soil bank issued quarterly account statements in tulsa temperature two thousand and nine and then these account statements soit bank reported that the counts were increasing in value and at the in total three duties in reporting on these quarterly statements to their clients the side bank a second position that they have no such british or a duties and they rely almost although there's no written opinion you know let me just run over in i've read all of these i kept looking for a duty i find no duty anywhere in any of these you keep saying  is not defined by you specifically is to any clear point where an obligation occurs and i only say this because i'm bounced by some other obligations when i deal in you're right well well what what i we believe that bad ignores are the supplemental agreements that were entered into by the clients of the bank the supplemental agreements are defined  they say they give additional terms additional provisions to the standard agreement and under these additional provisions the bank is paid a fee of point two five percent which in the case where we have bank letterhead even though they bought off on they indicate a specific dollar amount and they indicate over time how that dollar amount has changed there's nothing that would lead any of these plaintiffs to believe that  and were told we have bottom of the counts and the year your money is fine excuse me is there's some document that actually refers to auditing soy sway banks audit ing these accounts is it correct there is a affidavit i suppose somebody could say reasonable care doesn't include checking but i don't believe that that's the case they if they wanted to check what were they the chair leg well they said they are to the accounts that would be very very good we don't know they didn't apparently do anything but if they get paid if they use reasonable care they would have at least looked and they have warning that hilbert was unreliable or up to something they told one of the clients they were thinking of getting rid of the cube or fines and they're going to have to get rid of all these people so as not to drop attention to it they have more ok this to you for was the subject of a rather large plane from the secretary of state in two thousand  was getting this x extra money this extra thousand dollars for what would be what did your clients believe they were getting for that thousand dollars to look after their accounts and and that would include court that quarterly statements were accurate that they they said that hubert was one of their family of investment people ok so they had a relationship with him and you would have a duty to inquire a reasonable duty ok choir didn't all the releases include language that said it's from so i think we saw i think we're not fixing any numbers here we're just getting them from you the investors and from  thing in the ira for is that the clients promise to give accurate information and in opening the counseling there's no indication that they didn't do so so it's sorting tells these people we're charging you to do something additional to look after your accounts they didn't do anything the extent of that duty we would say well it's you know we're we should go on and complete discovery and find out it was it was but it is least they told at least some investors they had audit them we would not say have they just said we're providing quarterly accounts their duty would be to be reasonable to be reasonably accurate if you get a statement from your bank that says you have not sown so many shares of some stock but this specific dollar amount and it and it's grown you would have a reasonable duty to have some basis for that figure these are securities that we're talking about  the ira physically where was the paper of those securities i don't know i we have we've never gotten there and because one of the counts is a bailment account of course and and everybody agrees this is a bail and you have a duty to safeguard that property which you give because they're not ordinary deposits and that that would be an interesting question to see where were the certificates where where was the the funds that are there that are being traded i don't all claims or losses rising from my actions which that's it in the account opening statement and these these flame holders took no actions and they provided no false information in connection with opening the account they invest in this quarter fund that was their direction now how that's carried out we don't have any information it but they did not appoint bill huber the agent to give the information to the bank that the bank is then going to t them they didn't they he was not their agent for that purpose so they were counting on the same that they were counting on the banks to decide you know is this a good investor sure you go into another investment or you give them investment advice absolutely not i would bank had no responsibility for hubert stealing the money that's not what we're saying but they had a responsibility for is being asleep at the switch and not doing anything to detect is that justice because shinseki because under the standard i agree meant there only obligation was to issue an annual or that report had to go to the i r s and did that happen we only tracked information  we don't have an annual report we instead they separately charge the fee for quarterly or it's nice and that's what we have we have the orderly reports i don't know that those went to the i r s but these quarterly reports show that dollar value of this is just mr tucker but mr and so they did have the obligation under the standard agreement they have an additional obligation up for the quarterly reports under the supplemental n is there a disclaimer on the quarterly reports