Court of Appeals for the Sixth Circuit
Document Info
DocketNumber： 00-3468
Filed Date： 7/22/2002
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 '(11,6 &/,1(HWDO ; 3ODLQWLIIV$SSHOODQWV 1R Y ! *(1(5$/ ' D@JH LV QRW D RI KHDOWK EHQHILWV VROHO\ WR WKRVH RYHU WKH DJH RI GLVWLQFWLRQWKDWDULVHVDWELUWK1RULVDJHLPPXWDEOHl,G FRQVWLWXWHGLOOHJDOGLVFULPLQDWLRQEDVHGRQDJH(DFKRIWKH SODLQWLIIVZDVEHWZHHQWKHDJHVRIDQG RQsXO\ )XUWKHUPRUH ZKLOH WKH VWDWXWRU\ ODQJXDJH RI WKH $'($ DQG WKXV D PHPEHU RI WKH $'($jV SURWHFWHG FODVV )RU PD\OHDYHURRPIRUDUJXPHQWWKDWUHYHUVHDJHGLVFULPLQDWLRQ SXUSRVHVRIWKHODZVXLWWKHSODLQWLIIVVHOIGLYLGHGLQWRWKUHH LV FRJQL]DEOH , FRQFXU ZLWK WKH +DPLOWRQ FRXUW LQ WKDW JURXSV 7KH VRFDOOHG m&OLQH JURXSl LV FRPSRVHG RI 6HFWLRQRIWKH$'($UHIHUVWRmROGHUZRUNHUVlDQGmROGHU FXUUHQW *HQHUDO '\QDPLFV HPSOR\HHV ZKR DUH QR ORQJHU SHUVRQVl 6HH 86& 7KHVH UHIHUHQFHV DUH HOLJLEOHIRUIXOOKHDOWKEHQHILWVXSRQUHWLUHPHQW7KHm%DEE WKHUHIRUHWHOOLQJRI&RQJUHVVjVLQWHQWWRSURKLELWHPSOR\HUV JURXSlFRQVLVWVRIHPSOR\HHVZKRUHWLUHGSULRUWRsXO\ IURP GLVFULPLQDWLQJ DJDLQVW ROGHU ZRUNHUV DV RSSRVHG WR LQ RUGHU WR UHFHLYH IXOO KHDOWK EHQHILWV )LQDOO\ WKH \RXQJHURQHV m'LD] JURXSl LQFOXGHV WKUHH HPSOR\HHV ZKR UHWLUHG DIWHU sXO\ DQGDUHLQHOLJLEOHIRUKHDOWKEHQHILWV &OLQHHWDOY*HQHUDO'\QDPLFV 1R 1R &OLQHHWDOY*HQHUDO'\QDPLFV ,QDGGLWLRQWRWKHLUDJHGLVFULPLQDWLRQFODLPVWKHSODLQWLIIV EHFDXVHZKHQGLVFULPLQDWHGDJDLQVWLQIDYRURIROGHUZRUNHUV DOVR VRXJKW mGHFODUDWRU\ MXGJPHQWl EXW LQ WKHLU FRPSODLQW \RXQJHU SURWHFWHG ZRUNHUV FDQQRW SURYH WKDW VXEVWDQWLDOO\ WKH\PDGHQRUHIHUHQFHWRWKH'HFODUDWRU\s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jVPRWLRQWKHGLVWULFWFRXUWGLVPLVVHG 'HVSLWHWKDWLPSOLFDWLRQWKUHHUHDVRQVJLYHPHFRQILGHQFH WKHSODLQWLIIVjVXLWSXUVXDQWWR)HG5&LY3 E $WWKH WKDWWKH6XSUHPH&RXUWZRXOGDSSURYHRIRXUUHVXOWWRGD\ RXWVHWRILWVPHPRUDQGXPRSLQLRQWKHGLVWULFWFRXUWQRWHG )LUVW WKH 6XSUHPH &RXUW ZDV QRW FRQVLGHULQJ UHYHUVH DJH WKDW WKH $'($ DQG WKH 2KLR &LYLO 5LJKWV $FW ZRXOG EH GLVFULPLQDWLRQ LQ &RQVROLGDWHG &RLQ 6HFRQG WKH LQWHUSUHWHGWRJHWKHUDQGUHFHLYHLGHQWLFDOOHJDODQDO\VHV7KH &RQVROLGDWHG &RLQ KROGLQJ DFNQRZOHGJHG WKDW PHPEHUV GLVWULFWFRXUWFKDUDFWHUL]HGWKHSODLQWLIIVjDUJXPHQWDVDFODLP ZLWKLQWKHSURWHFWHGFODVVPD\VXHRQHDQRWKHU7KLUGZH WKDWWKH\ZHUHZURQJIXOO\GHQLHGH[LVWLQJMREEHQHILWVRQWKH IROORZWKHVDPHUHFLSHDVWKH6XSUHPH&RXUWGLGnZHORRN EDVLV RI DJH 7KH FRXUW KHOG WKDW XQGHU WKH (PSOR\HH WR WKH SODLQ WH[W RI D DQG D WR GHWHUPLQH 5HWLUHPHQW,QFRPH6HFXULW\$FWRI (5,6$ 86& ZKHWKHU VRFDOOHG UHYHUVH DJH GLVFULPLQDWLRQ LV DFWLRQDEOH $ *HQHUDO'\QDPLFVjVSURYLVLRQRIKHDOWK XQGHUWKH$'($%DVHGXSRQWKHFRPELQHGHIIHFWRIWKHVH EHQHILWVXSRQUHWLUHPHQWZDVSDUWRIDmZHOIDUHEHQHILWSODQl WKUHHUHDVRQV,GRQRWEHOLHYHWKDW6XSUHPH&RXUWSUHFHGHQW ZKLFKWKHFRPSDQ\ZDVQRWREOLJDWHGWRSURYLGH7KHFRXUW GLFWDWHV D UHVXOW GLIIHUHQW WKDQ ZKDW ZH UHDFK WRGD\ FRQFOXGHGWKDWLWZRXOGKDYHEHHQSHUPLVVLEOHWRZLWKKROG 0RUHRYHU KDG WKH 6XSUHPH &RXUW DOVR FRQVLGHUHG WKH UHWLUHHKHDOWKEHQHILWVIURPDOOHPSOR\HHVXQGHUWKH&%$ TXHVWLRQRIUHYHUVHDJHGLVFULPLQDWLRQLQ&RQVROLGDWHG&RLQ :KLOH WKH GLVWULFW FRXUW DGPLWWHG WKDW WKH &%$ mIDFLDOO\ ,EHOLHYHLWZRXOGKDYHH[SUHVVHGWKHIRXUWKSDUWRIWKHSULPD GLVFULPLQDWHVl E\ FUHDWLQJ WZR FODVVHV RI HPSOR\HHV EDVHG IDFLHWHVWDVUHTXLULQJSURRIRImVXEVWDQWLDOGLIIHUHQFHLQDJHl VROHO\RQDJHLWXOWLPDWHO\FRQFOXGHGWKDWWKH$'($GRHVQRW DVRSSRVHGWRmVXEVWDQWLDOO\\RXQJHUl$QGQRWDEO\EDVHG UHFRJQL]H FODLPV IRU mUHYHUVH GLVFULPLQDWLRQl 7KH FRXUW RQRXUKROGLQJWKHIRXUWKSURQJRIWKHSULPDIDFLHWHVWLQWKLV UHDVRQHGWKDWWKH$'($ZDVGUDIWHGWRDLGmROGHUZRUNHUVl &LUFXLW UHTXLUHV SURRI RI VXEVWDQWLDO GLIIHUHQFH LQ DJH QRW QRWWKRVHZKRVXIIHUDJHGLVFULPLQDWLRQEHFDXVHWKH\DUHWRR QHFHVVDULO\VXEVWDQWLDOO\\RXQJHUSURRI \RXQJ7KHGLVWULFWFRXUWGLGQRWVSHFLILFDOO\DGGUHVV&OLQHjV UHTXHVWIRUGHFODUDWRU\UHOLHI ,Q VKRUW WKH UHVXOW ZH UHDFK WRGD\ VWULNHV PH DV FRXQWHULQWXLWLYH%XWWKHFODULW\ZLWKZKLFK&RQJUHVVVSRNH ,, FRQYLQFHVPHWKDWWKH$'($SHUPLWV\RXQJHUZRUNHUVLQWKH SURWHFWHGFODVVWRVXHWKHLUHPSOR\HUVIRUDJHGLVFULPLQDWLRQ :HUHYLHZGHQRYRDGLVWULFWFRXUWjVJUDQWRIDPRWLRQWR WKDWIDYRUVROGHUHPSOR\HHV$OVRDOWKRXJKDFORVHFDOO,GR GLVPLVVSXUVXDQWWR)HG5&LY3 E /DZUHQFHY QRWEHOLHYHWKDWRXUUHVXOWYLRODWHV6XSUHPH&RXUWSUHFHGHQW &KDQFHU\&RXUWRI7HQQ)G WK&LU )RU WKRVH UHDVRQV , DJUHH WR UHYHUVH WKH GLVWULFW FRXUWjV GLVPLVVDORISODLQWLIIVj$'($FODLPV 7KH VWDUWLQJ SRLQW LQ GHWHUPLQLQJ KRZ D VWDWXWH LV WR EH DSSOLHGLVWKHODQJXDJHRIWKHVWDWXWHLWVHOI&RQVXPHU3URG &OLQHHWDOY*HQHUDO'\QDPLFV 1R 1R &OLQHHWDOY*HQHUDO'\QDPLFV 0HGDSKLV 3K\VLFLDQ 6HUYV &RUS 1:G 6DIHW\ &RPPjQ Y *7( 6\OYDQLD ,QF 86 0LFK&W$SS KROGLQJWKDWWKH0LFKLJDQ&LYLO5LJKWV$FW 8QLWHG6WDWHVY2VSLQD)G WK&LU mSURWHFWVZRUNHUVZKRDUHGLVFULPLQDWHGDJDLQVWRQWKHEDVLV 7KLVFRXUWKDVVDLGWKDWm>W@KHSULPDU\UXOHRIVWDWXWRU\ RI\RXWKl DSSHDOGHQLHG1:G 0LFK FRQVWUXFWLRQLVWRDVFHUWDLQDQGJLYHHIIHFWWRWKHOHJLVODWLYH VHHDOVR*UDIIDPY6FRWW3DSHU&R)6XSS LQWHQWl +HGJHSHWK Y 7HQQ )G WK &LU Q '0H QRWLQJWKDWWKH0DLQH+XPDQ5LJKWV$FW /HJLVODWLYHLQWHQWKRZHYHULVJOHDQHGSULPDULO\IURP GRHVQRWOLPLWDJHGLVFULPLQDWLRQFODLPVWRDFHUWDLQUDQJHRI WKHVWDWXWHjVSODLQODQJXDJHDQGZKHUHWKHVWDWXWHjVODQJXDJH DJHV 7KXV EDVHG RQ WKH FRQJUHVVLRQDO VWDWHPHQWV RI LV SODLQ DQG XQDPELJXRXV WKHUH LV QR MXVWLILFDWLRQ IRU SXUSRVHDQGVLPLODUVWDWHODZSURYLVLRQVLWLVQRWDEVXUGWR UHVRUWLQJ WR OHJLVODWLYH KLVWRU\ WR DVFHUWDLQ WKH ODZPDNHUjV DOORZ PHPEHUV RI WKH SURWHFWHG FODVV WR VXH IRU UHYHUVH LQWHQWnWKHZRUGVRIWKHVWDWXWHVXIILFH,QUH&RPVKDUH,QF GLVFULPLQDWLRQ 6HF/LWLJ)G WK&LU 7KH6XSUHPH &RXUW KDV UHFRJQL]HG WKDW mVWDWXWRU\ SURYLVLRQV RIWHQ JR 7KHWKLUGUHDVRQIRUP\VHSDUDWHFRQFXUUHQFHLVWRUHFRQFLOH