MXU\ WKDW
LQFOXGHGWZR$IULFDQ$PHULFDQV7KLVEHLQJWKHFDVHZHDUH
XQDEOHWRFRQFOXGHWKDWWKHGLVWULFWFRXUW¶VGHWHUPLQDWLRQWKDW
WKHSURVHFXWRU¶VSHUHPSWRU\FKDOOHQJHVZHUHIUHHRIUDFHDQG
JHQGHUELDVZDVFOHDUO\HUURQHRXV
& 7KH GLVWULFW FRXUW GLG QRW DEXVH LWV GLVFUHWLRQ LQ
DGPLWWLQJHYLGHQFHWKDW -DFNVRQKDGSXUFKDVHG
PDULMXDQDLQIURPDQXQGHUFRYHUSROLFHRIILFHU
LQ3HQQV\OYDQLD -XOLHW%URZQDQG5RELQ&DOGZHOO
KDG ZLWQHVVHG RU SDUWLFLSDWHG LQ GUXJUHODWHG
WUDQVDFWLRQVE\%DUWKRORPHZLQDQGDQG
+HQU\KDGUHVHUYHGDKRWHOURRPLQ$UL]RQDLQ
WRFRQGXFWDGUXJWUDQVDFWLRQ
:HZLOOQRZFRQVLGHUWKHGHIHQGDQWV¶DUJXPHQWVWKDWWKH
GLVWULFW FRXUW HUUHG LQ WKUHH RI LWV HYLGHQWLDU\ UXOLQJV
³>(@YLGHQWLDU\UXOLQJVDUHVXEMHFWWRWKHDEXVHRIGLVFUHWLRQ
VWDQGDUGRIUHYLHZ´8QLWHG6WDWHVY+D\ZRRG)G
WK&LU 8QGHUWKLVVWDQGDUGZHZLOOOHDYH
UXOLQJVDERXWDGPLVVLELOLW\RIHYLGHQFHXQGLVWXUEHGXQOHVVZH
DUH ³OHIW ZLWK WKH GHILQLWH DQG ILUP FRQYLFWLRQ WKDW WKH
1RV 8QLWHG6WDWHVY
%DUWKRORPHZHWDO
H\HZLWQHVVHVJDYHFRQIOLFWLQJWHVWLPRQ\DERXWKLVKHLJKW$OO
RIWKHVHH\HZLWQHVVHVKRZHYHUZHUHFRQVLVWHQWLQGHVFULELQJ
WKHFORWKLQJWKDW+DUULVZRUHRQ'HFHPEHUDQGVHYHUDORI
WKHPSRVLWLYHO\LGHQWLILHGKLPLQFRXUW$UDWLRQDOMXU\FRXOG
WKHUHIRUHFRQFOXGHWKDW+DUULVZDVWKHSHUVRQZKRUHFHLYHG
WKH836SDFNDJH
2WKHUHYLGHQFHLQGLFDWHGWKDWDIWHUUHFHLYLQJWKHSDFNDJH
+DUULVHQJDJHGLQFRXQWHUVXUYHLOODQFHEHIRUHJHWWLQJLQWRDFDU
ZLWKKLVFRGHIHQGDQWV :KHQKHUHDOL]HGWKDWWKHFDUZDV
EHLQJIROORZHGKHWULHGWRIOHH,QDGGLWLRQ*DUGQHUWHVWLILHG
WKDW-DFNVRQFRQGXFWHGPXOWLSOHVDOHVRIPDULMXDQDLQ+DUULV¶V
EDVHPHQWDQGWKDW+DUULVSDUWLFLSDWHGLQWKHVHWUDQVDFWLRQV
*LYHQ WKDW ³WKH FRQQHFWLRQ EHWZHHQ WKH GHIHQGDQW DQG WKH
FRQVSLUDF\QHHGRQO\EHVOLJKW´DQGWKDWD³FRQVSLUDF\PD\EH
LQIHUUHGIURPFLUFXPVWDQWLDOHYLGHQFHZKLFKPD\UHDVRQDEO\
