Court Opinion

ID: 2969617
Source: CourtListenerOpinion
Date Created: 2015-09-22 15:53:12.769128+00
Date Added: 2024-06-11T11:37:35.011242
License: Public Domain

(/(&7521,&&,7$7,21)('$SS3WK&LU
                           )LOH1DPHES

            %$1.5837&<$33(//$7(3$1(/2)7+(6,;7+&,5&8,7

,QUH (**/(6721:25.6/28'63($.(5&2 
                                         
                  'HEWRU                
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB    
                                         
81,7('67$7(675867((                  
                                         
                  $SSHOODQW             
                                         
Y                                          1R
                                         
(**/(6721:25.6/28'63($.(5&2        
                                         
                  $SSHOOHH              
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB    


,QUH+,/%851j63$,17$1'%2'<6+23,1&          
                                                     
                'HEWRU                              
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB                
                                                     
81,7('67$7(675867((                               
                                                     
                    $SSHOODQW                       
                                                     
     Y                                                   1R
                                                     
+,/%851j63$,17$1'%2'<6+23,1&                  
                                                     
                $SSHOOHH                            
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB                

                    $SSHDOIURPWKH8QLWHG6WDWHV%DQNUXSWF\&RXUW
          IRUWKH:HVWHUQ'LVWULFWRI7HQQHVVHH:HVWHUQ'LYLVLRQDW0HPSKLV
                                1RV

               $UJXHGDQG6XEPLWWHGsXO\

                         'HFLGHGDQG)LOHG2FWREHU
                 %HIRUH$8*025*(167(51&/$55(1DQG5+2'(6
                           %DQNUXSWF\$SSHOODWH3DQHOsXGJHV

                                          BBBBBBBBBBBBBBBBBBBB

                                                    &2816(/

$5*8('6HDQ0+D\QHV2)),&(2)7+(8675867((0HPSKLV7HQQHVVHHIRU
$SSHOODQW1RUPDQ3+DJHPH\HU0HPSKLV7HQQHVVHHIRU6HOI21%5,()6HDQ0
+D\QHV2)),&(2)7+(8675867((0HPSKLV7HQQHVVHHIRU$SSHOODQW1RUPDQ
3+DJHPH\HU0HPSKLV7HQQHVVHHIRU6HOI
    $8*%sGHOLYHUHGWKHRSLQLRQRIWKHFRXUWLQZKLFK 5+2'(6%sMRLQHG
025*(167(51&/$55(1%sSGHOLYHUHGDVHSDUDWHGLVVHQWLQJRSLQLRQ

                                          BBBBBBBBBBBBBBBBBBBB

                                                23,1,21
                                          BBBBBBBBBBBBBBBBBBBB

       s 9,1&(17 $8* s5 %DQNUXSWF\ $SSHOODWH 3DQHO sXGJH  ,Q WKHVH WZR
FRQVROLGDWHGDSSHDOVWKHEDQNUXSWF\FRXUWDOORZHGFRPSHQVDWLRQWRWKHFKDSWHUGHEWRUVj
DWWRUQH\VIURPHDFKEDQNUXSWF\HVWDWH:H$)),50

                                           ,   ,668( 21 $33($/
       7KH LVVXH LQ WKLV FDVH LV SXUHO\ D PDWWHU RI VWDWXWRU\ LQWHUSUHWDWLRQ :KHWKHU D
FKDSWHUGHEWRUjVDWWRUQH\FDQEHDZDUGHGIHHVIURPWKHHVWDWHXQGHU86&

                        ,,s85,6',&7,21$1'67$1'$5'2)5(9,(:
       7KHEDQNUXSWF\FRXUW
VRUGHULQWKH(JJOHVWRQFDVHLVDQDZDUGRILQWHULPDWWRUQH\
IHHV$VVXFKLWLVDQLQWHUORFXWRU\RUGHU6HH5RGHULFNY/HY\,QUH5RGHULFN7LPEHU
&R%5%$3WK&LU6HHDOVR7KH*HRUJH:RUWKLQJWRQ&R
)GWK&LU
       ,QWHUORFXWRU\DSSHDOVFDQRQO\EHKHDUGZLWKOHDYHRIWKH3DQHO86&E
,QUH5RGHULFN7LPEHU&R%5DW,IDQRUGHULVLQWHUORFXWRU\DQGQRPRWLRQIRU
OHDYHWRDSSHDOKDVEHHQILOHGWKHSDQHOPD\FRQVLGHUDWLPHO\QRWLFHRIDSSHDOWREHD