EH\RQG WKH SULQFLSDO HYLO WR FRYHU UHDVRQDEO\ FRPSDUDEOH WKH LPSOLFLW WHQVLRQ EHWZHHQ RXU FRQFOXVLRQ WRGD\ DQG WKH HYLOVDQGLWLVXOWLPDWHO\WKHSURYLVLRQVRI RXUODZVUDWKHU 6XSUHPH&RXUWjVKROGLQJLQ2j&RQQRUY&RQVROLGDWHG&RLQ WKDQWKHSULQFLSDOFRQFHUQVRIRXUOHJLVODWRUVE\ZKLFKZHDUH &DWHUHUV&RUS86 ,Q&RQVROLGDWHG&RLQ JRYHUQHGl2QFDOHY6XQGRZQHU2IIVKRUH6HUYV,QF WKH6XSUHPH&RXUWFRQVLGHUHGZKHWKHUWRVDWLVI\WKHSULPD 86 0RUHRYHU LI D FRXUW WKLQNV VWDWXWRU\ IDFLHWHVWIRULQGLUHFWO\SURYLQJDJHGLVFULPLQDWLRQDQ$'($ ODQJXDJH GRHV QRW UHIOHFW ZKDW WKH FRXUW EHOLHYHV WKH SODLQWLIIKDGWREHUHSODFHGE\DSHUVRQRXWVLGHWKHSURWHFWHG OHJLVODWRUVmPXVWKDYHlLQWHQGHGWKHFRXUWPD\QRWXQGHUWKH FODVV,GDW0RUHFRQFUHWHO\WKH&RXUWKDGEHIRUHLWWKH JXLVH RI mVWDWXWRU\ LQWHUSUHWDWLRQl UHFWLI\ WKH SUREOHP E\ LVVXH RI ZKHWKHU D ILIW\VL[ \HDUROG HPSOR\HH ZKR ZDV KROGLQJ LQ HIIHFW WKDW WKH OHJLVODWRUV LQWHQGHG VRPHWKLQJ UHSODFHGE\DIRUW\\HDUROGVDWLVILHGWKHIRXUWKHOHPHQWRIWKH RWKHUWKDQZKDWWKH\GHFODUHGmµ,WLVQRWWKH&RXUWjVUROHWR SULPDIDFLHWHVWHYHQWKRXJKERWKHPSOR\HHVEHORQJHGWRWKH DGGUHVVSHUFHLYHGLQDGHTXDFLHVLQ>DVWDWXWH@jl,QUH$EHUO SURWHFWHG FODVV ,G 7KH &RXUWjV DQDO\VLV KLQJHG RQ WKH )G WK &LU TXRWLQJ :ROI &UHHN ORJLFDOFRQQHFWLRQEHWZHHQWKHHOHPHQWVRIWKHSULPDIDFLH &ROOLHULHVY5RELQVRQ)G WK&LU WHVW DQG LOOHJDO DJH GLVFULPLQDWLRQ ,G DW $IWHU DOWHUDWLRQLQRULJLQDO 7KXVFRXUWVPXVWDSSO\DVWDWXWHDV ORRNLQJ ILUVW DW WKH WH[W RI WKH $'($ WKH 6XSUHPH &RXUW LWV ODQJXDJH GLUHFWV QRW LQ DFFRUGDQFH ZLWK D MXGLFLDO FRQFOXGHG WKDW WKH IRXUWK HOHPHQW RI WKH SULPD IDFLH WHVW VXSSRVLWLRQ DV WR ZKDW WKH OHJLVODWXUH PLJKW EHWWHU KDYH VKRXOGLQFOXGHDmVXEVWDQWLDOO\\RXQJHUlUHTXLUHPHQWLQVWHDG ZULWWHQ 7KHDSSOLFDWLRQRIWKHVHVLPSOHDQGVHWWOHGFDQRQV RIDmPHPEHUVKLSLQWKHSURWHFWHGFODVVlUHTXLUHPHQW,GDW HDVLO\GHWHUPLQHVWKHSURSHUUHVROXWLRQRIWKLVFDVH6HFWLRQ 7KXV &RQVROLGDWHG &RLQ LQVWUXFWV WKDW WR