Court of Appeals for the Sixth Circuit
Document Info
DocketNumber: 00-1917
Filed Date: 2/1/2002
Status: Precedential
Modified Date: 9/22/2015
-
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$SSHOOHH 1R Y ! :,//,6 0,&+$(/ *(25*,$ 'HIHQGDQW$SSHOODQW 1 $SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW IRUWKH:HVWHUQ'LVWULFWRI0LFKLJDQDW*UDQG5DSLGV 1Rn*RUGRQs4XLVW'LVWULFWsXGJH 6XEPLWWHG2FWREHU 'HFLGHGDQG)LOHG)HEUXDU\ %HIRUH%2**6*,/0$1DQG%5,*+7 &LUFXLWsXGJHV BBBBBBBBBBBBBBBBB &2816(/ 21 %5,() 3DXO / 1HOVRQ )('(5$/ 38%/,& '()(1'(56 2)),&( *UDQG 5DSLGV 0LFKLJDQ IRU $SSHOODQWsRDQ(0H\HU$66,67$1781,7('67$7(6 $77251( D@ILUHl6HYHUDORIWKHSRLQWVRIRULJLQZHUHHOHFWULFDO mVRPHWKLQJ PRUH WKDQ VLPSO\ UHVSRQGLQJ WR WKH ILUHl ,W RXWOHWVWKDWZHUHVWXIIHGZLWKILEHUPDWHULDO$OWKRXJKWKHVH VHHPV WR PH WKDW WKLV FDVH GRHV LQYROYH PRUH WKDQ VLPSO\ RXWOHWVLJQLWHGWKH\TXLFNO\VHOIH[WLQJXLVKHG2WKHUSRLQWV UHVSRQGLQJWRDQ\ILUHZKLFKZRXOGLQFOXGHIRUH[DPSOH RIRULJLQZHUHSDSHUILUHVLQWKHSDVWRUj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jVFRQVWUXFWLRQDQGRIWKH %3URFHGXUDOEDFNJURXQG KHDY\VWUXFWXUHVRQWKHURRI 2Q$SULO*HRUJLDZDVFKDUJHGZLWKVHWWLQJILUHWR 2QEDODQFHLWVLPSO\VHHPVWRPHWKDWLWZDVQRWFOHDUHUURU WKH FKXUFK DV SDUW RI D FRQVSLUDF\ WR FROOHFW WKH LQVXUDQFH WRVD\WKDWWKLVGHJUHHRIGDQJHUZDVLQGHHGmDVXEVWDQWLDOULVN SURFHHGVLQYLRODWLRQRI 86&KDQG RIERGLO\LQMXU\l:KLOHWKDWGHJUHHRIULVNPD\QRWKDYH *HRUJLDSOHGJXLOW\WRWKHFKDUJH EHHQXQXVXDOIRUDILUHLQDFRPPHUFLDOW\SHVWUXFWXUHWKDWD SURIHVVLRQDO ILUH GHSDUWPHQW ZRXOG UHVSRQG WR , DP 7KHSUHVHQWHQFHLQYHVWLJDWLRQUHSRUWFRQFOXGHGWKDWDEDVH RIIHQVH OHYHO RI ZDV DSSURSULDWH XQGHU 8QLWHG 6WDWHV 8QLWHG6WDWHVY*HRUJLD 1R 1R 8QLWHG6WDWHVY*HRUJLD 6HQWHQFLQJ *XLGHOLQHV .D $Q REMHFWLRQ WR WKH )LUVW WKHVH ZHUH SURIHVVLRQDO ILUHILJKWHUV ZKR ZHUH UHSRUW ZDV ILOHG E\ WKH JRYHUQPHQW ZKLFK DUJXHG WKDW DQ SUHVXPDEO\DZDUHWKDWmRQHRIWKHFRPPRQFDXVHVIRUILUH HQKDQFHGEDVHRIIHQVHOHYHORISXUVXDQWWR8QLWHG6WDWHV