   
    ,W LV QRW FOHDU ZKHWKHU WKH IHH DSSOLFDWLRQ LQ WKH   +LOEXUQ   FDVH LV DQ LQWHULP RU ILQDO IHH DSSOLFDWLRQ

                                                            
PRWLRQIRUOHDYH)HG5%DQNU3F,QUH5RGHULFN7LPEHU&R%5DW
*UDQWLQJOHDYHWRDSSHDOLVDWWKHGLVFUHWLRQRIWKHSDQHO,QUH5RGHULFN7LPEHU&R
%5DW7KHVWDQGDUGVVHWIRUWKLQ86&EDUHDSSOLFDEOHE\DQDORJ\,G
7KXVLWLVDSSURSULDWHWRFRQVLGHUWKHIROORZLQJZKHWKHUWKHRUGHURQDSSHDOLQYROYHVD
FRQWUROOLQJ TXHVWLRQ RI ODZ DV WR ZKLFK WKHUH LV D VXEVWDQWLDO JURXQG IRU GLIIHUHQFH RI
RSLQLRQZKHWKHUDQLPPHGLDWHDSSHDOPD\PDWHULDOO\DGYDQFHWKHXOWLPDWHWHUPLQDWLRQRI
WKHOLWLJDWLRQDQGZKHWKHUGHQ\LQJOHDYHZRXOGUHVXOWLQZDVWHGOLWLJDWLRQDQGH[SHQVH,G
       ,Q YLHZ RI WKH VSOLW RI DXWKRULW\ RQ WKLV OHJDO LVVXH OHDYH WR DSSHDO LV JUDQWHG
)XUWKHU WKH XOWLPDWH GHFLVLRQ E\ WKLV SDQHO VKRXOG EH UHQGHUHG EHIRUH WKH XQGHUO\LQJ
EDQNUXSWF\FDVHVDUHWHUPLQDWHGVLQFHWKHGHFLVLRQZLOOXQGRXEWHGO\KDYHDQLPSDFWRQ
WKHIXWXUHFDVHPDQDJHPHQWGHFLVLRQV\HWWREHPDGHE\WKH'HEWRUVDQGWKHLUUHVSHFWLYH
DWWRUQH\VLQWKHSHQGLQJEDQNUXSWF\FDVHV
       ,QWHUSUHWDWLRQRIWKH%DQNUXSWF\&RGHLVDFRQFOXVLRQRIODZDQGLVUHYLHZHGGH
QRYR6HH0DSRWKHU	0DSRWKHU36&Y&RRSHU,QUH'RZQV)GWK&LU
LQWHUSUHWLQJ  86&  D  'H QRYR PHDQV WKDW WKH DSSHOODWH FRXUW
GHWHUPLQHVWKHODZLQGHSHQGHQWO\RIWKHWULDOFRXUWjVGHWHUPLQDWLRQ)LUVW8QLRQ0RUWJDJH
&RUS Y (XEDQNV ,Q UH (XEDQNV  %5   %$3 WK &LU  FLWDWLRQ
RPLWWHG

                                            ,,,)$&76
       7KH (JJOHVWRQ FDVH LQYROYHV D VLQJOH IHH DSSOLFDWLRQ IRU DWWRUQH\V *RWWHQ DQG
%DWHPDQLQWKHDPRXQWVRIDQGUHVSHFWLYHO\7KHEXONRIWKHOHJDO
ZRUNGRQHLQYROYHGGHIHQGLQJDFUHGLWRU
VPRWLRQWRGLVPLVVWKHEDQNUXSWF\FDVH7KH
+LOEXUQFDVHLQYROYHVDIHHDSSOLFDWLRQIRUDWWRUQH\+DJHPH\HULQWKHDPRXQWRI
7KHOHJDOVHUYLFHVUHQGHUHGE\DWWRUQH\+DJHPH\HULQFOXGHGSUHSDUDWLRQRIWKHVFKHGXOHV
DQGVWDWHPHQWRIILQDQFLDODIIDLUVDQGDWWHQGDQFHDWWKHILUVWPHHWLQJRIFUHGLWRUV
       7KH8QLWHG6WDWHV7UXVWHHREMHFWHGWRERWKIHHDSSOLFDWLRQV7KHEDQNUXSWF\FRXUW
GHQLHGWKHREMHFWLRQVIRXQGWKDWWKHVHUYLFHVRIWKHGHEWRUVjDWWRUQH\VZHUHQHFHVVDU\WR
WKHDGPLQLVWUDWLRQRIWKHWZRHVWDWHVDQGDZDUGHGWKHIHHV7LPHO\DSSHDOVIROORZHG