LQGLUHFWO\ D RIWKH$'($UHDGV SURYH DJH GLVFULPLQDWLRQ DQ $'($ SODLQWLII PXVW GHPRQVWUDWH DJH GLVFULPLQDWLRQ WKDW IDYRUV D VXEVWDQWLDOO\ ,WVKDOOEHXQODZIXOIRUDQHPSOR\HUn \RXQJHUSHUVRQ WR IDLO RU UHIXVH WR KLUH RU WR GLVFKDUJH DQ\ $OWKRXJKWKLVLVDGLUHFWHYLGHQFHDJHGLVFULPLQDWLRQFDVH LQGLYLGXDO RU RWKHUZLVH GLVFULPLQDWH DJDLQVW DQ\ DQGFRQVHTXHQWO\GRHVQRWUHO\RQWKHSULPDIDFLHWHVWWKH LQGLYLGXDO ZLWK UHVSHFW WR KLV FRPSHQVDWLRQ WHUPV LPSDFWRIWKHVXEVWDQWLDOO\\RXQJHUUHTXLUHPHQWLVVLJQLILFDQW FRQGLWLRQVRUSULYLOHJHVRIHPSOR\PHQWEHFDXVHRI 7KHVXEVWDQWLDOO\\RXQJHUUHTXLUHPHQWLPSOLHVWKDWUHYHUVH VXFKLQGLYLGXDOjVDJH DJHGLVFULPLQDWLRQFODLPVDUHQRWSHUPLWWHGXQGHUWKH$'($ &OLQHHWDOY*HQHUDO'\QDPLFV 1R 1R &OLQHHWDOY*HQHUDO'\QDPLFV 86& D HPSKDVLV DGGHG 7KLV ODQJXDJH )LQDOO\WKLV&RXUWLVFRQILQHGWRUHYLHZLQJRQO\VWDWXWRU\ FOHDUO\DQGXQDPELJXRXVO\IRUELGVHPSOR\HUVIURPGHILQLQJ WH[WEHFDXVHDOORZLQJUHYHUVHGLVFULPLQDWLRQVXLWVE\SHUVRQV WKHWHUPVDQGEHQHILWVRImDQ\LQGLYLGXDO>jV@lHPSOR\PHQW LQWKHSURWHFWHGFODVVLVQRWDEVXUGDVHLWKHUDPDWWHURIUHDVRQ EDVHGVROHO\RQKLVRUKHUDJH,Q D &RQJUHVVGHFODUHG RURISROLF\$OORZLQJSHUVRQVLQWKHSURWHFWHGFODVVWRVXH WKDW mDQ\ LQGLYLGXDOl PHDQV WKRVH mLQGLYLGXDOV ZKR DUH DW IRUUHYHUVHGLVFULPLQDWLRQLVDUHDVRQDEOHPHDQVRIUHGUHVVLQJ OHDVW \HDUV RI DJHl 86& D 7KXV E\ WKH WZR RI WKH ILQGLQJV WKDW SURPSWHG &RQJUHVV WR HQDFW WKH ODZjV SODLQ ODQJXDJH DQ HPSOR\HU PD\ QRW GLVFULPLQDWH $'($6HHJHQHUDOO\ 86&&RQJUHVVGHFODUHGLQ DJDLQVWDQ\ZRUNHUDJHRUROGHURQWKHEDVLVRIDJH7KRVH D WKDW mLQ WKH IDFH RI ULVLQJ SURGXFWLYLW\ DQG \RXQJHUWKDQDUHQRWSURWHFWHGE\WKH$'($2j&RQQRU DIIOXHQFH ROGHU ZRUNHUV ILQG WKHPVHOYHV GLVDGYDQWDJHG LQ Y&RQVRO&RLQ&DWHUHUV&RUS86 WKHLUHIIRUWVWRUHWDLQHPSOR\PHQWDQGHVSHFLDOO\WRUHJDLQ HPSOR\PHQW ZKHQ GLVSODFHG IURP MREVl 7RUHDFKWKHFRQFOXVLRQIRUZKLFKWKHGHIHQGDQWDUJXHV 86& D 3HUPLWWLQJ \RXQJHU PHPEHUV RI WKH