02-2034•03a0158p.06
7KH +RQRUDEOH -RVHSK 0 +RRG 8QLWHG 6WDWHV 'LVWULFW -XGJH IRU WKH
(DVWHUQ 'LVWULFW RI .HQWXFN\ VLWWLQJ E\ GHVLJQDWLRQ
5(&200(1'(' )25 )8//7(;7 38%/,&$7,21
3XUVXDQW WR 6L[WK &LUFXLW 5XOH
(/(&7521,& &,7$7,21 )(' $SS 3 WK &LU
)LOH 1DPH DS
81,7('67$7(6&28572)$33($/6
)257+(6,;7+&,5&8,7
BBBBBBBBBBBBBBBBB
7+( &,1&,11$7, ,1685$1&(
&2
3ODLQWLII$SSHOODQW
Y
=(1 '(6,*1 *5283 /7'DQG
681 <8
'HIHQGDQWV$SSHOOHHV
;!
1
1R
$SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW
IRUWKH(DVWHUQ'LVWULFWRI0LFKLJDQDW'HWURLW
1R²9LFWRULD$5REHUWV'LVWULFW-XGJH
$UJXHG0D\
'HFLGHGDQG)LOHG0D\
%HIRUH0225(DQG52*(56&LUFXLW-XGJHV+22'
'LVWULFW-XGJH
7KH&LQFLQQDWL,QV&RY
=HQ'HVLJQ*URXSHWDO
1R
BBBBBBBBBBBBBBBBB
&2816(/
$5*8('/DQFH50DWKHU60,7++$8*+(<5,&(
52(**(*UDQG5DSLGV0LFKLJDQIRU$SSHOODQW(ULF5
/LWWOH*$817/(77 $662&,$7(6,UYLQH&DOLIRUQLD
IRU $SSHOOHHV 21 %5,() /DQFH 5 0DWKHU 60,7+
+$8*+(<5,&( 52(**(*UDQG5DSLGV0LFKLJDQ
IRU $SSHOODQW (ULF 5 /LWWOH *$817/(77
$662&,$7(6,UYLQH&DOLIRUQLD0DUN$&DQWRU%522.6
.86+0$16RXWKILHOG0LFKLJDQIRU$SSHOOHHV
BBBBBBBBBBBBBBBBB
23,1,21
BBBBBBBBBBBBBBBBB
.$5(1 1(/621 0225( &LUFXLW -XGJH 3ODLQWLII
$SSHOODQW &LQFLQQDWL ,QVXUDQFH &RPSDQ\ ³&LQFLQQDWL´
EURXJKW DQ DFWLRQ IRU GHFODUDWRU\ MXGJPHQW DJDLQVW
'HIHQGDQWV$SSHOOHHV =HQ 'HVLJQ *URXS /WG ³=HQ
'HVLJQ´ DQG6XQ<X ³<X´ WKHSUHVLGHQWDQGRZQHURI=HQ
'HVLJQ FROOHFWLYHO\³=HQ´ $OWKRXJK=HQZDVDKROGHURID
EXVLQHVVLQVXUDQFHSROLF\IURP&LQFLQQDWL&LQFLQQDWLDUJXHG
WKDW LW KDG QR GXW\ WR GHIHQG RU LQGHPQLI\ =HQ LQ D VXLW
EURXJKWDJDLQVW=HQE\$UPDPHQW6\VWHPVDQG3URFHGXUHV
,QF ³$63´ DOOHJLQJ DPRQJ RWKHU WKLQJV WUDGHPDUN DQG
WUDGH GUHVV LQIULQJHPHQW %RWK SDUWLHV ILOHG PRWLRQV IRU
VXPPDU\MXGJPHQW&LQFLQQDWLGHVLUHGDGHFODUDWLRQWKDWLW
KDG QR GXW\ WR GHIHQG XQGHU LWV SROLF\ RQ DQ\ RI $63¶V
FODLPVZKLOH=HQVRXJKWIRU&LQFLQQDWLWRDVVXPHWKHGHIHQVH
RIWKH$63DFWLRQ%HFDXVHQHDUO\DOORI$63¶VFODLPVDJDLQVW
=HQZHUHQRWFRYHUHGXQGHUWKHSROLF\H[FHSWIRUWKHSRVVLEOH
FODLP RI DOOHJHG LQIULQJHPHQW RI VORJDQ WKH GLVWULFW FRXUW
JUDQWHG &LQFLQQDWL¶V VXPPDU\ MXGJPHQW PRWLRQ RQ
LQGHPQLILFDWLRQIRUDOOFODLPVRWKHUWKDQWKHLQIULQJHPHQWRI
VORJDQ FODLP +RZHYHU WKH GLVWULFW FRXUW JUDQWHG =HQ¶V
PRWLRQIRUSDUWLDOVXPPDU\MXGJPHQWEHFDXVH=HQ¶VSROLF\
ZLWK&LQFLQQDWLFRYHUHGLQIULQJHPHQWRIVORJDQDFWLRQVDQG
-- 1 of 10 --
1R 7KH&LQFLQQDWL,QV&RY
=HQ'HVLJQ*URXSHWDO
%RWK =HQ DQG &LQFLQQDWL UHIHU WR WKH DOOHJHGO\ LQIULQJLQJ SKUDVH DV
³:($5$%/( /,*+7´ :H VXVSHFW WKDW WKH\ FKRVH WR UHIHU WR WKH
SKUDVH ZLWKRXW WKH DUWLFOH ³7KH´ DQG XVLQJ DOO FDSLWDO OHWWHUV EHFDXVH
$63¶V FRPSODLQW UHIHUUHG WR WKH SKUDVH DV ³:($5$%/( /,*+7´
%HFDXVH &LQFLQQDWL¶V REOLJDWLRQ WR GHIHQG LV GHWHUPLQHG E\ WKH DOOHJDWLRQV
LQ $63¶V FRPSODLQW UHJDUGLQJ LQIULQJHPHQW RI $63¶V SKUDVH ZH DUH
FRQFHUQHG ZLWK KRZ WKH SKUDVH ZDV XVHG E\ $63 LQ LWV DGYHUWLVHPHQWV
7KXV ZH ZLOO PLPLF $63¶V DGYHUWLVHPHQWV ZKHQ ZH UHIHU WR WKH SKUDVH
DV ³7KH :HDUDEOH /LJKW´ WKURXJKRXW WKLV RSLQLRQ +RZHYHU ZKHQ ZH DUH
TXRWLQJ GLUHFWO\ IURP WKH FRPSODLQW RU RWKHU ILOLQJV LQ WKLV FDVH ZH ZLOO
TXRWH WKH SKUDVH DV LW DSSHDUHG LQ WKH TXRWHG PDWHULDO
%HFDXVH WKH GLVWULFW FRXUW JUDQWHG &LQFLQQDWL¶V PRWLRQ IRU VXPPDU\
MXGJPHQW RQ LQGHPQLILFDWLRQ DV WR WKH GLVSDUDJHPHQW DQG
PLVDSSURSULDWLRQ FODLPV DQG =HQ QHYHU FURVVDSSHDOHG IURP WKDW GHFLVLRQ
WKH LVVXH RI LQGHPQLILFDWLRQ RQ WKH GLVSDUDJHPHQW DQG PLVDSSURSULDWLRQ
FODLPV LV QRW EHIRUH WKLV FRXUW ,Q DGGLWLRQ &LQFLQQDWL GRHV QRW PDNH WKH
IDOOEDFN DUJXPHQW RQ DSSHDO WKDW VKRXOG WKLV FRXUW ILQG WKDW &LQFLQQDWL
KDV D GXW\ WR GHIHQG WKH VORJDQ FODLP &LQFLQQDWL QRQHWKHOHVV KDV QR GXW\
WR LQGHPQLI\ ZLWK UHVSHFW WR WKDW FODLP $OWKRXJK WKH GLVWULFW FRXUW¶V
GHFLVLRQ RQ LQGHPQLILFDWLRQ IRU WKH VORJDQ LQIULQJHPHQW FODLP PD\ KDYH
EHHQ D ELW SUHPDWXUH ZH ZLOO QRW DGGUHVV WKLV PDWWHU EHFDXVH &LQFLQQDWL
RQH RI $63¶V FODLPV DJDLQVW =HQ SRVVLEO\ UDLVHG DQ
LQIULQJHPHQWRIVORJDQFODLPWKXVWULJJHULQJ&LQFLQQDWL¶VGXW\
WR GHIHQG &LQFLQQDWL WLPHO\ DSSHDOHG WKH GLVWULFW FRXUW¶V
GHFLVLRQ
2QDSSHDO&LQFLQQDWLDUJXHVWKDWWKHGLVWULFWFRXUWHUUHGLQ
LWVGHWHUPLQDWLRQWKDW&LQFLQQDWLKDGDQREOLJDWLRQWRGHIHQG
WKH $63 DFWLRQ &LQFLQQDWL DVVHUWV WKDW WKH SKUDVH ³7KH
:HDUDEOH/LJKW´ZDVQRWDVORJDQEXWZDVDQRWKHUQDPHIRU
$63¶VOLJKWHPLWWLQJGLRGH ³/('´ ,QUHVSRQVH=HQDUJXHV
WKDWWKUHHRI$63¶VFODLPVDJDLQVWLWDFWLYDWH WKH FRYHUDJH