                                                  
                                        ,9',6&866,21
       3ULRUWR86&H[SUHVVO\FRQWHPSODWHGDQDZDUGRIFRPSHQVDWLRQ
WRWKHGHEWRU
VDWWRUQH\,Q86&DZDVVXEVWDQWLDOO\DPHQGHGDGGLQJ
DPRQJ RWKHU WKLQJV PRUH GHWDLOHG JXLGDQFH DERXW KRZ D FRXUW VKRXOG GHWHUPLQH WKH
UHDVRQDEOHQHVVRIWKHFRPSHQVDWLRQIRUSURIHVVLRQDOV8QLWHG6WDWHV7UXVWHHY*DUYH\
6FKXEHUW	%DUHU,QUH&HQWXU\&OHDQLQJ 6HUYV,QF)GWK&LU
  7KH DPHQGPHQW DOVR GHOHWHG WKH ODVW VHYHUDO ZRUGV RU WKH GHEWRU
V DWWRUQH\
RULJLQDOO\FRQWDLQHGDWWKHHQGRIROGSUHD
       7ZR FLUFXLWV KDYH KHOG WKDW WKLV FKDQJH SUHFOXGHV FRPSHQVDWLRQ RI D GHEWRU
V
DWWRUQH\ IURP HVWDWH DVVHWV  ,QJOHVE\ )DOOLQJDQW +RUQH &RXULQJWRQ 	 1DVK 3& Y
0RRUH,QUH$PHULFDQ6WHHO3URG,QF)GWK&LU$QGUHZV	.XUWK
//3Y)DPLO\6QDFNV,QF,QUH3UR6QD['LVWULE,QF)GWK&LU
7ZRFLUFXLWVKDYHKHOGWKDWWKLVRPLVVLRQZDVLQDGYHUWHQW,QUH&HQWXU\&OHDQLQJ6HUYV
,QF)G,QUH$PHV'HSDUWPHQW6WRUHV,QF)GG&LU7KH
6L[WK &LUFXLW KDV QRW \HW DGGUHVVHG WKH LVVXH  )RU WKH UHDVRQV EHORZ ZH DGRSW WKH
UDWLRQDOHRIWKHEDQNUXSWF\FRXUWDQGWKHODWWHUOLQHRIFDVHV
       $VDVWXWHO\SRLQWHGRXWLQ,QUH0LOOHU%5%DQNU'.DQ
DPHQGHG  D FRQWDLQV WZR SDWHQW GUDIWLQJ HUURUV  )LUVW LQ  D WKH OLVW RI
SHUVRQV ZKR PD\ EH FRPSHQVDWHG LV PLVVLQJ D FRQMXQFWLRQ  6HFRQG  D$
H[SUHVVO\LQFOXGHVDWWRUQH\ZKLOHDGRHVQRW6LQFHVXEVHFWLRQD$LV
QHFHVVDULO\DSDUWRIVXEVHFWLRQDWKLVUHQGHUVDLQKHUHQWO\LQFRQVLVWHQW,Q
RWKHUZRUGVWKHZRUGmDWWRUQH\lVKRXOGDSSHDULQERWKDDQGD$RU
LQQHLWKHU7KHVHWZRGUDIWLQJHUURUVUHQGHUWKHVWDWXWHDPELJXRXV,GDW6HHDOVR
,QUH&HQWXU\&OHDQLQJ6HUYV,QF)GDW7KXVZLWKUHJDUGWR
WKH LVVXH EHIRUH WKH SDQHO WKH VWDWXWH GRHV QRW KDYH D SODLQ PHDQLQJ  ,Q WKHVH
FLUFXPVWDQFHVLWEHFRPHVRXUUHVSRQVLELOLW\WRGHWHUPLQHZKHWKHU&RQJUHVVLQWHQGHGE\
WKHDPHQGPHQWVWRSURKLELWFRPSHQVDWLRQWRFKDSWHUGHEWRUVjDWWRUQH\V)RUWKH
IROORZLQJUHDVRQVWKH3DQHOFRQFOXGHVWKDW&RQJUHVVGLGQRWKDYHVXFKDQLQWHQW
       )LUVWSULRUWRLWZDVWKHSUDFWLFHWRDOORZFRPSHQVDWLRQRIDGHEWRU
VDWWRUQH\
IURPWKHHVWDWH6XUSULVLQJO\WKHUHLVQRH[SHFWHGOHJLVODWLYHKLVWRU\GLVFXVVLQJVXFKD
VLJQLILFDQWDOWHUDWLRQRIDQH[LVWLQJVWDWXWRU\VFKHPH,QUH&HQWXU\&OHDQLQJ6HUYV,QF
)GFLWLQJ'HZVQXSY7LPP866&W