EH LQWHUSUHWHG DV SDUWLFLSDWLRQ LQ D FRPPRQ SODQ´ 8QLWHG
6WDWHVY:DOOV)G WK&LU FHUWGHQLHG1R
:/ 86 2FW ZH
FRQFOXGHWKDW+DUULV¶VFRQVSLUDF\FRQYLFWLRQLVVXSSRUWHGE\
DPSOHHYLGHQFH
( 7KH GLVWULFW FRXUW GLG QRW HUU LQ GHWHUPLQLQJ WKH
DPRXQW RI PDULMXDQD IRU ZKLFK %DUWKRORPHZ DQG
+DUULVZHUHUHVSRQVLEOH
:HZLOOQRZSURFHHGWRH[DPLQHFKDOOHQJHVWRWKHGLVWULFW
FRXUW¶VVHQWHQFLQJGHWHUPLQDWLRQV%DUWKRORPHZDQG+DUULV
FRQWHVWWKHDPRXQWVRIPDULMXDQDDWWULEXWHGWRHDFKRIWKHP
7KHGLVWULFWFRXUWIRXQGWKDW%DUWKRORPHZZDVUHVSRQVLEOHIRU
LQH[FHVVRI SRXQGVRIPDULMXDQDDQGWKDW+DUULVZDV
UHVSRQVLEOHIRUSRXQGVRIWKHGUXJ³:HZLOOUHYHUVHD
VHQWHQFLQJ FRXUW¶V GUXJTXDQWLW\ GHWHUPLQDWLRQ RQO\ LI ZH
FRQFOXGHWKDWWKHGHWHUPLQDWLRQLVFOHDUO\HUURQHRXV´8QLWHG
6WDWHVY%XUQV)G WK&LU SHWLWLRQIRUFHUW
ILOHG 1R 86 2FW ³>7@KH WHVW LV
ZKHWKHUWKHUHLVHYLGHQFHLQWKHUHFRUGWRVXSSRUWWKHORZHU
FRXUW¶VILQGLQJDQGZKHWKHULWVFRQVWUXFWLRQRIWKDWHYLGHQFH
-- 10 of 12 --
8QLWHG6WDWHVY
%DUWKRORPHZHWDO
1RV
XQSHUVXDVLYH :H WKHUHIRUH ILQG QR DEXVH RI WKH GLVWULFW
FRXUW¶VGLVFUHWLRQLQDGPLWWLQJWKHHYLGHQFHFRQFHUQLQJWKH
$UL]RQDGUXJWUDQVDFWLRQ
' 7KH GLVWULFW FRXUW GLG QRW HUU LQ GHQ\LQJ+DUULV¶V
PRWLRQIRUDMXGJPHQWRIDFTXLWWDO
$W WKH FORVH RI WULDO +DUULV PRYHG IRU D MXGJPHQW RI
DFTXLWWDO RQ WKH FRQVSLUDF\ FRXQW ZKLFK WKH GLVWULFW FRXUW
GHQLHG +H FRQWHQGV WKDW WKH GHQLDO ZDV LQ HUURU ,Q
UHYLHZLQJDFKDOOHQJHWRWKHVXIILFLHQF\RIWKHHYLGHQFHZH
GHWHUPLQHZKHWKHUDIWHUYLHZLQJDOORIWKHHYLGHQFHLQWKH
OLJKWPRVWIDYRUDEOHWRWKHJRYHUQPHQW³DQ\UDWLRQDOWULHURI
IDFW FRXOG KDYH IRXQG WKH HVVHQWLDO HOHPHQWV RI WKH FULPH
EH\RQGDUHDVRQDEOHGRXEW´-DFNVRQY9LUJLQLD86
HPSKDVLVLQRULJLQDO 7KLVLQTXLU\SURKLELWV