SURYLVLRQV RI WKH SROLF\ QDPHO\ LQIULQJHPHQW RI VORJDQ
PLVDSSURSULDWLRQ RI DGYHUWLVLQJ LGHD RU VW\OH RI GRLQJ
EXVLQHVV DQG GLVSDUDJHPHQW :H $)),50 WKH GLVWULFW
FRXUW¶V GHFLVLRQ WR JUDQW =HQ¶V SDUWLDO VXPPDU\ MXGJPHQW
PRWLRQGHFODULQJWKDW&LQFLQQDWLKDVDGXW\WRGHIHQGRQWKH
LQIULQJHPHQWRIVORJDQFODLPDQGWKHUHE\KDVDGXW\WRGHIHQG
WKHZKROH$63FDVH
7KH&LQFLQQDWL,QV&RY
=HQ'HVLJQ*URXSHWDO
1R
FKRVH QRW WR UDLVH WKLV LVVXH LQ LWV EULHIV 6HH %X]LDVKYLOL Y ,QPDQ
)G WK &LU QRWLQJ WKDW DQ DUJXPHQW LV FRQVLGHUHG
ZDLYHG ZKHQ WKH SDUW\ IDLOV WR SUHVHQW LW LQ LWV DSSHOODWH EULHI
,-85,6',&7,21
7KH GLVWULFW FRXUW KDG MXULVGLFWLRQ EDVHG RQ GLYHUVLW\ RI
FLWL]HQVKLSSXUVXDQWWR86&=HQ'HVLJQLVD
0LFKLJDQFRUSRUDWLRQZLWKLWVSULQFLSDOSODFHRIEXVLQHVVLQ
0LFKLJDQDQG<XLVD0LFKLJDQUHVLGHQW&LQFLQQDWLLVDQ
2KLR LQVXUDQFH FRUSRUDWLRQ ZLWK LWV SULQFLSDO SODFH RI
EXVLQHVV LQ 2KLR ³,Q DFWLRQV VHHNLQJ GHFODUDWRU\ RU
LQMXQFWLYH UHOLHI LW LV ZHOO HVWDEOLVKHG WKDW WKH DPRXQW LQ
FRQWURYHUV\ LV PHDVXUHG E\ WKH YDOXH RI WKH REMHFW RI WKH
OLWLJDWLRQ´+XQWY:DVKLQJWRQ6WDWH$SSOH$GYHU&RPP¶Q
86 +HUHWKHREMHFWRIWKHOLWLJDWLRQLV
WKHGHIHQVHRIWKH$63ODZVXLWEURXJKWDJDLQVW=HQ=HQKDV
LQFXUUHG RYHU LQ OHJDO IHHV DQG H[SHQVHV E\
GHIHQGLQJWKH$63DFWLRQ$SSHOOHHV¶8QRSSRVHG0RWWR
([SHGLWH$SSHDODW$OWKRXJK&LQFLQQDWL¶VFRPSODLQWIDLOHG
WRDVVHUWWKHQHFHVVDU\DPRXQWLQFRQWURYHUV\IRUGLYHUVLW\
MXULVGLFWLRQMXULVGLFWLRQLVSURSHUEHFDXVH³WKHYDOXHRIWKH
REMHFWRIWKHOLWLJDWLRQ´H[FHHGV+XQW86DW
&RXUWVRIDSSHDOVKDYHMXULVGLFWLRQSXUVXDQWWR86&
³ZKHQDQDSSHDOLVWDNHQIURPDILQDOGHFLVLRQRIWKH
GLVWULFWFRXUW´:LOOLDPVY.HQWXFN\)G WK
&LU LQWHUQDO TXRWDWLRQ RPLWWHG 7KH TXHVWLRQ
SUHVHQWHG WR WKH GLVWULFW FRXUW LQ WKLV FDVH ZDV ZKHWKHU
&LQFLQQDWL KDG D GXW\ WR GHIHQG RU LQGHPQLI\ =HQ LQ WKH
XQGHUO\LQJ$63DFWLRQ7KHGLVWULFWFRXUWJUDQWHGVXPPDU\
MXGJPHQWLQSDUWLQIDYRURI&LQFLQQDWLVWDWLQJWKDW&LQFLQQDWL
KDGQRGXW\WRLQGHPQLI\=HQRQDQ\RI$63¶VFODLPVDJDLQVW
=HQH[FHSWIRUWKHVORJDQLQIULQJHPHQWDGYHUWLVLQJLQMXU\
-RLQW$SSHQGL[ ³-$´ DW 'LVW&W2S :LWKUHVSHFW
WR $63¶V SRWHQWLDO VORJDQ LQIULQJHPHQW FODLP WKH GLVWULFW
FRXUWGHQLHG&LQFLQQDWL¶VPRWLRQIRUVXPPDU\MXGJPHQWDQG
JUDQWHG=HQ¶VSDUWLDOVXPPDU\MXGJPHQWPRWLRQGHFODULQJ
-- 2 of 10 --
1R 7KH&LQFLQQDWL,QV&RY
=HQ'HVLJQ*URXSHWDO
WKDW&LQFLQQDWLKDGDGXW\WRGHIHQGWKHHQWLUHDFWLRQEHFDXVH
D GXW\ WR GHIHQG DJDLQVW RQH FODLP VORJDQ LQIULQJHPHQW
LQYRNHVDGXW\WRGHIHQGDJDLQVWDOOFODLPV-$DW 'LVW
&W- &LQFLQQDWLDSSHDOHGIURPWKHJUDQWRISDUWLDOVXPPDU\
MXGJPHQWLQIDYRURI=HQDQGWKHSDUWLDOGHQLDORIVXPPDU\
MXGJPHQWDVWR&LQFLQQDWL$OWKRXJKDGHQLDORIVXPPDU\
MXGJPHQWRUGLQDULO\LVQRWDILQDODSSHDODEOHGHFLVLRQ+RRYHU
Y5DGDEDXJK)G WK&LU WKHGLVWULFW
FRXUW¶VGHFLVLRQKHUHZDVDILQDOGHFLVLRQEHFDXVHLW³UHVROYHG
DOOGLVSXWHGTXHVWLRQVEHWZHHQWKHSDUWLHV´&LW\RI&KLFDJR
Y$WFKLQVRQ7RSHND 6DQWD)H5\&R86
,,%$&.*5281'
=HQLVLQWKHEXVLQHVVRIGHVLJQLQJKDQGKHOG/('OLJKWLQJ
GHYLFHV2QHRI=HQ¶VVLJQDWXUHFUHDWLRQVLVWKH6WDUOLJKW
IODVKOLJKW7KHVHGHYLFHVDUH³VPDOOIODVKOLJKWVGHVLJQHGWR
SURYLGHLOOXPLQDWLRQLQDYDULHW\RIVLWXDWLRQVZKHUHOLJKWLV
QHHGHG TXLFNO\ DQG HDVLO\´ $SSHOOHHV¶ %U DW 7KLV
IODVKOLJKWZDVGHVLJQHG³WRKDYHIHDWXUHVGLVWLQFWIURPRWKHU
IODVKOLJKWV VXFK DV VKDSH PDWHULDOV XVHG DQG RYHUDOO
DSSHDUDQFH´-$DW <X¶V'HFODUDWLRQ
)URP'HFHPEHUWKURXJK'HFHPEHU=HQ
KDGD%XVLQHVVRZQHUV3DFNDJH3ROLF\ WKH³SROLF\´ SURYLGHG
E\&LQFLQQDWL7KHWHUPVRIWKHSROLF\FRYHUEXVLQHVVOLDELOLW\
DQG SURYLGH =HQ ZLWK FRYHUDJH IRU ³WKRVH VXPV WKDW WKH
LQVXUHGEHFRPHVOHJDOO\REOLJDWHGWRSD\DVGDPDJHVEHFDXVH
RIμDGYHUWLVLQJLQMXU\¶WRZKLFKWKLVLQVXUDQFHDSSOLHV´
-$DW &RPSO$WWDFK &LQFLQQDWLKDV³WKHULJKWDQG
GXW\WRGHIHQGWKHLQVXUHGDJDLQVWDQ\μVXLW¶VHHNLQJWKRVH
GDPDJHV´,G7KHSROLF\VWDWHVWKDWWKHFRYHUDJHH[WHQGVWR
DQDGYHUWLVLQJLQMXU\³FDXVHGE\DQRIIHQVHFRPPLWWHGLQWKH
FRXUVHRIDGYHUWLVLQJ\RXUJRRGVSURGXFWVRUVHUYLFHV´,G
,QWKHGHILQLWLRQVVHFWLRQ³DGYHUWLVLQJLQMXU\´LVGHILQHGDV
DQ\LQMXU\DULVLQJRXWRI
7KH&LQFLQQDWL,QV&RY
=HQ'HVLJQ*URXSHWDO
1R
D 2UDORUZULWWHQSXEOLFDWLRQRIPDWHULDOWKDWVODQGHUV
RU OLEHOV D SHUVRQ RU RUJDQL]DWLRQ RU GLVSDUDJHV D
SHUVRQ¶V RU RUJDQL]DWLRQ¶V JRRGV SURGXFWV RU
VHUYLFHV
F 0LVDSSURSULDWLRQ RI DGYHUWLVLQJ LGHDV RU VW\OH RI
GRLQJEXVLQHVVRU
G ,QIULQJHPHQWRIFRS\ULJKWWLWOHRUVORJDQ
-$DW &RPSO$WWDFK ,QDGGLWLRQWKHSROLF\GHILQHV
³DGYHUWLVLQJ´ DV ³DQ DGYHUWLVHPHQW SXEOLFLW\ DUWLFOH
EURDGFDVWRUWHOHFDVW´,G
2Q6HSWHPEHU$63DFRPSHWLWRURI=HQVXHG