no there's no deal and is there a generic disclaimer about quarterly reports someplace else court with whom to respect the excellent friend mr legge plaintiffs in this case have no legal basis for this appeal whatsoever and i say if you go all the way to count five and you look at the complaint what you will see is an allegation that there was a breach of a single agreement and that's the allegation  extra fees and we need to be comparatively clear about this you will know because it's been discussed already that mr tucker is free was a thousand four point two five percent the idea that there are additional fees hiding in this case is a fantasy you will not find it created anyway and you will not find it in the documents that are and mutual funds and this particular line that was quoted is as follows broken deal soit capital banking trust company has a business relationship with raymond james financial services and then language goes on such third party will be considered you want age and therefore you for the purposes of this agreement so it's just not correct  say that there is some magical hidden agreement with respect to which discovery is required that is not how the plaintiffs pleaded that case they created a single lucre the documents that and the bank expressly sets and informs the plate look you have to understand that we are going to rely on information provided by your age that we soil was charging based on the market value of the account ronnie's and they just took a yoopers word that this was the market value they didn't but if what if they thought that they were being cheated with they a trust that isn't pretty even if i'm wrong you once again come crashing into the country because the trucks is controlled by the trust instrument and the trust instrument in this plaintiffs are in a self directed ira and they hand over money to soire with the direction to buy shares let's call them a view of the deck says different accounts  is that you have to have more than fifty people for this to be covered a class action for the purposes of the federal securities legislation and he cites quite properly  that this is a class action covered by the federal securities litigation the caption gives certain names and after the last name plaintive mis read it says on behalf of themselves as individuals and  representatives of the cost of all other assistance situation so even it even if the bank is completely wrong about everything else this is still not the case that belongs in the state court system and it should of providing insurance to investors to protect them against the trials and tribulations of a free market in which some of the players are less than honour's no particular order it is important that this is a trust and it is a trust under both the dancy case in the case actually cited mr by mr o'donohue because they act brings in the trust of trustees acting under section five point said we're going to give you quarterly reports and referred to them how they have brokerage firm it's who a brokerage firm here but that's the bank no they're not a brokerage firm that i know it says so i capital bank and trust company these these investments are handled under the trust company side of it so and they indicate these are trustees that they're charging excedrin and the case was very clear was that if you appoint somebody to handle certain transactions then they're they're your agent for purpose of handing those transactions were not suing them because you were made bad business decisions he didn't appoint him as agents  quarterly reports there and end up so i think never indicated that he was issuing quarter reports that they were issuing the quarterly reports and those are hard there's not a whole there is not a number of you know different agreements we and we do refer to these additional documents in paragraph and paragraph off thirteen of the complaint in other places these additional terms and conditions included the of the obligation of soy bank they undertook to issue quarterly reports and in doing so they had a duty to do so recently feet out and that modest fee i don't know whether thousand dollars is modest that's not in the standard ira document that's in these additional terms and conditions and we started taking these other these other obligations as part of this thousand dollar fee the close connection he said you know there's no there's no connection well they say their accounts their account statement in which the ira is opened if you will point a somebody to handle the funds that's all you can do they do have a close relationship with you best and they say that these funds are invested in one of the soy companies financial family these these these account holders had a perfect right to suppose that sawyer bank was watching out for them that's what they charge them for that's what the account statements say that's what they're all there doc of the documents are doing it's not that they're insurers for bad business decisions but they're these people had they been warhead they had a chance could have done something about it but they did get warned they didn't get any chance intel they got a statement that said your counter worthless went from everything's fine  spirit this is in connection with reporting requirements we're not suing them for i'm making financial decisions but the other thing is as far as whether it requires fifty four cover class well i just rely on the supreme i don't think example used at all i don't think you were was ever point of their agent for purposes of issuing these records there's no or there's there's no other release the only other thing that says in connection with opening this form you provided accurate information and they did it so i don't with thank you very much