XVIURPHYDOXDWLQJWKHVWUHQJWKRIWKHHYLGHQFHSUHVHQWHGDW
WULDORUDVVHVVLQJWKHFUHGLELOLW\RIZLWQHVVHV8QLWHG6WDWHVY
:ULJKW)G WK&LU H[SODLQLQJWKDW
³>L@QFDVHVLQZKLFKZHDVVHVVWKHVXIILFLHQF\RIWKHHYLGHQFH
ZHGRQRWZHLJKWKHHYLGHQFHDVVHVVWKHFUHGLELOLW\RIWKH
ZLWQHVVHVRUVXEVWLWXWHRXUMXGJPHQWIRUWKDWRIWKHMXU\´
³,QRUGHUWRVKRZDFRQVSLUDF\XQGHUWKHJRYHUQPHQW
PXVWSURYHEH\RQGDUHDVRQDEOHGRXEW DQDJUHHPHQWWR
YLRODWH GUXJ ODZV NQRZOHGJH DQG LQWHQW WR MRLQ WKH
FRQVSLUDF\DQG SDUWLFLSDWLRQLQWKHFRQVSLUDF\´8QLWHG
6WDWHVY*LEEV)G WK&LU LQWHUQDO
TXRWDWLRQPDUNVRPLWWHG +DUULVDUJXHVLQJHQHUDOWHUPVWKDW
WKHHYLGHQFHGLGQRWVKRZKLVNQRZOHGJHRIRUDJUHHPHQWWR
MRLQWKHFKDUJHGFRQVSLUDF\
$VGHVFULEHGLQ3DUW,$DERYHWKHMXU\KHDUGDJUHDWGHDO
RIHYLGHQFHGHWDLOLQJ+DUULV¶VSDUWLFLSDWLRQLQWKHFRQVSLUDF\
7KLVLQFOXGHGWHVWLPRQ\WKDWRQ'HFHPEHU+DUULV
DFFHSWHG ZLWKRXW VXUSULVH D 836 SDFNDJH FRQWDLQLQJ
DSSUR[LPDWHO\SRXQGVRIPDULMXDQD+HVLJQHGIRULWZLWK
DIDOVHQDPH+DUULVQRZDUJXHVWKDWWKHHYLGHQFHLGHQWLI\LQJ
KLP DV WKH SDFNDJH¶V UHFLSLHQW ZDV GHIHFWLYH EHFDXVH
1RV 8QLWHG6WDWHVY
%DUWKRORPHZHWDO
>GLVWULFW@FRXUWFRPPLWWHGDFOHDUHUURURIMXGJPHQWLQWKH
FRQFOXVLRQLWUHDFKHGXSRQDZHLJKLQJRIWKHUHOHYDQWIDFWRUV
RUZKHUHLWLPSURSHUO\DSSOLHVWKHODZRUXVHVDQHUURQHRXV
OHJDO VWDQGDUG´ ,G LQWHUQDO TXRWDWLRQ PDUNV RPLWWHG
DOWHUDWLRQLQRULJLQDO
%DUWKRORPHZ+DUULVDQG+HQU\DVVHUWWKRXJKZLWKOLWWOH
VSHFLILFLW\WKDWWKHGLVWULFWFRXUWHUUHGLQDGPLWWLQJHYLGHQFH
RI -DFNVRQ¶V SXUFKDVH RI PDULMXDQD LQ IURP DQ
XQGHUFRYHUSROLFHRIILFHULQ3HQQV\OYDQLD7KH\DOVRFODLP
DJDLQZLWKRXWVLJQLILFDQWGHWDLOWKDWWKHGLVWULFWFRXUWVKRXOG
KDYHH[FOXGHG%URZQ¶VWHVWLPRQ\WKDWVKHZLWQHVVHGODUJH
TXDQWLWLHV RI PDULMXDQD LQ WKH KRXVH WKDW VKH VKDUHG ZLWK
%DUWKRORPHZLQDQG&DOGZHOO¶VWHVWLPRQ\WKDWLQ