DQGWKDWZDVIRXQGSHUVXDVLYHE\WKHGLVWULFWFRXUWZHZRXOG SURWHFWHG FODVV WR VXH HPSOR\HUV IRU DJH GLVFULPLQDWLRQ LQ EHUHTXLUHGWRKROGWKDWWKHSODLQODQJXDJHRI D DQG IDYRURIROGHUZRUNHUVLVFRQVLVWHQWZLWKWKDWILQGLQJ)RU D GRHVQRWPHDQZKDWLWVD\VZKHQLWUHIHUVWRmDQ\ H[DPSOHDILIW\\HDUROGHPSOR\HHLVHTXDOO\GLVDGYDQWDJHG LQGLYLGXDOlEXWPHDQVLQVWHDGmROGHUZRUNHUVl7KXVRQO\ LQ UHWDLQLQJ DQG UHJDLQLQJ HPSOR\PHQW LI KH LV DJH mROGHUZRUNHUVlPHDQLQJWKRVHLQGLYLGXDOVZKRDUHDWOHDVW GLVFULPLQDWHGDJDLQVWLQIDYRURIDWKLUW\\HDUROGDVLIKHLV \HDUV RI DJH DQG LQ DGGLWLRQ UHODWLYHO\ ROGHU WKDQ DQ\ DJH GLVFULPLQDWHG DJDLQVW LQ IDYRU RI D VL[W\ \HDUROG ,Q RWKHUJURXSRIHPSOR\HHVZLWKZKRPWKH\DUHFRPSDUHGDUH DQRWKHURILWVILQGLQJV&RQJUHVVGHFODUHGWKDWmWKHH[LVWHQFH SURWHFWHG 7KLV LQWHUSUHWLYH UHDGLQJ RI WKH VWDWXWH OHG WKH LQLQGXVWULHVDIIHFWLQJFRPPHUFHRIDUELWUDU\GLVFULPLQDWLRQ GLVWULFWFRXUWWRFRQFOXGHWKDWWKH$'($GRHVQRWSURKLELWDQ LQHPSOR\PHQWEHFDXVHRIDJHEXUGHQVFRPPHUFHDQGWKH HPSOR\HU IURP GLVFULPLQDWLQJ RQ WKH EDVLV RI DJH DJDLQVW IUHH IORZ RI JRRGV LQ FRPPHUFHl 86& D mDQ\LQGLYLGXDOlZKRLVDPHPEHURIWKH$'($jVSURWHFWHG 7KXV&RQJUHVVFRQFOXGHGWKDWDOODJHGLVFULPLQDWLRQEXUGHQV FODVVEXWRQO\SURKLELWVGLVFULPLQDWLRQDJDLQVWWKRVHLQWKH FRPPHUFH &RQVHTXHQWO\ HYHQ WKH VRFDOOHG UHYHUVH SURWHFWHGFODVVZKRDUHmROGHUlWKDQWKHIDYRUHGHPSOR\HHV GLVFULPLQDWLRQ VXLWV ZRXOG DOOHYLDWH WKH FRQJUHVVLRQDOO\ :HWKLQNWKHSODLQPHDQLQJRIWKHVWDWXWHZLOOQRWEHDUWKDW LGHQWLILHGEXUGHQRQFRPPHUFH UHDGLQJ /LNHZLVH DV D PDWWHU RI SROLF\ DOORZLQJ UHYHUVH DJH ,QVXSSRUWRILWVKROGLQJWKHGLVWULFWFRXUWFLWHGWR+DPLOWRQ GLVFULPLQDWLRQ VXLWV LV QRW DEVXUG 6XFK DQ LQWHUSUHWDWLRQ Y&DWHUSLOODU,QF )G WK&LU IRU KDUGO\mRSHQ>V@WKHIORRGJDWHVWRDWWDFNVRQHYHU\UHWLUHPHQW WKHSURSRVLWLRQWKDWWKH$'($GRHVQRWUHFRJQL]HFODLPVRI SODQlDVWKH6HYHQWK&LUFXLWIHDUHG+DPLOWRQ )GDW UHYHUVHDJHGLVFULPLQDWLRQ:HUHFRJQL]HWKDW+DPLOWRQDQG 5DWKHU FRXUWV KDYH