ILJKWHU GHDWK LQ ILJKWLQJ ILUHV LV VWUXFWXUDO FROODSVHl ,W LV 6HQWHQFLQJ *XLGHOLQHV .D$ ZDV PRUH WKHUHIRUHUHDVRQDEOHWRSUHVXPHWKDWWKHILUHILJKWHUVZRXOG DSSURSULDWH XQGHU WKH FLUFXPVWDQFHV $IWHU KHDULQJ WKH KDYHDYRLGHGVXFKDFRPPRQULVNLQWKHPDQQHUWKH\GLGnE\ WHVWLPRQ\ RI D VSHFLDO DJHQW ZLWK WKH %XUHDX RI $OFRKRO TXLFNO\HYDFXDWLQJWKHEXLOGLQJZKHQWKH\VDZWKHH[WHQWRI 7REDFFR DQG )LUHDUPV WKH GLVWULFW FRXUW VXVWDLQHG WKH WKHILUH JRYHUQPHQWjVREMHFWLRQDQGXVHGDEDVHRIIHQVHOHYHORILQ VHQWHQFLQJ*HRUJLDWRPRQWKVLQSULVRQ 0RUHRYHU DV GLVFXVVHG DERYH HYHQ LI WKH SURIHVVLRQDO ILUHILJKWHUVKDGIDLOHGWRDQWLFLSDWHWKHULVNWKHOLNHOLKRRGRI ,,$1$/ @ D VXEVWDQWLDO ULVN RI GHDWK RU VHYHUH LQMXU\l LV KLP SXUVXDQW WR 8QLWHG 6WDWHV 6HQWHQFLQJ *XLGHOLQHV WKHUHIRUHXQWHQDEOH .D$7KLV*XLGHOLQHVHWVWKHEDVHRIIHQVHOHYHO DWLIWKHILUHmFUHDWHGDVXEVWDQWLDOULVNRIGHDWKRUVHULRXV ,,,&21&/86,21 ERGLO\ LQMXU\ WR DQ\ SHUVRQ RWKHU WKDQ D SDUWLFLSDQW LQ WKH RIIHQVHDQGWKDWULVNZDVFUHDWHGNQRZLQJO\lm>$@WULDO )RU DOO RI WKH UHDVRQV VHW IRUWK DERYH ZH 9$&$7( FRXUWjVGHWHUPLQDWLRQWKDWDGHIHQGDQWNQRZLQJO\FUHDWHGD *HRUJLDjV VHQWHQFH DQG 5(0$1' IRU UHVHQWHQFLQJ VXEVWDQWLDOULVNRIGHDWKRUVHULRXVERGLO\LQMXU\LVDILQGLQJ FRQVLVWHQWZLWKWKLVRSLQLRQ RIIDFWWKDWZLOOQRWEHGLVWXUEHGXQOHVVFOHDUO\HUURQHRXVl 8QLWHG6WDWHVY5REHUW/HHsRKQVRQ)GWK &LULQWHUQDOTXRWDWLRQPDUNVRPLWWHGDIILUPLQJWKH VHQWHQFH RI D GHIHQGDQW XQGHU 8QLWHG 6WDWHV 6HQWHQFLQJ *XLGHOLQHV .D$ EHFDXVH WKH ILUHV KH VHW LQ PXOWLSOHEXLOGLQJVRQDZLQG\GD\VWUHWFKHGWKHUHVRXUFHVRI WKHYROXQWHHUILUHGHSDUWPHQWWKDWUHVSRQGHGWRWKHILUHVVHH 86Y/DWRXI)GWK&LUm+HQFHWKH NH\LQTXLU\LVZKHWKHU>WKHGHIHQGDQW@µNQRZLQJO\jFUHDWHGD VXEVWDQWLDOULVNRIGHDWKRUERGLO\LQMXU\7KLVLVDIDFWXDO ILQGLQJWKDWWKLVFRXUWUHYLHZVIRUFOHDUHUURUl $OWKRXJK5REHUW/HHsRKQVRQDQG/DWRXIVWDWHWKDWDWULDO FRXUWjVGHWHUPLQDWLRQmWKDWDGHIHQGDQWNQRZLQJO\FUHDWHGD VXEVWDQWLDOULVNRIGHDWKRUVHULRXVERGLO\LQMXU\l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m$GLVWULFWFRXUWjVDSSOLFDWLRQRIWKHIDFWVWRWKH6HQWHQFLQJ *XLGHOLQHVLVDPL[HGTXHVWLRQRIODZDQGIDFWWKDWZHUHYLHZ ,WVHHPVFRPPRQVHQVHWRPHWKDWLI\RXKDYHDILUHWKDW GHQRYRlVHH8QLWHG6WDWHVY0F'RQDOG)G LV XQGHUPLQLQJ WKH URRI EXUQLQJ WKH URRI DQG WK&LUm>$@GLVWULFWFRXUWjVGHWHUPLQDWLRQRI XQGHUPLQLQJWKHVWUXFWXUDOVRXQGQHVVZLWKWKRVHXQLWVRQ ZKHWKHUWKHIDFWVFRQVWLWXWHDQREVWUXFWLRQRIMXVWLFH>XQGHU WKHUHnDQG , GRQjW NQRZ ZKDW WKH\ ZHLJK EXW WKH\ 8QLWHG 6WDWHV 6HQWHQFLQJ *XLGHOLQHV &@ LV D PL[HG SUREDEO\ZHLJKLIQRWDWRQPD\EHDKDOIWRQnWKDW\RX TXHVWLRQRIODZDQGIDFWWKDWLVUHYLHZHGGHQRYRl8QLWHG ZRXOG NQRZ WKDW WKRVH WKLQJV ZRXOG FRPH FUDVKLQJ 6WDWHV Y .XVKPDXO )G WK &LU WKURXJKWKHURRIDQGKLWILUHPHQWKDWDUHXQGHUQHDWKLW KROGLQJ WKDW ZKHWKHU WKH IDFWV EHIRUH LW FRQVWLWXWHG mWKH 7KDWjVFRPPRQVHQVH EUDQGLVKLQJ RI D ZHDSRQl XQGHU 8QLWHG 6WDWHV 6HQWHQFLQJ *XLGHOLQHV%EZDVDOHJDOTXHVWLRQWREHUHYLHZHGGH &RQWUDU\WRWKHGLVWULFWFRXUWjVFRQFOXVLRQVWKLVILUHGLGQRW QRYR KDYH DQ\ RI WKH DWWULEXWHV WKDW DUH FRPPRQO\ UHOLHG RQ WR MXVWLI\DGHWHUPLQDWLRQWKDWDQDUVRQLVWmNQRZLQJO\FUHDWHGD 5REHUW /HH sRKQVRQ UHOLHV SULPDULO\ RQ 8QLWHG 6WDWHV Y VXEVWDQWLDOULVNRIGHDWKRUVHULRXVERGLO\LQMXU\l&RXUWVDUH +RQH\FXWW)GWK&LUWRVXSSRUWWKH JHQHUDOO\ ZDUUDQWHG LQ DSSO\LQJ WKLV *XLGHOLQH WR FDVHV SURSRVLWLRQ WKDW D mFOHDUO\ HUURQHRXVl VWDQGDUG RI UHYLHZ LQYROYLQJERPEVRUODUJHDPRXQWVRIJDVROLQHEHFDXVHLWLV VKRXOGEHDSSOLHG5REHUW/HHsRKQVRQ)GDW,Q OLNHO\WKDWDGHIHQGDQWZRXOGEHmDZDUHWKDWLWLVSUDFWLFDOO\ +RQH\FXWWWKH(OHYHQ&LUFXLWDGRSWHGWKHFOHDUO\HUURQHRXV FHUWDLQl WKDW WKH UHVXOWLQJ H[SORVLRQ ZLOO mFUHDWH>@ D VWDQGDUGRIUHYLHZZLWKRXWSURYLGLQJDQ\H[SODQDWLRQEH\RQG VXEVWDQWLDOULVNRIGHDWKRUVHULRXVERGLO\LQMXU\l6LPLODUO\ DFLWDWLRQWRDIRRWQRWHLQ8QLWHG6WDWHVY6FURJJLQV)G RQHZKRVHWVDILUHLQWKHSUR[LPLW\RIDUHVLGHQFHZLOOXVXDOO\ QWK&LU6FURJJLQVKRZHYHUGRHV EHmDZDUHWKDWLWLVSUDFWLFDOO\FHUWDLQlWKDWKLVRUKHUDFWLRQ QRWVXSSRUWWKHSURSRVLWLRQWKDWDFOHDUO\HUURQHRXVVWDQGDUG ZLOO mFUHDWH>@ D VXEVWDQWLDO ULVN