DQG VKH WUDQVSRUWHG ODUJH DPRXQWV RI FDVK DW
%DUWKRORPHZ¶V UHTXHVW WR IDFLOLWDWH KLV GUXJ WUDQVDFWLRQV
7KLVHYLGHQFHZDVRIIHUHGWRSURYHWKHH[LVWHQFHDQGH[WHQW
RIWKHFRQVSLUDF\FKDUJHGLQWKHLQGLFWPHQW
7KHGHIHQGDQWVFRQFHGHWKDWVXFKSURRIPD\EHHYLGHQFHRI
DQRWKHUGUXJFRQVSLUDF\RUFRQVSLUDFLHVEXWWKH\DUJXHWKDW
HYHQWVWKDWKDSSHQHGLQ,QGLDQD3HQQV\OYDQLDDQG7H[DVKDG
QRWKLQJ WR GR ZLWK WKLV FRQVSLUDF\ 7KH\ DVVHUW WKDW WKH
HYLGHQFHZDVWRWDOO\LUUHOHYDQWDQGKLJKO\SUHMXGLFLDO:KHQ
GHIHQGDQWV FODLP WKDW WKH GLVWULFW FRXUW DGPLWWHG HYLGHQFH
ZKRVHSUREDWLYHYDOXHZDVVXEVWDQWLDOO\RXWZHLJKHGE\WKH
GDQJHURIXQIDLUSUHMXGLFH³ZHYLHZWKHHYLGHQFHLQWKHOLJKW
PRVWIDYRUDEOHWRWKHSURVHFXWLRQ$VVXFKZHPD[LPL]HWKH
SUREDWLYHYDOXHRIWKHHYLGHQFHDQGPLQLPL]HLWVSRWHQWLDO
SUHMXGLFHWRWKHGHIHQGDQW>V@´8QLWHG6WDWHVY/RJDQ
)G WK &LU LQWHUQDO FLWDWLRQ RPLWWHG FHUW
GHQLHG6&W DQGFHUWGHQLHG6&W
7KH WHVWLPRQ\ RI %URZQ &DOGZHOO DQG 2IILFHU :DWVRQ
GHVFULEHG DFWV E\ SHUVRQV ZKR ZHUH DOOHJHG FRQVSLUDWRUV
7KHVHDFWVWRRNSODFHGXULQJWKHUHOHYDQWWLPHSHULRGDQGWKH\
FRQFHUQHG WUDIILFNLQJ LQ PDULMXDQD ,Q DGGLWLRQ WKH
JHRJUDSKLFDOUDQJHRIWKHHYHQWVGHVFULEHGE\WKHVHZLWQHVVHV
-- 11 of 12 --
8QLWHG6WDWHVY
%DUWKRORPHZHWDO
1RV
ZDVFRQVLVWHQWZLWKRWKHUHYLGHQFHDERXWWKHRSHUDWLRQRIWKH
FKDUJHGFRQVSLUDF\7KHGHIHQGDQWV¶DVVHUWLRQRILUUHOHYDQFH
LVVLPSO\DQXQVXSSRUWHGDUJXPHQW%HFDXVHWKHSUREDWLYH
YDOXHRIWKHFKDOOHQJHGHYLGHQFHZDVKLJKDQGWKHSRWHQWLDO
IRUXQIDLUSUHMXGLFHWRWKHGHIHQGDQWVZDVORZZHILQGQR
HUURULQWKHGLVWULFWFRXUW¶VGHFLVLRQWRDGPLWWKHHYLGHQFH
+DUULV LQ FRQWUDVW WR KLV FRGHIHQGDQWV SUHVHQWV WKH
DOWHUQDWLYHDUJXPHQWWKDWHYHQLIWKHHYLGHQFH³ZDVDGPLWWHG
DV SDUW RI WKH FRQVSLUDF\´ WKH FRQVSLUDF\ ³ZDV QHYHU
VXIILFLHQWO\HVWDEOLVKHGLQUHODWLRQWR+DUULV´3DUW,,'EHORZ