=HQDQGVHYHUDORWKHUSDUWLHV$63¶VFRPSODLQWVWDWHGFDXVHV
RIDFWLRQIRU WUDGHGUHVVLQIULQJHPHQWXQGHU86&
D WUDGHPDUN LQIULQJHPHQW XQGHU 86&
D XQIDLU FRPSHWLWLRQ XQGHU 86&
D GLOXWLRQ XQGHU 86& F
FRPPRQ ODZ XQIDLU FRPSHWLWLRQ DQG YLRODWLRQ RI
:LVFRQVLQ¶V )UDXGXOHQW 5HSUHVHQWDWLRQV $FW ,Q WKH
FRPSODLQWEURXJKWLQIHGHUDOGLVWULFWFRXUWLQ:LVFRQVLQ$63
DVVHUWHG WKDW LW PDUNHWHG DQG DGYHUWLVHG LWV /(' KDQGKHOG
IODVKOLJKWV XVLQJ WKH ZLGHO\UHFRJQL]HG WUDGHPDUNV
³:($5$%/(/,*+7´DQG³6$33+,5(´-$DW $63
&RPSO $63 QRW RQO\ FODLPHG WKDW =HQ DQG RWKHUV
LQIULQJHG RQ WKHVH WUDGHPDUNV EXW DOVR DVVHUWHG WKDW =HQ
FRSLHGWKHVKDSHDQGWUDGHGUHVVRILWVKDQGKHOGIODVKOLJKWVLQ
RUGHUWRFDSLWDOL]HRQ$63¶VQDPHDQGEXVLQHVVJRRGZLOO
,Q2FWREHU=HQWHQGHUHGWKHGHIHQVHRIWKLVDFWLRQWR
&LQFLQQDWLDQG&LQFLQQDWLGHQLHGLWVUHVSRQVLELOLW\IRUGHIHQVH
DQGLQGHPQLILFDWLRQFRYHUDJH,QDUHVSRQVHOHWWHUWR=HQ
&LQFLQQDWLFLWHGWKLVFRXUW¶VRSLQLRQLQ$GYDQFH:DWFK&RY
.HPSHU1DWLRQDO,QVXUDQFH&R)G WK&LU
IRUWKHSURSRVLWLRQWKDWWKHFODLPVLQWKHXQGHUO\LQJDFWLRQ
DJDLQVW =HQ ZHUH QRW FRYHUHG E\ WKH SROLF\ DQG WKHUHIRUH
&LQFLQQDWL KDG QR GXW\ WR GHIHQG DJDLQVW LW 7KHUHDIWHU
&LQFLQQDWLILOHGDFRPSODLQWLQWKH86'LVWULFW&RXUWIRUWKH
-- 3 of 10 --
1R 7KH&LQFLQQDWL,QV&RY
=HQ'HVLJQ*URXSHWDO
7KH GLVWULFW FRXUW GHVFULEHG WKH VLPLODULW\ RI WKH LVVXHV LQ $GYDQFH
:DWFK WR WKH LVVXHV SUHVHQWHG LQ WKLV FDVH
,Q $GYDQFH :DWFK DQ LQVXUHG SHQ PDQXIDFWXUHU VRXJKW GHIHQVH
DQG LQGHPQLILFDWLRQ IURP LWV JHQHUDO OLDELOLW\ LQVXUHU 7UDYHOHUV
IURP DQ XQGHUO\LQJ DFWLRQ IRU WUDGHPDUN LQIULQJHPHQW XQIDLU
FRPSHWLWLRQ DQG GLOXWLRQ 7KH LQVXUHG¶V SROLF\ ZLWK 7UDYHOHUV
ZDV QHDUO\ LGHQWLFDO WR WKH 3ROLF\ LQ WKLV FDVH SURYLGLQJ IRU
GHIHQVH DQG LQGHPQLILFDWLRQ IRU DGYHUWLVLQJ LQMXU\ IRU WKH VDPH
HQXPHUDWHG ³DGYHUWLVLQJ LQMXULHV´ >DOOHJHG KHUH@ 7KH GLVWULFW
FRXUW DIWHU UHYLHZLQJ 0LFKLJDQ ODZ FRQFHUQLQJ D OLDELOLW\
LQVXUHU¶V GXW\ WR GHIHQG DV ZHOO DV 0LFKLJDQ ODZ RQ WKH
LQWHUSUHWDWLRQ RI LQVXUDQFH SROLFLHV DJUHHG ZLWK WKH LQVXUHG¶V
DUJXPHQW WKDW ³PLVDSSURSULDWLRQ RI VW\OH RI GRLQJ EXVLQHVV´ ZDV
³EURDG HQRXJK WR HPEUDFH FODLPV WKDW WKH LQVXUHG FRSLHG D
GHVLJQ H[SOLFLWO\ SURWHFWHG E\ WUDGHPDUN´ 7KH GLVWULFW FRXUW
WKHUHIRUH DZDUGHG VXPPDU\ MXGJPHQW LQ IDYRU RI WKH LQVXUHG
,Q UHMHFWLQJ WKH GLVWULFW FRXUW¶V EURDG LQWHUSUHWDWLRQ RI WKH
(DVWHUQ 'LVWULFW RI 0LFKLJDQ RQ -XO\ VHHNLQJ D
GHFODUDWRU\ MXGJPHQW WKDW LW KDG QR GXW\ WR GHIHQG RU
LQGHPQLI\=HQLQWKH$63DFWLRQ&LQFLQQDWL¶VFRPSODLQWDOVR
UHTXHVWHGFRVWVDQGDWWRUQH\IHHV2Q1RYHPEHU=HQ
ILOHG D PRWLRQ IRU SDUWLDO VXPPDU\ MXGJPHQW UHTXHVWLQJ D
GHFODUDWLRQWKDW&LQFLQQDWLKDGEUHDFKHGLWVFRQWUDFWXDOGXW\
WRGHIHQG=HQDVZHOODVVHHNLQJFRVWVDQGDWWRUQH\IHHVIRU
&LQFLQQDWL¶V IDLOXUH WR GHIHQG WKH XQGHUO\LQJ DFWLRQ DV
SURYLGHG LQ WKH LQVXUDQFH SROLF\ 2Q 1RYHPEHU
&LQFLQQDWL ILOHG D FURVVPRWLRQ IRU VXPPDU\ MXGJPHQW
VHHNLQJ D GHFODUDWLRQ WKDW LW KDG QR GXW\ WR GHIHQG RU
LQGHPQLI\=HQIURPWKHFODLPVLQWKH$63VXLW
%HIRUHWKHGLVWULFWFRXUW=HQ¶VSULPDU\DUJXPHQWZDVWKDW
EHFDXVH$63¶VDFWLRQUDLVHGDQDGYHUWLVLQJLQMXU\EDVHGRQ
PLVDSSURSULDWLRQ RI DGYHUWLVLQJ LGHDV RU VW\OH RI GRLQJ
EXVLQHVV&LQFLQQDWLZDVREOLJDWHGWRGHIHQGWKHDFWLRQDQG
LQGHPQLI\=HQIRUDQ\GDPDJHVDZDUGHG=HQDOVRUHOLHGRQ
WZR RWKHU LQMXULHV FRQWDLQHG LQ WKH $63 FRPSODLQW
GLVSDUDJHPHQWDQGLQIULQJHPHQWRIVORJDQDVMXVWLILFDWLRQIRU
UHTXLULQJ &LQFLQQDWL WR SURYLGH D GHIHQVH &LQFLQQDWL
VXFFHVVIXOO\ DUJXHG WKDW WKLV FRXUW¶V GHFLVLRQ LQ $GYDQFH
:DWFKSUHFOXGHGWKHPLVDSSURSULDWLRQRIDGYHUWLVLQJLGHDVRU
7KH&LQFLQQDWL,QV&RY
=HQ'HVLJQ*URXSHWDO
1R
WHUP ³PLVDSSURSULDWLRQ RI VW\OH RI GRLQJ EXVLQHVV´ WKH >6L[WK
&LUFXLW@ QRWHG WKDW WKHUH H[LVWHG D ERG\ RI FDVH ODZ GHILQLQJ WKLV
WHUP DV D VHSDUDWH FDWHJRU\ RI DFWLRQDEOH FRQGXFW WKHUHIRUH WKH
WHUP LQ 7UDYHOHUV¶ SROLF\ GLG QRW UHIHU WR D FDWHJRU\ RU JURXSLQJ
RI DFWLRQDEOH FRQGXFW ZKLFK LQFOXGHV WUDGHPDUN RU WUDGH GUHVV
LQIULQJHPHQW ,Q DGGLWLRQ WKH &RXUW IRXQG VLJQLILFDQW WKDW WKH
SROLF\ GHILQLWLRQ RI ³DGYHUWLVLQJ LQMXU\´ GLG QRW LQFOXGH DQ\
H[SUHVV UHIHUHQFH WR WUDGHPDUN LQIULQJHPHQW %HFDXVH RI WKH
FRPPRQ UHFRJQLWLRQ RI WUDGHPDUN DQG WUDGH GUHVV LQIULQJHPHQW
DV GLVWLQFW FDWHJRULHV RI DFWLRQDEOH FRQGXFW WKH &RXUW IRXQG WKDW
LI 7UDYHOHUV KDG LQWHQGHG WR SURYLGH FRYHUDJH IRU OLDELOLW\ XQGHU
WKHVH FODLPV LW ZRXOG KDYH UHIHUUHG WR WKHP E\ QDPH LQ WKH
SROLF\ DV LW GLG ZLWK ³LQIULQJHPHQW RI FRS\ULJKW WLWOH RU VORJDQ´
-$ DW 'LVW &W 2S FLWDWLRQV DQG IRRWQRWH RPLWWHG
VW\OHRIGRLQJEXVLQHVVFODLP7KHGLVWULFWFRXUWGHWHUPLQHG
WKDW &LQFLQQDWL¶V SROLF\ GLG QRW FRYHU WKH LQIULQJHPHQW RI
WUDGHGUHVVDQGWUDGHPDUNFODLPVEHFDXVHWKHKHDUWRI$63¶V
DOOHJDWLRQ ² WKDW =HQ PDUNHWHG DQG DGYHUWLVHG D VLPLODU
SURGXFWZKLFKLQIULQJHGRQ$63¶VWUDGHPDUNVDQGWUDGHGUHVV
²ZDVQRWDQ³DGYHUWLVLQJLQMXU\´EHFDXVHLWGLGQRWDULVH
SUHGRPLQDQWO\ IURP DGYHUWLVLQJ DFWLYLWLHV +RZHYHU WKH
GLVWULFWFRXUWGHWHUPLQHGWKDWLWFRXOGQRWFRQFOXGHWKDW$63¶V
DOOHJDWLRQVZHUHQRWFRYHUHGXQGHUWKHLQIULQJHPHQWRIVORJDQ
SRUWLRQRI&LQFLQQDWL¶VSROLF\)ROORZLQJJHQHUDOSULQFLSOHV
RI0LFKLJDQODZWKHFRXUWUHDVRQHGWKDWDQ\GRXEWVDVWRWKH
SROLF\¶VFRYHUDJHDUHWREHUHVROYHGLQIDYRURIWKHLQVXUHG
7KHGLVWULFWFRXUWJUDQWHG&LQFLQQDWL¶VPRWLRQIRUVXPPDU\
MXGJPHQW LQ SDUW DQG GHQLHG LW LQ SDUW )LUVW WKH FRXUW
GHWHUPLQHGWKDWWKHXQGHUO\LQJODZVXLWZDVFRYHUHGXQGHUWKH
³DGYHUWLVLQJLQMXU\´SURYLVLRQEHFDXVHWKH³DGYHUWLVLQJ´DQG
³FDXVDWLRQ´ UHTXLUHPHQWV ZHUH PHW +RZHYHU RQO\ WKH
SRWHQWLDO³LQIULQJHPHQWRIVORJDQ´FODLPJHQHUDWHGDGXW\WR
GHIHQGEHFDXVH$GYDQFH:DWFKSUHFOXGHGDGHIHQVHXQGHUWKH
³PLVDSSURSULDWLRQ RI DGYHUWLVLQJ LGHDV RU VW\OH RI GRLQJ
EXVLQHVV´ DQG WKH ³GLVSDUDJHPHQW´ FODLPV 6HFRQG WKH
GLVWULFW FRXUW JUDQWHG =HQ¶V SDUWLDO VXPPDU\ MXGJPHQW
PRWLRQEHFDXVHRQHRI$63¶VSRVVLEOHFODLPVDJDLQVW=HQ
ZDV EDVHG RQ LQIULQJHPHQW RI VORJDQ DQG EHFDXVH =HQ¶V
-- 4 of 10 --
1R 7KH&LQFLQQDWL,QV&RY
=HQ'HVLJQ*URXSHWDO
SROLF\ ZLWK &LQFLQQDWL FRYHUHG LQIULQJHPHQW RI VORJDQ
DFWLRQV&LQFLQQDWLKDGDGXW\WRGHIHQG7KHGLVWULFWFRXUW
UHDVRQHG WKDW XQGHU WKH LQVXUDQFH SROLF\ &LQFLQQDWL ZDV
REOLJDWHG WR GHIHQG =HQ DJDLQVW FODLPV IRU ³DGYHUWLVLQJ
LQMXULHV RI LQIULQJHPHQW RI VORJDQ´ -$ DW 'LVW &W
2S 7KH FRXUW FRQFOXGHG WKDW EHFDXVH &LQFLQQDWL ZDV
REOLJDWHG WR GHIHQG =HQ RQ WKLV RQH SRWHQWLDO FODLP
&LQFLQQDWLZDVUHVSRQVLEOHIRUWKHDWWRUQH\IHHVDQGFRVWVLQ
GHIHQGLQJWKHHQWLUHXQGHUO\LQJDFWLRQ,QLWVMXGJPHQWWKH
GLVWULFWFRXUWRUGHUHGWKDW&LQFLQQDWLKDGDGXW\WRLQGHPQLI\
=HQ LQ WKH XQGHUO\LQJ LQIULQJHPHQW RI VORJDQ DFWLRQ DQG D
GXW\WRGHIHQG=HQRQDOORI$63¶VFODLPVDJDLQVW=HQLQWKH
XQGHUO\LQJ DFWLRQ &LQFLQQDWL QRZ DSSHDOV IURP WKLV
MXGJPHQWZLWKUHVSHFWWRWKHGXW\WRGHIHQGFRPSRQHQW
,,,$1$/<6,6
$6WDQGDUGRI5HYLHZ
&LQFLQQDWL DUJXHV RQ DSSHDO WKDW WKH GLVWULFW FRXUW
HUURQHRXVO\JUDQWHGSDUWLDOVXPPDU\MXGJPHQWWR=HQZKHQ
LWGHWHUPLQHGWKDW&LQFLQQDWLKDGDGXW\WRGHIHQG=HQLQWKH
$63DFWLRQ:HUHYLHZGHQRYRDGLVWULFWFRXUW¶VJUDQWRI
VXPPDU\ MXGJPHQW 5DQQDOV Y 'LDPRQG -R &DVLQR
)G WK&LU FHUWGHQLHG86
,QDFFRUGDQFHZLWK)HGHUDO5XOHRI&LYLO3URFHGXUH
F ZH DIILUP D JUDQW RI VXPPDU\ MXGJPHQW ³LI WKH
SOHDGLQJV GHSRVLWLRQV DQVZHUV WR LQWHUURJDWRULHV DQG
DGPLVVLRQVRQILOHWRJHWKHUZLWKWKHDIILGDYLWVLIDQ\VKRZ
WKDWWKHUHLVQRJHQXLQHLVVXHDVWRDQ\PDWHULDOIDFWDQGWKDW
WKHPRYLQJSDUW\LVHQWLWOHGWRDMXGJPHQWDVDPDWWHURIODZ´
)HG5&LY3 F 7KHPRYLQJSDUW\KDVWKHEXUGHQRI
SURYLQJWKDWQRJHQXLQHLVVXHDVWRDQ\PDWHULDOIDFWH[LVWV
DQGWKDWLWLVHQWLWOHGWRDMXGJPHQWDVDPDWWHURIODZ6WUHHW
Y -& %UDGIRUG &R )G WK &LU
$GLVSXWHRYHUDPDWHULDOIDFWFDQQRWEH³JHQXLQH´
XQOHVV D UHDVRQDEOH MXU\ FRXOG UHWXUQ D YHUGLFW IRU WKH
QRQPRYLQJSDUW\$QGHUVRQY/LEHUW\/REE\,QF86
,QUHYLHZLQJWKHGLVWULFWFRXUW¶VGHFLVLRQWR
7KH&LQFLQQDWL,QV&RY
=HQ'HVLJQ*URXSHWDO
1R
JUDQWVXPPDU\MXGJPHQWZHPXVWYLHZDOOHYLGHQFHLQWKH
OLJKW PRVW IDYRUDEOH WR WKH QRQPRYLQJ SDUW\ 0DWVXVKLWD
(OHF,QGXV&RY=HQLWK5DGLR&RUS86
%'XW\WR'HIHQG
0LFKLJDQ,QVXUDQFH&RQWUDFWV
7KH SDUWLHV GR QRW GLVSXWH WKDW 0LFKLJDQ ODZ JRYHUQV
8QGHU 0LFKLJDQ ODZ FRXUWV FRQVWUXH DQ LQVXUHU¶V GXW\ WR
GHIHQG PRUH EURDGO\ WKDQ LWV GXW\ WR LQGHPQLI\ 6HH
JHQHUDOO\ 5DGHQEDXJK Y )DUP %XUHDX *HQ ,QV &R RI
0LFK1:G 0LFK&W$SS ³,WLV
ZHOOVHWWOHGLQ0LFKLJDQWKDWDQLQVXUHU¶VGXW\WRGHIHQGLV
EURDGHUWKDQLWVGXW\WRLQGHPQLI\´ TXRWDWLRQRPLWWHG $P
%XPSHU 0IJ&RY+DUWIRUG)LUH,QV&R1:G
0LFK&W$SS QRWLQJWKDWDQLQVXUHU¶VGXW\
WRGHIHQG³H[WHQGVHYHQWRQRQPHULWRULRXVFODLPVZKHUHWKRVH
FODLPVDOOHJHWKHRULHVRIUHFRYHU\WKDWIDOOZLWKLQWKHSROLF\´
,Q $GYDQFH :DWFK ZH ERUURZHG WKH GLVWULFW FRXUW¶V
VXPPDWLRQ RI 0LFKLJDQ¶V ODZ ZLWK UHVSHFW WR DQ LQVXUHU¶V
GXW\WRGHIHQGDQLQVXUHG
,QOLDELOLW\SROLFLHVWKHREOLJDWLRQRIWKHLQVXUHUGHSHQGV
XSRQWKHDOOHJDWLRQVRIWKHXQGHUO\LQJFRPSODLQW7KH
LQVXUHU RQO\ KDV D GXW\ WR GHIHQG WKH LQVXUHG LI WKH
FKDUJHV DJDLQVW WKH LQVXUHG LQ WKH XQGHUO\LQJ DFWLRQ