RI GHDWK RU VHULRXV ERGLO\ RIUHYLHZVKRXOGEHDSSOLHGLQGHWHUPLQLQJZKHWKHU8QLWHG LQMXU\l$OWKRXJKZHDUHQRWVD\LQJWKDWWKHVHFRQGLWLRQVDUH 6WDWHV6HQWHQFLQJ*XLGHOLQHV.DKDVEHHQSURSHUO\ WKHRQO\RQHVWKDWZLOOMXVWLI\WKHDSSOLFDWLRQRI8QLWHG6WDWHV DSSOLHG 7R WKH FRQWUDU\ 6FURJJLQV H[SODLQV ZK\ D 6HQWHQFLQJ*XLGHOLQHV.$ZHDUHVD\LQJWKDWD GHWHUPLQDWLRQRIWKLVVRUWLVDPL[HGTXHVWLRQRIODZDQGIDFW FRPSDUDEOH VHW RI FRQGLWLRQV PXVW EH SUHVHQW WR SURSHUO\ m>$@GHIHQGDQWFDQTXHVWLRQZKHWKHUDJLYHQVHWRIIDFWVDV WULJJHU WKH HQKDQFHPHQW ,Q RXU RSLQLRQ WKH SUHVHQW FDVH IRXQG E\ WKH GLVWULFW FRXUW WULJJHUV WKH DSSOLFDWLRQ RI D GRHVQRWH[KLELWDQ\HTXLYDOHQWH[DFHUEDWLQJFLUFXPVWDQFHV SDUWLFXODU JXLGHOLQH 6XFK D FKDOOHQJH SUHVHQWV D PL[HG TXHVWLRQRIODZDQGIDFWIRUDSSHOODWHUHYLHZl6FURJJLQV 7KHGLVWULFWFRXUWFRPPHQWHGWKDWmLI>*HRUJLD@KDGEHHQ )GDWQ6FURJJLQVFOHDUO\GLVWLQJXLVKHVWKLV DOHUWDQGLIKHKDGEHHQXVLQJFRPPRQVHQVHWKHFRPPRQ VLWXDWLRQIURPFDVHVZKHUHDGHIHQGDQWFODLPVWKDWWKHGLVWULFW VHQVHRIDQRUGLQDU\SHUVRQ>KH@ZRXOGEHSUDFWLFDOO\FHUWDLQ FRXUWPDGHHUURQHRXVILQGLQJVRIIDFWmDQGDVDFRQVHTXHQFH WKDW WKRVH XQLWV ZRXOG FROODSVH RQ DQ\RQH WKDW ZDV LQ WKH DSSOLHGWKHJXLGHOLQHVLQFRUUHFWO\l,G&KDOOHQJHVRIWKDW EXLOGLQJl DQG WKDW m>L@W LV IRUWXLWRXVl WKDW QRQH RI WKH W\SH mSUHVHQW WKH UHYLHZLQJ FRXUW ZLWK D SXUH TXHVWLRQ RI ILUHILJKWHUV ZHUH LQMXUHG %XW DV QRWHG DERYH WKH DFWXDO IDFWl,G OLNHOLKRRG RI D +9$& XQLW IDOOLQJ RQ D ILUHILJKWHU ZDV FRQWUDU\WRWKHGLVWULFWFRXUWjVFRQMHFWXUHH[WUHPHO\UHPRWH 8QLWHG6WDWHVY*HRUJLD 1R 1R 8QLWHG6WDWHVY*HRUJLD 6LPLODUO\/DWRXIGRHVQRWSURYLGHSHUVXDVLYHDXWKRULW\IRU LLIWKHHOHPHQWLQYROYHVWKHQDWXUHRIKLVFRQGXFWRU LWV GHFODUDWLRQ WKDW D WULDO FRXUWjV GHWHUPLQDWLRQ WKDW D WKH DWWHQGDQW FLUFXPVWDQFHV KH LV DZDUH WKDW KLV GHIHQGDQW NQRZLQJO\ FUHDWHG D VXEVWDQWLDO ULVN RI GHDWK RU FRQGXFW LV RI WKDW QDWXUH RU WKDW VXFK FLUFXPVWDQFHV VHULRXV ERGLO\ LQMXU\ mLV D IDFWXDO ILQGLQJ WKDW WKLV FRXUW H[LVWDQG UHYLHZVIRUFOHDUHUURUl/DWRXI)GDW$OWKRXJK