FRQVLGHUVWKLVDUJXPHQWWRWKHH[WHQWWKDWLWLVDFRQWHQWLRQ
WKDWWKHHYLGHQFHDWWULDOZDVLQVXIILFLHQWWRVXSSRUW+DUULV¶V
FRQYLFWLRQ%XWWKHDUJXPHQWFRXOGDOVREHFRQVWUXHGDVD
FODLPWKDWZKHQRQHZKRLVFKDUJHGZLWKFRQVSLUDF\MRLQVWKH
FULPLQDOHQWHUSULVHDIWHULWVLQFHSWLRQRQO\HYLGHQFHRIHYHQWV
WKDWWRRNSODFHDIWHUKHMRLQHGLVDGPLVVLEOH&RQWUROOLQJFDVH
ODZ KRZHYHU IRUHFORVHV VXFK D FODLP 8QLWHG 6WDWHV Y
8QLWHG6WDWHV*\SVXP&R86 ³:LWK
WKHFRQVSLUDF\WKXVIXOO\HVWDEOLVKHGWKHGHFODUDWLRQVDQGDFWV
RIWKHYDULRXVPHPEHUVHYHQWKRXJKGRQHRUPDGHSULRUWR
WKHDGKHUHQFHRIVRPHWRWKHFRQVSLUDF\EHFRPHDGPLVVLEOH
DJDLQVWDOODVGHFODUDWLRQVRUDFWVRIFRFRQVSLUDWRUVLQDLGRI
WKHFRQVSLUDF\´ 8QLWHG6WDWHVY&DVVLW\)G
WK&LU ³>:@HUHMHFWWKHDUJXPHQWE\DSSHOODQWVWKDW
RQO\WKRVHFRFRQVSLUDWRUVWDWHPHQWVPDGHDIWHUWKH\MRLQHG
WKHFRQVSLUDF\DUHDGPLVVLEOHDJDLQVWWKHP´
7KH ILQDO FRQWHVWHG HYLGHQWLDU\ LVVXH FRQFHUQV +HQU\¶V
LQYROYHPHQWLQDQ$UL]RQDGUXJWUDQVDFWLRQ7KLVHYLGHQFH
ZDVDGPLWWHGSXUVXDQWWR)HGHUDO5XOHRI(YLGHQFH E
ZKLFKSURYLGHVWKDWDOWKRXJKHYLGHQFHRIRWKHUFULPHVRUDFWV
LVQRWDGPLVVLEOHWRSURYHFKDUDFWHULWPD\³EHDGPLVVLEOHIRU
RWKHUSXUSRVHVVXFKDVSURRIRIPRWLYHRSSRUWXQLW\LQWHQW
SUHSDUDWLRQSODQNQRZOHGJHLGHQWLW\RUDEVHQFHRIPLVWDNH
RUDFFLGHQW´6XFKHYLGHQFHLVDGPLVVLEOHXQGHU5XOH E
LI ³WKHUH LV VXIILFLHQW HYLGHQFH WKDW WKH RWKHU DFW LQ
TXHVWLRQDFWXDOO\RFFXUUHG´ ³WKHHYLGHQFHRIWKHRWKHUDFW
LV SUREDWLYH RI D PDWHULDO LVVXH RWKHU WKDQ FKDUDFWHU´ DQG
1RV 8QLWHG6WDWHVY
%DUWKRORPHZHWDO
³WKHSUREDWLYHYDOXHRIWKHHYLGHQFHLV>QRW@VXEVWDQWLDOO\
RXWZHLJKHGE\LWVSRWHQWLDOSUHMXGLFLDOHIIHFW´8QLWHG6WDWHV
Y +D\ZRRG )G WK &LU LQWHUQDO
TXRWDWLRQPDUNVRPLWWHG
%RWK%DUWKRORPHZDQG+HQU\DUJXHWKDWWKHGLVWULFWFRXUW