DUJXDEO\IDOOZLWKLQWKHODQJXDJHRIWKHSROLF\+RZHYHU
WKHWHUPLQRORJ\WKDWZDVXVHGE\WKHXQGHUO\LQJSODLQWLII
LQWKHFRPSODLQWLVQRWGLVSRVLWLYH,QVWHDGWKHDQDO\VLV
RIWKHLVVXHPXVWLQFOXGHWKHDFWXDOFDXVHRIWKHLQMXU\
$Q\GRXEWDVWRWKHLQVXUHU¶VOLDELOLW\PXVWEHUHVROYHGLQ
IDYRURIWKHLQVXUHG0RUHRYHUZKHUHRQO\VRPHRIWKH
FODLPVDJDLQVWWKHLQVXUHGSDUW\DUHFRYHUHGWKHLQVXUHU
PXVWGHIHQGWKHZKROHFODLPXQWLOLWEHFRPHVDSSDUHQW
WKDWQRUHFRYHU\LVSRVVLEOHXQGHUWKHFRYHUHGWKHRU\
$GYDQFH :DWFK )G DW TXRWDWLRQ DQG FLWDWLRQV
RPLWWHG 7KXVXQOLNHWKHGXW\WRLQGHPQLI\0LFKLJDQ¶VODZ
-- 5 of 10 --
1R 7KH&LQFLQQDWL,QV&RY
=HQ'HVLJQ*URXSHWDO
UHTXLUHV D LQVXUHU WR GHIHQG QRW RQO\ ZKHQ WKH XQGHUO\LQJ
FODLP LV DFWXDOO\ FRYHUHG E\ WKH SROLF\ EXW DOVR ZKHQ WKH
XQGHUO\LQJFODLPLV³DUJXDEO\´FRYHUHGE\WKHSROLF\$OOVWDWH
,QV &R Y )UHHPDQ 1:G 0LFK
7KDW VDLG ³>W@KH GXW\ WR GHIHQG FDQQRW EH OLPLWHG E\ WKH
SUHFLVHODQJXDJHRIWKHSOHDGLQJV´EXWUDWKHUDULVHV³LIWKHUH
DUH DQ\ WKHRULHV RI UHFRYHU\ WKDW IDOO ZLWKLQ WKH SROLF\´
5DGHQEDXJK1:GDW TXRWDWLRQRPLWWHG VHHDOVR
)UHHPDQ1:GDW ³>,@WLVQHFHVVDU\WRIRFXVRQ
WKH EDVLV IRU WKH LQMXU\ DQG QRW WKH QRPHQFODWXUH RI WKH
XQGHUO\LQJ FODLP LQ RUGHU WR GHWHUPLQH ZKHWKHU FRYHUDJH
H[LVWV>6@RPXVWWKHDOOHJDWLRQVEHH[DPLQHGWRGHWHUPLQH
WKHVXEVWDQFHDVRSSRVHGWRWKHPHUHIRUPRIWKHFRPSODLQW´
TXRWDWLRQ RPLWWHG 1RQHWKHOHVV LQVXUDQFH FRPSDQLHV
VKRXOGQRWEHOLDEOHIRUULVNVQRWDVVXPHGLQWKHODQJXDJHRI
WKHSROLF\)DUP%XUHDX0XW,QV&RRI0LFKY1LNNHO
1:G 0LFK 7KHLQVXUHUKDVWKHEXUGHQ
RIVKRZLQJWKDWDVSHFLILFWHQGHUHGFODLPLVQRWFRYHUHGXQGHU
LWV SROLF\ )UHVDUG Y 0LFK 0LOOHUV 0XW ,QV &R
1:G 0LFK
,QJHQHUDOLQWHUSUHWDWLRQRILQVXUDQFHSROLFLHVLVJRYHUQHG
E\WKHVDPHSULQFLSOHVXVHGWRLQWHUSUHWRUGLQDU\FRQWUDFWV
1LNNHO1:GDW0LFKLJDQFRQWUDFWODZUHTXLUHV
XV³WRORRNDWWKHSROLF\DVDZKROHDQGWRJLYHPHDQLQJWRDOO
RILWVWHUPV´$GYDQFH:DWFK)GDW FLWLQJ)UHVDUG
1:GDW $FRQWUDFWSURYLVLRQWKDWLVFOHDUDQG
XQDPELJXRXVPXVWEH³μWDNHQDQGXQGHUVWRRGLQ>LWV@SODLQ
RUGLQDU\ DQG SRSXODU VHQVH¶´ (TXLWDEOH /LIH $VVXUDQFH
6RF¶\Y3RH)G WK&LU EUDFNHWV
LQ RULJLQDO TXRWLQJ 0LFK 0XW ,QV &R Y 'RZHOO
1:G 0LFK &W $SS 8QDPELJXRXV
FRQWUDFWSURYLVLRQVDUHQRWVXEMHFWWRLQWHUSUHWDWLRQDQGPXVW
EHHQIRUFHGDVZULWWHQ,G,QFRQWUDVWFRQWUDFWSURYLVLRQV
DUHFRQVLGHUHGDPELJXRXVZKHQWKH³WHUPVDUHUHDVRQDEO\DQG
IDLUO\VXVFHSWLEOHWRPXOWLSOHXQGHUVWDQGLQJVDQGPHDQLQJV´
,G)XUWKHUPRUHFRXUWVDSSO\LQJ0LFKLJDQODZDUHLQVWUXFWHG
WR³UHIUDLQIURPDSSO\LQJDμWHFKQLFDORUVWUDLQHGFRQVWUXFWLRQ¶
WRZRUGVLQLQVXUDQFHSROLFLHV´DQGDOODPELJXLWLHVVKRXOGEH
7KH&LQFLQQDWL,QV&RY
=HQ'HVLJQ*URXSHWDO
1R
7KH GLVWULFW FRXUW LGHQWLILHG WKH IROORZLQJ SUREOHPV ZLWK FRQVLGHULQJ
³7KH :HDUDEOH /LJKW´ D VORJDQ
$63 QHYHU UHIHUV WR :($5$%/( /,*+7 DV D VORJDQ UDWKHU LW
DOOHJHV WKDW LW RZQV D YDOXDEOH WUDGHPDUN IRU WKLV QDPH DQG WKDW
LW KDV DQ DSSOLFDWLRQ IRU LWV UHJLVWUDWLRQ SHQGLQJ
LQWHUSUHWHGLQDOLJKWPRVWIDYRUDEOHWRWKHLQVXUHG$GYDQFH
:DWFK)GDW TXRWLQJ+RVNLQJY6WDWH)DUP0XW
$XWR,QV&R1:G 0LFK&W$SS
6ORJDQ,QIULQJHPHQW
7KHEURDGTXHVWLRQZHPXVWDGGUHVVLVZKHWKHUWKH$63
FRPSODLQW ³DUJXDEO\´ VWDWHG DQ\ FODLP IRU OLDELOLW\ IRU DQ
DGYHUWLVLQJLQMXU\DVGHILQHGLQ&LQFLQQDWL¶VLQVXUDQFHSROLF\
)UHHPDQ1:GDW0RUHVSHFLILFDOO\WKLVGLVSXWH
UHTXLUHV XV WR UHVROYH ZKHWKHU WKH DOOHJDWLRQV LQ $63¶V
FRPSODLQWWKDW=HQXVHGWKHSKUDVH³7KH:HDUDEOH/LJKW´LQ
LWV DGYHUWLVHPHQWV UHVXOWV LQ D FODLP IRU LQIULQJHPHQW RI
VORJDQFRYHUHGE\WKHLQVXUDQFHSROLF\VXFKWKDW&LQFLQQDWL
KDVDGXW\WRGHIHQGWKHHQWLUHDFWLRQ
$FFRUGLQJ WR &LQFLQQDWL¶V SROLF\ ³DGYHUWLVLQJ LQMXU\´
FRYHUDJH KDV WKUHH UHTXLUHPHQWV )LUVW WKHUH PXVW EH DQ
DGYHUWLVLQJDFWLYLW\E\WKHLQVXUHG6HFRQGWKHXQGHUO\LQJ
DFWLRQPXVWLPSOLFDWHDVSHFLILF³DGYHUWLVLQJLQMXU\´FRYHUHG
E\ WKH SROLF\ 7KLUG WKHUH PXVW EH D FDXVDO UHODWLRQVKLS
EHWZHHQ WKH DOOHJHG DGYHUWLVLQJ LQMXU\ DQG WKH LQVXUHG¶V
DGYHUWLVLQJDFWLYLW\6HH*$)6DOHV 6HUY,QFY+DVWLQJV
0XW,QV&R1:G Q 0LFK&W$SS
LQWHUSUHWLQJ LGHQWLFDO RU QHDU LGHQWLFDO SROLF\
ODQJXDJH 7KHGLVWULFWFRXUWGHWHUPLQHGWKDWLQWKHSUHVHQW
FDVHWKHUHZDVDQDGYHUWLVLQJDFWLYLW\ZLWKDVXIILFLHQWO\FORVH
QH[XVWRWKHDVVHUWHGOLDELOLW\DQGFRQFOXGHGWKDW&LQFLQQDWL
ZDVUHTXLUHGWRGHIHQG=HQEHFDXVHWKHDOOHJDWLRQWKDW=HQ
XVHG WKH SKUDVH ³7KH :HDUDEOH /LJKW´ LQ =HQ¶V
DGYHUWLVHPHQWV SRVVLEO\ UDLVHG DQ LQIULQJHPHQW RI VORJDQ
FODLP $OWKRXJK WKH GLVWULFW FRXUW H[SUHVVHG PDQ\ GRXEWV
DERXWZKHWKHU³7KH:HDUDEOH/LJKW´ZDVDVORJDQLWZDV
-- 6 of 10 --
1R 7KH&LQFLQQDWL,QV&RY