LLLIWKHHOHPHQWLQYROYHVDUHVXOWRIKLVFRQGXFWKH /DWRXIFLWHV8QLWHG6WDWHVY7XUQHU)GWK&LU LVDZDUHWKDWLWLVSUDFWLFDOO\FHUWDLQWKDWKLVFRQGXFW LQVXSSRUWRIWKLVSURSRVLWLRQ7XUQHUDSSOLHGDmGXH ZLOOFDXVHVXFKDUHVXOW GHIHUHQFHlVWDQGDUGmWRWKHGLVWULFWFRXUWjVDSSOLFDWLRQRIWKH JXLGHOLQHVWRWKHIDFWVl,GDW7KH7XUQHUFRXUWFOHDUO\ 0RGHO 3HQDO &RGH E HPSKDVLV DGGHG VHH GLVWLQJXLVKHV WKLV mGXH GHIHUHQFHl VWDQGDUG IURP D FOHDUO\ 5REHUW /HH sRKQVRQ )G DW m7KH 0RGHO 3HQDO HUURQHRXVVWDQGDUG,Gm*LYLQJGXHGHIHUHQFHWRWKHGLVWULFW &RGHjVGHILQLWLRQRIWKHFXOSDEOHPHQWDOVWDWHRINQRZOHGJH FRXUWjVDSSOLFDWLRQRIWKHJXLGHOLQHDQGUHYLHZLQJLWVILQGLQJV DVµSUDFWLFDOO\FHUWDLQjWKDWFRQGXFWZLOOFDXVHDFHUWDLQUHVXOW RI IDFW XQGHU D FOHDUO\ HUURQHRXV VWDQGDUG 7XUQHUjV ILQDO WHQGVWRWUDFNWKHDFFHSWHGXQGHUVWDQGLQJRIWKHWHUPDVLWLV DVVLJQPHQWRIHUURUPXVWIDLOl XVHGLQWKHFRQWH[WRIFULPLQDOODZl 7KLVFRXUWKDVHPSOR\HGDWZRVWHSDQDO\VLVLQUHYLHZLQJ 7KH GLVWULFW FRXUW SURSHUO\ HPSOR\HG WKH 0RGHO 3HQDO ZKHWKHU 8QLWHG 6WDWHV 6HQWHQFLQJ *XLGHOLQHV &RGHjVGHILQLWLRQLQDVVHVVLQJZKHWKHU*HRUJLDmNQRZLQJO\l .D$LVDSSOLFDEOH)LUVWZHH[DPLQHWKHGLVWULFW FUHDWHGDVXEVWDQWLDOULVNWRWKHILUHILJKWHUV FRXUWjVFRQFOXVLRQWKDWWKHWKHmGHIHQGDQWjVDFWLRQVFUHDWHGD VXEVWDQWLDOULVNRIGHDWKRUVHULRXVERGLO\LQMXU\l5REHUW/HH 7KH ULVN ZDV FUHDWHG NQRZLQJO\ LQ P\ MXGJPHQW sRKQVRQ)GDW:HWKHQH[DPLQHWKHHYLGHQFH EHFDXVHnDQG,GRDFFHSWWKHn,WKLQNWKH6L[WK&LUFXLW VXSSRUWLQJ WKH FRQFOXVLRQ WKDW WKH ULVN ZDV FUHDWHG GRHVQjWTXLWHVD\LW,WDFFHSWVWKDWWKHPRGHOSHQDOFRGH mNQRZLQJO\l ,G DW $OWKRXJK ZH EHOLHYH WKDW WKH WKH PHQWDO VWDWH EHLQJ SUDFWLFDOO\ FHUWDLQ WKDW FRQGXFW DSSOLFDWLRQ RI 8QLWHG 6WDWHV 6HQWHQFLQJ *XLGHOLQHV ZRXOGFDXVHDFHUWDLQUHVXOWWHQGVWRWUDFNWKHDFFHSWHG .D$LQYROYHVDPL[HGTXHVWLRQRIODZDQGIDFW XQGHUVWDQGLQJRIWKHWHUPDVLWLVXVHGLQWKHFRQWH[WRI ZHZLOOHPSOR\DFOHDUO\HUURQHRXVVWDQGDUGLQDFFRUGDQFH FULPLQDOODZ ZLWK WKH TXRWHG ODQJXDJH IURP 5REHUW /HH sRKQVRQ DQG /DWRXI 8WLOL]LQJWKLVVWDQGDUGWKHGLVWULFWFRXUWWKHQFRQFOXGHGWKDW *HRUJLD NQRZLQJO\ FUHDWHG WKH ULVN RI D ILUHILJKWHU EHLQJ %6XEVWDQWLDOULVNRILQMXU\ LQMXUHGLIWKH+9$&XQLWVIHOOWKURXJKWKHURRI ,QFRQVLGHULQJZKHWKHUDILUHmFUHDWHGDVXEVWDQWLDOULVNRI $QG,ZRXOGVD\WKDWWKHGHIHQGDQWLIKHKDGEHHQDOHUW GHDWK RU VHULRXV ERGLO\ LQMXU\ WR DQ\ SHUVRQ RWKHU WKDQ D DQGLIKHKDGEHHQXVLQJFRPPRQVHQVH WKHFRPPRQ SDUWLFLSDQW LQ WKH RIIHQVHl WKH FRXUWV mKDYH GHFOLQHG WR VHQVH RIDQRUGLQDU\SHUVRQ>KH@ZRXOGEHSUDFWLFDOO\ GHYHORSDQ\FOHDUOLWPXVWHVWLQVWHDGWKH\KDYHJHQHUDOO\ FHUWDLQ WKDW WKRVH XQLWV ZRXOG FROODSVH RQ DQ\RQH WKDW DGRSWHGDFDVHE\FDVHDSSURDFKZKLFKUHTXLUHVDVVHVVPHQW ZDVLQWKHEXLOGLQJ RIDOOUHOHYDQWIDFWRUVl5REHUW/HHsRKQVRQ)GDW 7KHmULVNWRILUHILJKWHUVDQGRWKHUHPHUJHQF\DQGODZ ,WLVIRUWXLWRXV,GRQjWNQRZZK\WKHILUHPHQOHIWWKH HQIRUFHPHQW SHUVRQQHO ZKR UHVSRQG WRl D ILUH FDQ EH EXLOGLQJWHQPLQXWHVEHIRUHWKHFROODSVH%XWLWFRXOG FRQVLGHUHG866HQWHQFLQJ*XLGHOLQHV0DQXDO.FPW KDYHEHHQSXUHIRUWXLW\$SSDUHQWO\IURPWKHKHDWEXW LWZDVQjWIRUIHDURIWKHXQLWVFROODSVLQJRQWKHP%XWIRU 8QLWHG6WDWHVY*HRUJLD 1R 1R 8QLWHG6WDWHVY*HRUJLD H[WHQWl5REHUW/HHsRKQVRQ)GDWQ,WLVDOVR QEXWmWKDWULVNPXVWLQFOXGHVRPHWKLQJPRUHWKDQVLPSO\ XQGHQLDEOHWKDWDODUJHSHUFHQWDJHRIEXLOGLQJVKDYHZRRGHQ UHVSRQGLQJWRWKHILUH,ILWGLGQRWWKHQYLUWXDOO\HYHU\ILUH URRIV )XUWKHUPRUH DV WKH GLVWULFW FRXUW DFNQRZOHGJHG ZRXOGPHULWDSSOLFDWLRQRIWKHKLJKHUEDVHRIIHQVHOHYHORI +9$&XQLWVDUHFRPPRQO\SODFHGRQRUKXQJIURPWKHURRIV VHFWLRQ.Dl%ULDQ/sRKQVRQ)G RIQRQUHVLGHQWLDOEXLOGLQJV7KHFRPELQDWLRQRIWKHVHIDFWRUV WK&LUHPSKDVLVDGGHG,QVWHDGmWKHDUVRQLVWPXVW LVWKHUHIRUHXQOLNHO\WRKDYHSRVHGDULVNWRILUHILJKWHUVWKDW NQRZWKDWDVSHFLILFILUHIRUVRPHUHDVRQSRVHVDVXEVWDQWLDO ZDVEH\RQGWKHULVNVQRUPDOO\DVVRFLDWHGZLWKUHVSRQGLQJWR ULVN RI GHDWK RU VHULRXV ERGLO\ LQMXU\ WR ILUH ILJKWHUV DQG DW\SLFDOILUH HPHUJHQF\SHUVRQQHOZKRPD\UHVSRQGl,GDWTXRWLQJ 8QLWHG 6WDWHV Y +RQH\FXWW )G WK &LU 0RUHRYHUDFFRUGLQJWRWKHJRYHUQPHQWjVH[SHUWZLWQHVV VHH8QLWHG6WDWHVY7XUQHU)GWK mRQHRIWKHFRPPRQFDXVHVIRUILUHILJKWHUGHDWKLQILJKWLQJ &LUFRQFOXGLQJWKDWWKHWULDOFRXUWjVGHWHUPLQDWLRQWKDW ILUHVLVVWUXFWXUDOFROODSVHl7KHSURIHVVLRQDOILUHILJKWHUVZKR VHWWLQJ D ILUH mLQ ZHDWKHU FRQGLWLRQV WKDW ZRXOG PDNH UHVSRQGHGWRWKLVILUHZHUHWKXVSUHVXPDEO\DZDUHRIWKHULVN H[WLQJXLVKLQJ WKH ILUH H[WUHPHO\ GLIILFXOWl FUHDWHG D WKDW WKH +9$& XQLWV SRVHG DQG WRRN DSSURSULDWH VDIHW\ VXEVWDQWLDO ULVN RI LQMXU\ WR ILUHILJKWHUV ZDV QRW FOHDUO\ PHDVXUHV(YHQLIWKHILUHILJKWHUVGLGQRWWDNHSUHFDXWLRQVWR HUURQHRXVDWOHDVWZKHUHUHVLGHQWVRIDQDGMDFHQWUHVLGHQFH DYRLGWKLVKD]DUGWKHDFWXDOULVNWKDWDIDOOLQJ+9$&XQLW ZHUHDOVRSODFHGDWULVN ZRXOGLQMXUHDILUHILJKWHUGRHVQRWDSSHDUWREHmVXEVWDQWLDOl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jV GHWHUPLQDWLRQ WKDW *HRUJLD mFUHDWHG D )LUVWRIDOODQDFFHOHUDQWZDVXVHG VXEVWDQWLDOULVNRIGHDWKRUVHULRXVERGLO\LQMXU\lZLWKLQWKH 6HFRQGDQDFFHOHUDQWZDVXVHGGLUHFWO\XQGHUDZRRGHQ PHDQLQJRI.D$ URRI 7KLUG WKHUH ZDV D ZRRGHQ URRI VXSSRUWHG E\ ZRRGHQ &5LVNFUHDWHGNQRZLQJO\ WUXVVHV DSSDUHQWO\ 1RW DSSDUHQWO\ 6XSSRUWHG E\ ZRRGHQWUXVVHVVRLWZDVDOOZRRGXSDERYHWKHUH,W %HFDXVHWKH8QLWHG6WDWHV6HQWHQFLQJ*XLGHOLQHVGRQRW ZDVQjWVWHHORUDQ\WKLQJHOVHWKDWZRXOGWDNHDZKLOHWR GHILQH WKH WHUP mNQRZLQJO\l WKLV FRXUW KDV ORRNHG WR WKH EXUQ 0RGHO3HQDO&RGHIRUDVVLVWDQFH5REHUW/HHsRKQVRQ $QG>IRXUWK@WZRKHDY\+9$&XQLWVZHUHRQWKHURRI )GDW7KH0RGHO3HQDO&RGHVWDWHVWKDW 7KDWPHDQVLQP\MXGJPHQWWKDWDQ\ZHDNHQLQJRIWKDW VWUXFWXUHnTXLWHIUDQNO\LWGRHVQjWKDYHWREXUQWKURXJK >D@ SHUVRQ DFWV NQRZLQJO\ ZLWK UHVSHFW WR D PDWHULDO ,WMXVWKDVWRZHDNHQ,KDGDPDMRUFDVHRQWKDWDVD HOHPHQWRIDQRIIHQVHZKHQ 8QLWHG6WDWHVY*HRUJLD 1R 1R 8QLWHG6WDWHVY*HRUJLD MXGJHDQGTXLWHIUDQNO\DVDODZ\HUsXVWLI\RXJHWLW :/ DW WK &LU $XJ ZHDNHQHG ZLWK ILUH WKHVH XQLWV ZKHWKHU WKH\jUH KXQJ XQSXEOLVKHGWDEOHGHFLVLRQILUHVWDUWHGLQDUHVWDXUDQWWKDW LQVLGH WKH EXLOGLQJ RU SODFHG RQ WRS RI D ZDVFORVHWRDSDUWPHQWEXLOGLQJV8QLWHG6WDWHVY0DUML EXLOGLQJFUHDWHV>VLF@DWUHPHQGRXVGDQJHUWRWKHILUH )GG&LUGHIHQGDQWVHWILUHWRDIORZHUVKRS