HUUHG LQ DGPLWWLQJ HYLGHQFH DERXW WKH $UL]RQD WUDQVDFWLRQ
XQGHU 5XOH E %DUWKRORPHZ DVVHUWV WKDW WKH GLVWULFW
FRXUW³GLGQRWZHLJKWKHSUHMXGLFLDOHIIHFWRIWKHRWKHUDFWV
HYLGHQFH´+LVDVVHUWLRQLVVLPSO\ZURQJ7KHGLVWULFWFRXUW
VSHFLILFDOO\VWDWHG³,DOVRILQGWKDWWKHSUREDWLYHYDOXHRI
>WKH HYLGHQFH LQYROYLQJ +HQU\@ DV EDG DFWV HYLGHQFH WR
HVWDEOLVKPRWLYHDQGDQLQWHQWDQGSODQDQGFRPPRQVFKHPH
RXWZHLJKVDQ\SUHMXGLFLDOHIIHFW´
+HQU\RQWKHRWKHUKDQGDUJXHVWKDWWKHJRYHUQPHQWIDLOHG
WRLGHQWLI\DQ\PDWHULDOLVVXHRWKHUWKDQFKDUDFWHUWKDWFRXOG
EH HVWDEOLVKHG E\ WKH FKDOOHQJHG HYLGHQFH 6KH IXUWKHU
FRQWHQGV WKDW QR VXFK LVVXH H[LVWHG WKXV PDNLQJ WKH
LQWURGXFWLRQ RI WKH HYLGHQFH SUHMXGLFLDO DV WR KHU 7KHVH
DUJXPHQWVDUHZLWKRXWPHULW)LUVWHYLGHQFHRIWKH$UL]RQD
WUDQVDFWLRQ ZDV DGPLVVLEOH WR SURYH WKDW +HQU\ ZDV DW WKH
)OLQW0LFKLJDQ%XGJHWHO,QQRQ'HFHPEHUDVSDUW
RIDGUXJWUDIILFNLQJVFKHPHQRWIRUWKHSXUSRVHRIIXUWKHULQJ
D VRFLDO RU LQWLPDWH UHODWLRQVKLS ZLWK -DFNVRQ DV VKH
FRQWHQGHG7KHSURVHFXWRUSURSHUO\LGHQWLILHGWKHSXUSRVHRI
WKLVHYLGHQFHDWWULDO
6HFRQGRWKHUWKDQQRWLQJVRFLHWDOGLVIDYRUZLWKGHDOLQJLQ
QDUFRWLFV +HQU\ KDV QRW H[SODLQHG KRZ WKH 5XOH E
HYLGHQFH FUHDWHG D GDQJHU RI XQIDLU SUHMXGLFH $Q\ VXFK
SUHMXGLFHZDVPLQLPL]HGE\WKHGLVWULFWFRXUWLQVWUXFWLQJWKH
MXU\ WKDW LW FRXOG FRQVLGHU HYLGHQFH DERXW WKH HYHQWV LQ
$UL]RQDRQO\³LQGHFLGLQJ0V+HQU\¶VLQWHQWSUHSDUDWLRQ
SODQNQRZOHGJHRUDEVHQFHRIPLVWDNHRUDFFLGHQWDVWKHVH
FRQFHSWVDSSO\WRWKHHYHQWVLQ)OLQW0LFKLJDQ7KHHYLGHQFH
LVQRWWREHFRQVLGHUHGIRUDQ\RWKHUSXUSRVHDQGLVRQO\WREH
FRQVLGHUHG DV WR GHIHQGDQW -XOHHQ +HQU\´ 8QGHU WKHVH
FLUFXPVWDQFHV ZH ILQG +HQU\¶V FODLP RI SUHMXGLFH
-- 12 of 12 --
Conecte o Omnilex para pesquisar o corpus jurídico pelo seu assistente de IA.