=HQ'HVLJQ*URXSHWDO
:($5$%/( /,*+7 VHHPV WR EH PRUH D GHVFULSWLYH WKDQ D
SURPRWLRQDO SKUDVH )XUWKHU LW DSSHDUV WR EH IDU OHVV
SURPRWLRQDO WKDQ WKH H[DPSOHV FLWHG E\ WKH FRXUW LQ +XJR %RVV
>)DVKLRQV ,QF Y )HG ,QV &R )G G &LU @
³-XVW 'R ,W´ DV D VORJDQ XVHG WR SURPRWH WKH KRXVH PDUN 1LNH
DQG ³'RQ¶W /HDYH +RPH :LWKRXW 8V´ DV D VORJDQ WR SURPRWH WKH
KRXVH PDUN ³$PHULFDQ ([SUHVV´ $QG SHUKDSV PRVW
LPSRUWDQWO\ $63¶V FRPSODLQW GRHV QRW DOOHJH WKDW LW KDV
GHYHORSHG JRRG QDPH DQG JRRG ZLOO LQ WKH :($5$%/( /,*+7
PDUN WR SURPRWH WKH 6$33+,5( PDUN UDWKHU LW DOOHJHV WKDW WKH
:($5$%/( /,*+7 PDUN LV XVHG WR GLUHFWO\ PDUNHW DQG VHOO
WKH /(' IODVKOLJKWV
-$ DW 'LVW &W 2S
³XQDEOHWRFRQFOXGHWKDWFRYHUDJHXQGHUWKH3ROLF\>ZDV@QRW
SRVVLEOHIRU>=HQ@RQWKLVFODLP´-$DW 'LVW&W
2S $V=HQQRWHVLQLWVDSSHOODWHEULHI&LQFLQQDWLGRHVQRW
GLVSXWHWKDWWKHFDXVDWLRQDQGDGYHUWLVLQJLQMXU\HOHPHQWVRI
LWV SROLF\ DUH PHW $FFRUGLQJO\ ZH OLPLW RXU UHYLHZ WR
ZKHWKHU WKH SRWHQWLDO VORJDQLQIULQJHPHQW DOOHJDWLRQV LQ
$63¶VFRPSODLQWLQYRNHFRYHUDJHXQGHU&LQFLQQDWL¶VSROLF\
&LQFLQQDWL¶VLQLWLDODUJXPHQWRQDSSHDOLVWKDWWKHGLVWULFW
FRXUW¶VFRQFOXVLRQWKDW³7KH:HDUDEOH/LJKW´ZDVDVORJDQ
ZDV HUURQHRXV ,Q VXSSRUW &LQFLQQDWL FRPPHQWV WKDW WKH
GLVWULFWFRXUWQRWHGWKDW$63¶VFRPSODLQWQHYHUUHIHUUHGWR
³7KH:HDUDEOH/LJKW´DVDVORJDQEXWUDWKHUFODLPHGWKDWLW
ZDVDYDOXDEOHWUDGHPDUNLQDQGRILWVHOI0RUHRYHU$63¶V
FRPSODLQWVWDWHVWKDWLWXVHVWKLVSKUDVHWRPDUNHWDQGVHOOLWV
³6$33+,5(´OLJKWVDQGQHYHUVWDWHVWKDW³LWSURPRWHVWKHVDOH
RI WKRVH OLJKWV E\ FUHDWLQJ D VHSDUDWH LPSUHVVLRQ IURP WKH
DFWXDO QDPH RI SURGXFW LWVHOI´ $SSHOODQW¶V %U DW ,Q
&LQFLQQDWL¶VHVWLPDWLRQ³7KH:HDUDEOH/LJKW´DSSHDUVWREH
QRWKLQJ PRUH WKDQ DQ DOWHUQDWLYH QDPH IRU /(' OLJKWV
&LQFLQQDWLUHOLHVKHDYLO\RQD6HFRQG&LUFXLWFDVH+XJR%RVV
)DVKLRQV,QFY)HGHUDO,QVXUDQFH&R)G G
&LU WRVXSSRUWLWVDOWHUQDWLYHDUJXPHQWIRUILQGLQJQR
DOOHJDWLRQ RI VORJDQ LQIULQJHPHQW +XJR %RVV QRWHG WKDW
IHGHUDOFRXUWVKDYHGHILQHGWUDGHPDUNHGVORJDQVDV³SKUDVHV
7KH&LQFLQQDWL,QV&RY
=HQ'HVLJQ*URXSHWDO
1R
$ ³KRXVH PDUN´ LV D FRPSDQ\ QDPH RU LWV SURGXFW OLQH +XJR %RVV
)G DW Q
$ ³SURGXFW PDUN´ VSHFLILFDOO\ UHIHUHQFHV D SDUWLFXODU SURGXFW ,G
:LWKRXW FLWLQJ DQ\ DXWKRULW\ &LQFLQQDWL DUJXHV WKDW VORJDQV FDQQRW
EH SURWHFWHG IURP LQIULQJHPHQW XQOHVV WKH\ DUH VXEMHFW WR WUDGHPDUN
UHJLVWUDWLRQ DQG SURWHFWLRQ ,Q &LQFLQQDWL¶V RSLQLRQ ³7KH :HDUDEOH
/LJKW´ FDQQRW EH VXEMHFW WR WUDGHPDUN UHJLVWUDWLRQ DQG SURWHFWLRQ EHFDXVH
LW IDLOV WR GLVWLQJXLVK $63¶V /(' OLJKWV IURP DQ\ RWKHU VLPLODUO\
PDQXIDFWXUHG OLJKW WKH SKUDVH LV PHUHO\ GHVFULSWLYH DQG KDV OLWWOH RU
QR SURPRWLRQDO HIIHFW DV WKH GLVWULFW FRXUW QRWHG DQG WKH SKUDVH ³7KH
:HDUDEOH /LJKW´ KDV QR GHPRQVWUDWHG VHFRQGDU\ PHDQLQJ
,W LV FOHDU WKDW QRW DOO VORJDQV DUH WUDGHPDUNV 6HH 0LFUR6WUDWHJ\ ,QF
Y 0RWRUROD ,QF )G WK &LU ,Q DGGLWLRQ
&LQFLQQDWL¶V LQVXUDQFH SROLF\ DSSOLHV JHQHUDOO\ WR DOO VORJDQV QRW MXVW
WKRVH WKDW DUH WUDGHPDUNHG DQG SURYLGHV FRYHUDJH IRU ³LQIULQJHPHQW
RI VORJDQ´ 0RUHRYHU HYHQ LI ZH ZHUH WR EHOLHYH WKDW D VORJDQ PXVW EH
D WUDGHPDUN WR UHFHLYH SURWHFWLRQ IURP LQIULQJHPHQW ZH QRWH WKDW ³7KH
:HDUDEOH /LJKW´ KDV EHHQ UHFHQWO\ UHJLVWHUHG DV D WUDGHPDUN
,QVWHDG $63 DOOHJHG WKDW LW KDG D YDOXDEOH WUDGHPDUN LQ WKH QDPH
³7KH :HDUDEOH /LJKW´ DQG WKDW LWV WUDGHPDUN UHJLVWUDWLRQ DSSOLFDWLRQ ZDV
SHQGLQJ
XVHGWRSURPRWHRUDGYHUWLVHDKRXVHPDUNRUSURGXFWPDUN
LQ FRQWUDGLVWLQFWLRQ WR WKH KRXVH RU SURGXFW PDUN LWVHOI´
+XJR %RVV )G DW &LQFLQQDWL XVHV WKLV FDVH WR
DUJXHWKDW³7KH:HDUDEOH/LJKW´LVWKHKRXVHRUSURGXFWPDUN
LWVHOI UDWKHU WKDQ D WRRO WR SURPRWH RU DGYHUWLVH WKH
IODVKOLJKWV
,QRSSRVLWLRQ=HQSRLQWVRXWILUVWWKDWWKHIDFWWKDW$63¶V
FRPSODLQWQHYHUFDOOHG³7KH:HDUDEOH/LJKW´DVORJDQGRHV
QRWLPPXQL]H&LQFLQQDWLIURPDGXW\WRGHIHQG6HFRQGWKH
GHILQLWLRQOLIWHGIURP+XJR%RVVDQGFLWHGE\&LQFLQQDWLZDV
OLPLWHG WR WUDGHPDUNHG VORJDQV ZKHUHDV LQ &LQFLQQDWL¶V
SROLF\WKHFRYHUDJHH[WHQGVWR³LQIULQJHPHQWRIVORJDQ´
ZLWKRXWDQ\UHTXLUHPHQWWKDWLWEHWUDGHPDUNHG-$DW
&RPSO $WWDFK =HQ DUJXHV WKHUHIRUH WKDW WKH RQO\
UHOHYDQWLVVXHVLQWKHGHWHUPLQDWLRQRIVORJDQLQIULQJHPHQW
-- 7 of 10 --
1R 7KH&LQFLQQDWL,QV&RY
=HQ'HVLJQ*URXSHWDO
DUH ZKHWKHU$63DOOHJHGLQLWVFRPSODLQWWKDWLWRZQHG
WKHVORJDQDQG ZKHWKHU$63DOOHJHGWKDW=HQ¶VXVHRIWKH
VORJDQLQIULQJHGRQ$63¶VULJKWV7KLUG=HQDUJXHVWKDWHYHQ
LI WKH +XJR %RVV GHILQLWLRQ IRU WUDGHPDUNHG VORJDQV LV