                                                  
6HHDOVR,QUH0LOOHU%5DWFLWLQJ&ROOLHURQ%DQNUXSWF\/DZUHQFH3
.LQJHGWKHG
       6HFRQG D SODXVLEOH H[SODQDWLRQ H[LVWV IRU WKH GHOHWLRQ RI WKHVH IHZ ZRUGV  $V
H[SODLQHGZLWKJUHDWGHWDLOE\WKH1LQWK&LUFXLWLQ,QUH&HQWXU\&OHDQLQJ6HUYLFHV,QF
WKHVH GHOHWHG ZRUGV GLUHFWO\ SUHFHGHG RWKHU OHQJWK\ SURSRVHG ODQJXDJH ZKLFK ZDV
FRQVLGHUHGEXWXOWLPDWHO\ZDVQHYHUDGRSWHGE\&RQJUHVV)GDW7KXV
WKHGHOHWLRQKDVEHHQGHVFULEHGE\WKH1LQWK&LUFXLWDVDQmXQLQWHQGHGVOLSRIWKHSHQl
,GDW
       7KLUGDPHQGHGDFUHDWHVDQLQFRQVLVWHQF\EHWZHHQLWDQG86&
6HFWLRQ  DOORZV D GHEWRU
V DWWRUQH\ WR EH SDLG IURP D UHWDLQHU IRU VHUYLFHV WR EH
UHQGHUHGlLHSRVWSHWLWLRQVXEMHFWWRXOWLPDWHFRXUWUHYLHZ,IWKHUHWDLQHULVFRQVLGHUHG
WREHSDUWRIWKHHVWDWHWKHQLWFRXOGQRWEHVRDSSOLHGWRSRVWSHWLWLRQIHHVLIDLV
UHDGDVSUHFOXGLQJVXFKDSSOLFDWLRQ,QUH0LOOHU%5DW
       )RXUWKDFNQRZOHGJLQJWKDWLWLVQRWWKHIXQFWLRQRIWKHMXGLFLDU\WROHJLVODWHSROLF\LQ
FRQWUDYHQWLRQRIDVWDWXWHZLWKDSODLQPHDQLQJ+DUWIRUG8QGHUZULWHUV,QV&RY8QLRQ
3ODQWHUV%DQN1$6&WZHQRWHWKDWSROLF\FRQVLGHUDWLRQV
ZHLJKLQIDYRURIDOORZLQJDGHEWRU
VDWWRUQH\WREHFRPSHQVDWHGIURPWKHHVWDWH)LUVW
GHEWRUVj DWWRUQH\V SHUIRUP QXPHURXV SRVWSHWLWLRQ VHUYLFHV WKDW DUH QHFHVVDU\ WR WKH
DGPLQLVWUDWLRQRIDQHVWDWH,QUH&HQWXU\&OHDQLQJ6HUYV,QF)GDW,QGHHG
LQWKHVHFDVHVWKHEDQNUXSWF\MXGJHVSHFLILFDOO\IRXQGWKDWWKHVHUYLFHVRIWKHGHEWRUVj
DWWRUQH\VZHUHQHFHVVDU\WRWKHDGPLQLVWUDWLRQRIWKHHVWDWHVDQG8QLWHG6WDWHV7UXVWHH
KDVQRWFKDOOHQJHGWKRVHILQGLQJV6XFKVHUYLFHVVKRXOGEHFRPSHQVDWHGLIIRUQRRWKHU
UHDVRQWKDQWRDGYDQFHWKHSURSHUIXQFWLRQLQJRIWKHEDQNUXSWF\SURFHVV2WKHUZLVH
GHEWRUVjDWWRUQH\VZLOOHLWKHUSHUIRUPQHFHVVDU\VHUYLFHVRQDSURERQREDVLVRUHOVHEH
GLVFRXUDJHG IURP SHUIRUPLQJ VXFK VHUYLFHV IRU IHDU WKDW WKHLU VHUYLFHV ZLOO QRW EH
FRPSHQVDWHG
       6HFRQGLIWKHGHEWRULVDGHIXQFWFRUSRUDWLRQLWZLOOKDYHQRSRVWSHWLWLRQHDUQLQJV
ZLWKZKLFKWRSD\LWVDWWRUQH\,GDWIQ7KLUGSURKLELWLQJGHEWRUV
DWWRUQH\VIURP
EHLQJSDLGIURPWKHHVWDWHPD\HQFRXUDJHGHEWRUV
DWWRUQH\VWRRYHUFKDUJHWKHLUXSIURQW
IHHVWRLQVXUHIXOOSD\PHQW)RXUWKZKHUHWKHEHQHILWVWRWKHHVWDWHDUHWKHVDPHLW
PDNHVQRVHQVHWRWUHDWSHUIRUPDQFHVRIVXFKEHQHILWVE\GHEWRUV
DWWRUQH\VGLIIHUHQWO\