ILJKWHUVZKRKDSSHQWRJRLQWRWKHEXLOGLQJZKRPLJKW EHORZRFFXSLHGDSDUWPHQWV8QLWHG6WDWHVY=DUDJR]D QRW NQRZ E\ WKH ZD\ DERXW WKH XQLWV RQ WRS RI WKH )GWK&LUILUHVWDUWHGZLWKJDOORQVRI EXLOGLQJZKHQWKH\jUHWKHUH JDVROLQHLQDQXUEDQDUHD8QLWHG6WDWHVY%H\HU)G WK &LU GHIHQGDQW XVHG mD WUHPHQGRXV 7KHGLVWULFWFRXUWKDGDOUHDG\H[SODLQHGZK\LWGHWHUPLQHG DPRXQWRIDFFHOHUDQWlWRVHWILUHWRDEXLOGLQJ WKDWZDV WKDWWKLVVLWXDWLRQFUHDWHGDJUHDWHUWKDQQRUPDOULVNIRUWKH \DUGVDZD\IURPWZRDSDUWPHQWVDQGDFURVVWKHVWUHHWIURPD ILUHILJKWHUVZKRUHVSRQGHGWRWKHILUH UHFWRU\8QLWHG6WDWHVY$OWLHU)GWK&LU GHIHQGDQWVHWILUHWRDFDUGHDOHUVKLS8QLWHG6WDWHVY >,@WVHHPVWRPHWRRWKDWLI\RXKDYHDZRRGHQIUDPH 'L6DQWR)GVW&LUODUJHDPRXQW URRIRQDEXLOGLQJHYHQWKRXJKWKHZDOOVPD\EHPDGHRI RIJDVROLQHXVHGWRVWDUWDILUH8QLWHG6WDWHVY5DP1R FRQFUHWHEORFNRUFLQGHUEORFNDQG\RXKDYHWKRVHKHDY\ o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mFUHDWHGDVXEVWDQWLDOULVNRIGHDWKRU H[SORVLYH GHYLFH FDXVHG ULVN RI LQMXU\ WR SHGHVWULDQV FI VHULRXVERGLO\LQMXU\l,WZDVVHWDWDWLPHnDPnZKHQ 8QLWHG6WDWHVY5REHUW/HHs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sRKQVRQ )G WK &LU ILUH QHLWKHUWKHULVNRIDODUJHH[SORVLRQQRUWKHSUHVHQFHRIDQ\ VWDUWHG LQ D FDU SDUNHG QHDU D SDUVRQDJH 8QLWHG 6WDWHV Y QHDUE\ UHVLGHQFHV ,QVWHDG WKH GLVWULFW FRXUW EDVHG LWV /DWRXI)GWK&LUDUVRQRIDEXLOGLQJ FRQFOXVLRQWKDWWKHFKXUFKILUHLQTXHVWLRQmFUHDWH>G@DYHU\ QH[WWRJDVVWDWLRQ8QLWHG6WDWHVY7XUQHU)G YHU\GDQJHURXVVLWXDWLRQZKLFK\RXPLJKWQRWKDYHLQHYHU\ WK&LUILUHMHRSDUGL]HGWKHVDIHW\RISHRSOH ILUHlRQWKUHHILQGLQJVRIIDFW*HRUJLDXVHGDQDFFHOHUDQW VOHHSLQJLQDQDGMDFHQWGZHOOLQJ8QLWHG6WDWHVY$EHG1R WKHFKXUFKKDGDQDOOZRRGURRIDQGWZR+9$&XQLWV :/ DW WK &LU sDQ ZHUH RQ WKH URRI %XW DOO RI WKHVH IDFWRUV DUH UHODWLYHO\ XQSXEOLVKHGWDEOHGHFLVLRQDUVRQRIDFDUGHDOHUVKLSQHDU FRPPRQSODFH7KLVFRXUWKDVDOUHDG\QRWHGWKDWmYLUWXDOO\ DSDUWPHQW FRPSOH[HV8QLWHG 6WDWHV Y 9HDU\HDN 1R HYHU\LQVWDQFHRIDUVRQLQFOXGHVXVHRIDFFHOHUDQWVWRVRPH
Copyright © 2025 by eLaws. All rights reserved.