DSSOLFDEOH WKH SKUDVH ³7KH :HDUDEOH /LJKW´ PHHWV LWV
UHTXLUHPHQWV
:HDJUHHZLWKWKHGLVWULFWFRXUW¶VDQDO\VLVDQGGHWHUPLQH
WKDWVXPPDU\MXGJPHQWIRU=HQLVDSSURSULDWHZLWKUHVSHFWWR
&LQFLQQDWL¶V GXW\ WR GHIHQG RQ $63¶V SRWHQWLDO VORJDQ
LQIULQJHPHQW FODLP 7KH 0LFKLJDQ &RXUW RI $SSHDOV KDV
VWDWHGWKDW³>D@QLQVXUHUKDVDGXW\WRGHIHQGGHVSLWHWKHRULHV
RIOLDELOLW\DVVHUWHGDJDLQVWDQ\LQVXUHGZKLFKDUHQRWFRYHUHG
XQGHUWKHSROLF\LIWKHUHDUHDQ\WKHRULHVRIUHFRYHU\WKDWIDOO
ZLWKLQ WKH SROLF\´ 5DGHQEDXJK 1:G DW
TXRWDWLRQ RPLWWHG HPSKDVLV DGGHG 7KH 0LFKLJDQ
6XSUHPH&RXUWLQVWUXFWVFRXUWVLQWHUSUHWLQJLWVODZVWR³IRFXV
RQWKHEDVLVIRUWKHLQMXU\´QRWWKHSUHFLVHWHUPLQRORJ\XVHG
LQWKHFRPSODLQW)UHHPDQ1:GDW6LPLODUO\
$GYDQFH:DWFKSURYLGHVWKDW³WKHWHUPLQRORJ\XVHGE\WKH
XQGHUO\LQJSODLQWLIILQWKHFRPSODLQWLVQRWGLVSRVLWLYH´
)G DW TXRWDWLRQ RPLWWHG 5DWKHU DV ZH VWDWHG LQ
$GYDQFH:DWFKWKHRQO\FRQFHUQLVZKHWKHU$63¶VFRPSODLQW
UDLVHGFKDUJHVWKDW³DUJXDEO\IDOOZLWKLQWKHODQJXDJHRIWKH
SROLF\´,G TXRWDWLRQRPLWWHG 0RUHRYHU³>D@Q\GRXEWDV
WR WKH LQVXUHU¶V OLDELOLW\ PXVW EH UHVROYHG LQ IDYRU RI WKH
LQVXUHG´ ,G TXRWDWLRQ RPLWWHG 7KXV WKH FRPSODLQW¶V
IDLOXUHWRUHIHUWR³7KH:HDUDEOH/LJKW´DVDVORJDQDQGLWV
IDLOXUHWRLQFOXGHLQIULQJHPHQWRIVORJDQDVDVSHFLILFFODLP
GRHVQRWDOOHYLDWH&LQFLQQDWL¶VGXW\WRGHIHQG
,QWKHSUHVHQWFDVH$63¶VFRPSODLQWVWDWHVWKDW³>=HQ¶V@
XVH RI DGYHUWLVHPHQWV DQG SDFNDJLQJ XWLOL]LQJ DQG EHDULQJ
$63¶V:($5$%/(/,*+7WUDGHPDUNLQFRQQHFWLRQZLWK
WKH VDOH RI KDQGKHOG /(' IODVKOLJKWV ZLWKRXW $63¶V
DXWKRUL]DWLRQRUFRQVHQWKDVEHHQZLWKIXOONQRZOHGJHRIWKH
LQGXVWU\¶VDVVRFLDWLRQRIWKH:($5$%/(/,*+7PDUNZLWK
$63>DQG@ZDVFRPPHQFHGZLWKDQGIRUWKHSXUSRVHRI
ZLOOIXOO\WUDGLQJRQWKHUHSXWDWLRQRI$63DQGLWVIODVKOLJKWV´
7KH&LQFLQQDWL,QV&RY
=HQ'HVLJQ*URXSHWDO
1R
$GGLWLRQDO DVVHUWLRQV LQ WKH $63 FRPSODLQW OHQG VXSSRUW WR WKH
H[LVWHQFH RI D VORJDQ LQIULQJHPHQW FODLP
$63 DGYHUWLVHV PDUNHWV DQG VHOOV KDQGKHOG /(' IODVKOLJKWV
WKURXJKRXW WKH 8QLWHG 6WDWHV XVLQJ WKH WUDGHPDUNV 6$33+,5(
DQG :($5$%/( /,*+7 $63 KDV LQYHVWHG D FRQVLGHUDEOH
DPRXQW RI WLPH PRQH\ DQG HIIRUW LQ SURPRWLQJ LWV IODVKOLJKWV
WKURXJKRXW WKH 8QLWHG 6WDWHV LQFOXGLQJ LWV SURPRWLRQ RI WKH
6$33+,5( DQG :($5$%/( /,*+7 WUDGHPDUNV DQG WKH
GLVWLQFWLYH ORRN RI LWV KDQGKHOG /(' IODVKOLJKW $63¶V
H[WHQVLYH DQG H[FOXVLYH XVH RI LWV 6$33+,5( DQG :($5$%/(
/,*+7 WUDGHPDUNV RQ LWV JRRGV DQG LQ DGYHUWLVLQJ WKHUHRI KDV
UHVXOWHG LQ VXFK WUDGHPDUNV DQG WKH GLVWLQFWLYH ORRN RI WKH
IODVKOLJKWV WKHPVHOYHV EHFRPLQJ ZLGHO\ UHFRJQL]HG E\ WKH SXEOLF
DV LGHQWLI\LQJ WKH JRRGV RI $63 DQG GLVWLQJXLVKLQJ $63¶V JRRGV
IURP DOO RWKHU JRRGV &RQVHTXHQWO\ $63 KDV EXLOW XS DQG
DFKLHYHG H[WHQVLYH JRRG ZLOO LQ FRQMXQFWLRQ ZLWK WKH VDOH RI VDLG
JRRGV XQGHU LWV 6$33+,5( :($5$%/( /,*+7 DQG SURGXFW
FRQILJXUDWLRQ WUDGHPDUNV
-$ DW $63 &RPSO
-$DW $63&RPSO ,QDGGLWLRQWKHFRPSODLQW
DVVHUWV WKDW =HQ ³DSSURSULDW>HG@ $63¶V :($5$%/(
/,*+7 WUDGHPDUN´ DQG WKDW WKH ³PDUNHWLQJ DQG VHOOLQJ
KDQGKHOG /(' IODVKOLJKWV´ XVLQJ $63¶V ³:($5$%/(
/,*+7´WUDGHPDUNKDVUHVXOWHGLQ³DGYHUVHHFRQRPLFLPSDFW
RQWKHEXVLQHVVDQGUHSXWDWLRQRI$63´-$DW
$63&RPSO )UHHGIURPWKHSUHFLVHODQJXDJHRI
WKHDOOHJDWLRQVZHORRNWRWKHXQGHUO\LQJFRPSODLQW¶VEDVLV
IRUUHFRYHU\
,Q GHWHUPLQLQJ ZKHWKHU =HQ¶V DOOHJHG XVH RI WKH SKUDVH
³7KH:HDUDEOH/LJKW´VWDWHVDFODLPIRUVORJDQLQIULQJHPHQW
ZLWKLQWKHGHILQLWLRQRIWKHSROLF\ZHWXUQILUVWWRWKHSROLF\
LWVHOI6HH7HQQ9DOOH\$XWKY([[RQ1XFOHDU&R)G
WK&LU ³:KHQFOHDUFRQWUDFWODQJXDJHLWVHOI
UHYHDOVWKHLQWHQWRIWKHSDUWLHVLWLVXQQHFHVVDU\WRWXUQWR
UXOHV RI FRQVWUXFWLRQ´ 8QIRUWXQDWHO\ &LQFLQQDWL QHYHU
GHILQHGWKHWHUP³VORJDQ´ZLWKLQWKHSROLF\DQGWKXVZHPXVW
XVH RWKHU PHWKRGV WR GLVFHUQ WKH WHUP¶V PHDQLQJ 6HH
$GYDQFH:DWFK)GDW DGYRFDWLQJDUHVRUWWR³DQ
HVWDEOLVKHG GLFWLRQDU\PHDQLQJRUDPHDQLQJGHULYHGIURP
-- 8 of 10 --
1R 7KH&LQFLQQDWL,QV&RY
=HQ'HVLJQ*URXSHWDO
2WKHU GHILQLWLRQV IRU VORJDQ LQFOXGH ³$ EULHI DWWHQWLRQJHWWLQJ
SKUDVH XVHG LQ DGYHUWLVLQJ RU SURPRWLRQ´ 3DOPHU Y 7UXFN ,QV ([FK
&DO WK HPSKDVLV RPLWWHG DQG ³>$@ SKUDVH XVHG
UHSHDWHGO\ DV LQ SURPRWLRQ´ ,G HPSKDVLV RPLWWHG 7KH GLVWULFW FRXUW
XVHG WKH OHJDO GHILQLWLRQ RI WUDGHPDUNHG VORJDQV IRXQG LQ +XJR %RVV
³SKUDVHV XVHG WR SURPRWH RU DGYHUWLVH D KRXVH PDUN RU SURGXFW PDUN LQ
FRQWUDGLVWLQFWLRQ WR WKH KRXVH RU SURGXFW PDUN LWVHOI´ +XJR %RVV
)G DW
&LQFLQQDWL SRLQWV RXW WKDW WKH GLVWULFW FRXUW XVHG =HQ¶V