                                                
WKDQSHUIRUPDQFHVE\RWKHUUHWDLQHGSURIHVVLRQDOV,QUH$PHV'HSDUWPHQW6WRUHV,QF
)GDW
       7KH WZR FLUFXLW FRXUW GHFLVLRQV ZKLFK KDYH GHQLHG FRPSHQVDWLRQ WR GHEWRUV

DWWRUQH\VIURPWKHHVWDWHDUHQRWSHUVXDVLYH,Q,QUH3UR6QD['LVWULE)G
DIWHU D GHWDLOHG DQDO\VLV RI WKH SDUWLHV
 DUJXPHQWV WKH )LIWK &LUFXLW VWDWHG WKDW WKH
JUDPPDWLFDOHUURUZDVQRWH[SODLQHG,GDW\HWODWHUFRQFOXGHGWKDWWKHVWDWXWHZDV
FOHDURQLWVIDFH,GDW7KH(OHYHQWK&LUFXLWPHUHO\IROORZHGWKH6HFRQG&LUFXLW
RIIHULQJOLWWOHLQGHSHQGHQWDQDO\VLV,QUH$PHULFDQ6WHHO3URG,QF)G
       7KHSDQHOLVFRJQL]DQWRIWZRYHU\UHFHQWRSLQLRQVZKLFKKDYHDSSOLHGWKHSODLQ
PHDQLQJUXOHWRGLIIHUHQWVWDWXWHVLQWKH%DQNUXSWF\&RGH+DUWIRUG8QGHUZULWHUV
6&WGLVFXVVLQJ86&F3DOPHUY,QWHUQDO5HYHQXH6HUYLFH
,Q UH 3DOPHU  :/  WK &LU sXO\   GLVFXVVLQJ  86&
D$DQGD$L:HILQGERWKFDVHVLQVWUXFWLYHEXWGLVWLQJXLVKDEOH
EHFDXVHWKH6XSUHPH&RXUWDQGWKH6L[WK&LUFXLWUHVSHFWLYHO\DGGUHVVHGVWDWXWHVZKLFK
ZHUHFOHDUDQGXQDPELJXRXV+DUWIRUG8QGHUZULWHUV6&WDWmVWDWXWHDSSHDUV
TXLWHSODLQl,QUH3DOPHU:/DW
WKHPHDQLQJRImWKHVHVHFWLRQV>DUH@
FOHDUDQGXQDPELJXRXVl
       ,QDGGLWLRQWKH6L[WK&LUFXLWKDVJLYHQDQLQGLFDWLRQWKDWLWZRXOGFRPSHQVDWHD
GHEWRU
VDWWRUQH\IURPWKHHVWDWH,Q,QUH7KH*HRUJH:RUWKLQJWRQ&RWKH6L[WK&LUFXLW
KHOG WKDW DQ RIILFLDO FUHGLWRUV
 FRPPLWWHH LV HQWLWOHG WR UHLPEXUVHPHQW RI DGPLQLVWUDWLYH
H[SHQVHVIURPWKHFKDSWHU GHEWRU
VHVWDWHHYHQWKRXJKEGLGQRWH[SUHVVO\
SURYLGHIRUVXFK)G,QPDNLQJLWVGHFLVLRQWKH6L[WK&LUFXLWUHFRJQL]HGWKDW
ORJLFDQGHTXLW\DVZHOODVSROLF\FRQVLGHUDWLRQVDUHIDFWRUVWKDWPD\EHFRQVLGHUHG
ZKHQLQWHUSUHWLQJWKH&RGH,GDW6HHDOVR,GDWsRQHVsFRQFXUULQJ,ZULWH
VHSDUDWHO\WRHPSKDVL]HWKHMXGLFLDOGXW\WRDFWXQGHUFLUFXPVWDQFHVVXFKDVWKHVHZKHUH
&RQJUHVVIDLOVWRH[SOLFLWO\DOORZRUGLVDOORZDVSHFLILFFRPSHQVDWLRQ
       /DVWO\WKH8QLWHG6WDWHV7UXVWHHFRQWHQGVWKDWEHFDXVHWKLVGUDIWLQJHUURUKDVJRQH
XQFRUUHFWHGIRUPRUHWKDQILYH\HDUVWKHHUURULVQRWDQHUURU7KLVLVQRWSHUVXDVLYH
*LYHQWKHPDQ\IRUFHVWKDWGULYHWKHOHJLVODWLYHSURFHVVLWLVLQDSSURSULDWHWRSODFHWRR
PXFKHPSKDVLVRQ&RQJUHVV
IDLOXUHWRHQDFWOHJLVODWLRQ)XUWKHUPRUHLQWZRELOOV
ZHUHLQWURGXFHGWRPDNHWKLVWHFKQLFDOFRUUHFWLRQEXWGLGQRWUHDFKDYRWH,QUH0LOOHU
%5DWIQ