DGYHUWLVHPHQWV ZKHQ LW VRXJKW WR GHWHUPLQH ZKHWKHU WKH SKUDVH ³7KH
:HDUDEOH /LJKW´ ZDV D VORJDQ DQG WKDW WKRVH DGYHUWLVHPHQWV DUH ³WRWDOO\
LUUHOHYDQW´ WR $63¶V FODLP WKDW LW LV D VORJDQ $SSHOODQW¶V %U DW
+RZHYHU WKH SDUWLHV DSSHDU WR GLVSXWH ZKHWKHU WKH GLVWULFW FRXUW UHOLHG RQ
WKH LQFRUUHFW DGYHUWLVHPHQWV &RPSDUH $SSHOODQW¶V %U DW ³7KH
'LVWULFW &RXUW XQGHQLDEO\ UHOLHG RQ WKH ZURQJ DGYHUWLVHPHQWV IRU LWV
RSLQLRQ )XUWKHUPRUH LW IDLOHG FRPSOHWHO\ WR GLVFXVV DQ\
FDVHODZ´ VHHDOVR+XJR%RVV)GDW ³>(@YHQ
ZKHUHDFRQWUDFWGRHVQRWGHILQHDSDUWLFXODUWHUPDERG\
RIVWDWHODZRUDQHVWDEOLVKHGFXVWRP>PD\@ILOO>@LQWKHJDSV
OHIWE\WKHGUDIWHUV´ 6ORJDQLVGHILQHGLQWKHGLFWLRQDU\DV
D ³GLVWLQFWLYH FU\ SKUDVH RU PRWWR RI DQ\ SDUW\ JURXS
PDQXIDFWXUHU RU SHUVRQ FDWFKZRUG RU FDWFK SKUDVH´
5DQGRP+RXVH8QDEULGJHG'LFWLRQDU\ GHG
³$OWKRXJKLQWKHSURSHUFRQWH[WDVORJDQ>@FDQVHUYHDVD
WUDGHPDUN >D@ VORJDQ LV FHUWDLQO\ QRW E\ GHILQLWLRQ D
WUDGHPDUN´0LFUR6WUDWHJ\,QFY0RWRUROD,QF)G
WK &LU 7KXV EHFDXVH VORJDQ LV HDVLO\
GHILQHGE\UHVRUWWRFRPPRQWRROVVXFKDVGLFWLRQDULHVLWZLOO
EHFRQVLGHUHGXQDPELJXRXVDQGZLOOEHLQWHUSUHWHG³LQ>LWV@
SODLQRUGLQDU\DQGSRSXODUVHQVH´3RH)GDW
TXRWDWLRQRPLWWHG DOWHUDWLRQLQRULJLQDO
1H[W ZH PXVW GHWHUPLQH ZKHWKHU WKH SKUDVH ³7KH
:HDUDEOH/LJKW´DVXVHGLQ$63¶VDGYHUWLVHPHQWVSRWHQWLDOO\
FRQVWLWXWHV D VORJDQ VXFK WKDW =HQ¶V DOOHJHG LQIULQJHPHQW
LQYRNHV &LQFLQQDWL¶V GXW\ WR GHIHQG 7KH -RLQW $SSHQGL[
FRQWDLQV DQ $63 DGYHUWLVHPHQW IRU LWV /(' IODVKOLJKW WKDW
DOORZVXVWRFRQVLGHUWKLVTXHVWLRQIRURXUVHOYHV,QWKLV
7KH&LQFLQQDWL,QV&RY
=HQ'HVLJQ*URXSHWDO
1R
DGYHUWLVHPHQW RU RWKHU PDWHULDO DWWULEXWDEOH WR $63´ ZLWK $SSHOOHHV¶ %U
DW QRWLQJ WKDW WKH $63 FRPSODLQW FRQWDLQHG WKLV DGYHUWLVHPHQW
$SSHOOHHV LQGLFDWH WKDW VDPSOH DGYHUWLVHPHQWV IURP ERWK $63 DQG =HQ
ZHUH DWWDFKHG WR $63¶V FRPSODLQW $SSHOOHHV¶ %U DW ,W LV XQFOHDU
IURP WKH GLVWULFW FRXUW RSLQLRQ DQG WKH MRLQW DSSHQGL[ ZKDW DUH WKH SUHFLVH
DGYHUWLVHPHQWV UHOLHG RQ E\ WKH GLVWULFW FRXUW
$63DGYHUWLVHPHQW³6$33+,5(´IROORZHGE\WKHUHJLVWHUHG
WUDGHPDUNHPEOHPLVLQODUJHEROGSULQWDERYHWKHSLFWXUHRI
WKH /(' IODVKOLJKW 'LUHFWO\ EHQHDWK ³6$33+,5(´ WKH
SKUDVH³7KH:HDUDEOH/LJKW´DSSHDUVVPDOOHUDQGQRWDEO\LV
QRWIROORZHGE\WKHUHJLVWHUHGWUDGHPDUNHPEOHP)URPWKLV
DGYHUWLVHPHQW³6$33+,5(´DSSHDUVWREHWKHQDPHRIWKH
SURGXFWZKLOH³7KH:HDUDEOH/LJKW´FDQHDVLO\EHFRQVWUXHG
DVD³FDWFKZRUGRUFDWFKSKUDVH´XVHGE\WKHPDQXIDFWXUHUWR
SURPRWH LWV SURGXFW 6HH 5DQGRP +RXVH 8QDEULGJHG
'LFWLRQDU\ GHG 5HO\LQJRQRWKHUFRPPRQ
GHILQLWLRQVRIVORJDQ³7KH:HDUDEOH/LJKW´DVXVHGLQWKH
$63 DGYHUWLVHPHQW DOVR FDQ EH FRQVLGHUHG ³>D@ EULHI
DWWHQWLRQJHWWLQJSKUDVHXVHGLQDGYHUWLVLQJRUSURPRWLRQ´
3DOPHUY7UXFN,QV([FK&DOWK
$63¶V DVVHUWLRQV RI RZQHUVKLS RYHU WKH SKUDVH ³7KH
:HDUDEOH/LJKW´WRJHWKHUZLWK=HQ¶VDOOHJHGXVHRIWKHVDPH
SKUDVHLQFRQQHFWLRQZLWKLWV/('IODVKOLJKWVDUHDUJXDEO\
DOOHJDWLRQVRIVORJDQLQIULQJHPHQW6HH$GYDQFH:DWFK
)GDW:KHQDSRWHQWLDOFODLPIRUVORJDQLQIULQJHPHQW
LVGHULYHGIURPWKHDOOHJDWLRQVLQ$63¶VFRPSODLQWWKHGXW\
WRGHIHQGDULVHVEHFDXVH³WKHUHDUHWKHRULHVRIUHFRYHU\
WKDWIDOOZLWKLQWKHSROLF\´5DGHQEDXJK1:GDW
FLWDWLRQVDQGTXRWDWLRQVRPLWWHG 0RUHRYHUWKHLQVXUHU¶V
GXW\ WR GHIHQG ODVWV XQWLO WKHUH LV VXIILFLHQW IDFWXDO
GHYHORSPHQW WR ³FRQILQH WKH FODLP WR D UHFRYHU\ WKDW WKH
SROLF\>GRHV@QRWFRYHU´3URWHFWLYH1DW¶O,QV&RRI2PDKD
Y&LW\RI:RRGKDYHQ1:G 0LFK
8QGHU0LFKLJDQ¶VEURDGLQWHUSUHWDWLRQRIWKHGXW\WRGHIHQG
VXPPDU\MXGJPHQWIRU&LQFLQQDWLRQWKHVORJDQLQIULQJHPHQW
FODLP KDUGO\ ZRXOG EH SURSHU 7KXV WKH GLVWULFW FRXUW
SURSHUO\JUDQWHG=HQ¶VPRWLRQIRUSDUWLDOVXPPDU\MXGJPHQW
-- 9 of 10 --
1R 7KH&LQFLQQDWL,QV&RY
=HQ'HVLJQ*URXSHWDO
$ GXW\ WR GHIHQG RQ RQH FODLP FUHDWHV D GXW\ WR GHIHQG DV WR DOO
FODLPV $GYDQFH :DWFK )G DW 7KHUHIRUH ZH GR QRW QHHG WR
FRQVLGHU ZKHWKHU $63¶V RWKHU FODLPV ZRXOG LQGHSHQGHQWO\ WULJJHU D GXW\
WR GHIHQG
EHFDXVH LW LV FHUWDLQO\ DUJXDEOH WKDW VORJDQ LQIULQJHPHQW
FRYHUDJH ZRXOG DSSO\ LQ WKLV VLWXDWLRQ WKHUHE\ WULJJHULQJ
&LQFLQQDWL¶VGXW\WRGHIHQG
,9&21&/86,21
%DVHGRQWKHIRUHJRLQJDQDO\VLVZH$)),50WKHGLVWULFW
FRXUW¶V GHFLVLRQ WR GHQ\ &LQFLQQDWL¶V VXPPDU\ MXGJPHQW
PRWLRQLQSDUWDQGWRJUDQW=HQ¶VSDUWLDOVXPPDU\MXGJPHQW
PRWLRQGHFODULQJWKDW&LQFLQQDWLKDVDGXW\WRGHIHQGRQWKH
LQIULQJHPHQWRIVORJDQFODLPDQGWKHUHE\KDVDGXW\WRGHIHQG
WKHZKROH$63FDVH
-- 10 of 10 --
Conecte o Omnilex para pesquisar o corpus jurídico pelo seu assistente de IA.