                                                
                                   9&21&/86,21
      7KH3DQHOFRQFOXGHVWKDWLQWKHDPHQGPHQWVWR86&D&RQJUHVV
GLGQRWLQWHQGWRGHQ\FRPSHQVDWLRQWRFKDSWHUGHEWRUVjDWWRUQH\VIRUVHUYLFHVQHFHVVDU\
WRWKHDGPLQLVWUDWLRQRIWKHHVWDWH$FFRUGLQJO\WKHRUGHUVRIWKHEDQNUXSWF\FRXUWDUH
$)),50('

                                           
                                 BBBBBBBBBBBBBBBBBBBB

                                       ',66(17
                                 BBBBBBBBBBBBBBBBBBBB

       3$7 ( 025*(167(51&/$55(1 %DQNUXSWF\ $SSHOODWH 3DQHO sXGJH
GLVVHQWLQJ,UHVSHFWIXOO\GLVVHQWIURPWKH3DQHOjVGHFLVLRQIRUWKHUHDVRQVVWDWHGE\sXGJH
7KRPDVLQ,QUH&HQWXU\&OHDQLQJ6HUYV,QF)GWK&LU7KRPDVs
GLVVHQWLQJ$VsXGJH7KRPDVVXPPDUL]HGm7KHPDMRULW\PD\ZHOOKDYHLGHQWLILHGWKH
EHVWSROLF\IRUFRPSHQVDWLQJGHEWRUVjDWWRUQH\VLQ&KDSWHUFDVHVEXWLWLVQRWWKHSROLF\
FKRLFHWKDW&RQJUHVVPDGH>%@RWKWKHSODLQODQJXDJHRIWKHVWDWXWHDQGLWVOHJLVODWLYH
KLVWRU\OHDYHQRGRXEWWKDW&RQJUHVVPHDQWZKDWLWVDLGlZKHQLWGHOHWHGWKHVWDWXWRU\
ODQJXDJHDXWKRUL]LQJSD\PHQWWRGHEWRUVjFRXQVHOIURPWKH&KDSWHUHVWDWH,GDW
$FFRUGLQJO\,ZRXOGUHYHUVHWKHGHFLVLRQRIWKHEDQNUXSWF\FRXUWEDVHGRQsXGJH7KRPDVj
UHDVRQLQJDQGILQGWKDWGHEWRUVjFRXQVHOPD\QRWEHDZDUGHGFRPSHQVDWLRQIURPWKHVH
HVWDWHV

                                             