DOUHDG\ EHJXQ WR LQWHUSUHW VWDWH WKHPDMRULW\RIFRXUWVWRFRQVLGHUWKHTXHVWLRQEHIRUHXVKDYH GLVFULPLQDWLRQODZVDV DOORZLQJUHYHUVHDJHGLVFULPLQDWLRQ KHOGWKDWWKH$'($GRHVQRWSURYLGHDFDXVHRIDFWLRQIRU VXLWV6HHHJ%HUJHQ&RPPHUFLDO%DQNY6LVOHU$G mUHYHUVH GLVFULPLQDWLRQl 6HH HJ 6FKXOHU Y 3RODURLG 1s GHFLVLRQ FRQFOXGLQJ WKDW 1HZ &RUS)G VW&LU %UH\HUs .DUOHQ sHUVH\jV/DZ$JDLQVW'LVFULPLQDWLRQZDVmEURDGHQRXJKWR Y&LW\&ROOVRI&KLFDJR)G WK&LU DFFRPPRGDWH>SODLQWLIIjV@FODLPRIDJHGLVFULPLQDWLRQEDVHG 'LWWPDQY*HQHUDO0RWRUV&RUS )6XSS ' RQ\RXWKl 2JGHQY%XUHDXRI/DERU 3G &RQQ DIIjGRQRWKHUJURXQGV1R :/ 2U HQEDQF LQWHUSUHWLQJ2UHJRQDJHGLVFULPLQDWLRQ G &LU sXQH XQSXEOLVKHG GLVSRVLWLRQ ODZ DV DOORZLQJ FODLPV E\ \RXQJHU ZRUNHUV =DQQL Y &OLQHHWDOY*HQHUDO'\QDPLFV 1R 1R &OLQHHWDOY*HQHUDO'\QDPLFV 6HYHQWK&LUFXLWjVKROGLQJRXUUHDGLQJRIDQGGRHV 3DUNHUY:DNHOLQ)6XSS '0H QRWUHQGHU O $ PHDQLQJOHVV6HFWLRQ O $ EXWVHH0LVV3RZHU /LJKW&RY/RFDO8QLRQ1RVDQG DOORZVDQHPSOR\HUWRVHWDPLQLPXPDJHDVDFRQGLWLRQIRU ,QWj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j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jV VWDWXWRULO\ VWDWHG LQWHQW IRU HQDFWLQJ WKH $'($ 6HH D 7KH&RQJUHVVKHUHE\ILQGVDQGGHFODUHVWKDWn 86& E ,Q E &RQJUHVV GHFODUHG WKDW WKH SXUSRVHV RI WKH $'($ ZHUH mWR SURPRWH HPSOR\PHQW RI LQWKHIDFHRIULVLQJSURGXFWLYLW\DQGDIIOXHQFH ROGHUSHUVRQVEDVHGRQWKHLUDELOLW\UDWKHUWKDQDJH WRSURKLELW ROGHUZRUNHUVILQGWKHPVHOYHVGLVDGYDQWDJHGLQWKHLU DUELWUDU\ DJH GLVFULPLQDWLRQ LQ HPSOR\PHQW >DQG@ WR KHOS HIIRUWVWRUHWDLQHPSOR\PHQWDQGHVSHFLDOO\WRUHJDLQ HPSOR\HUVDQGZRUNHUVILQGZD\VRIPHHWLQJSUREOHPVDULVLQJ HPSOR\PHQWZKHQGLVSODFHGIURPMREV>@ IURP WKH LPSDFW RI DJH RQ HPSOR\PHQWl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mROGHU ZRUNHUVl RU mROGHU SHUVRQVl WKH$'($jVSXUSRVHWKHUHLVQRFRQIOLFWEHWZHHQWKHVSHFLILF 1RQHWKHOHVVEHFDXVHVWDWXWRU\ODQJXDJHVKRXOGEHJLYHQLWV LQWHQWRI&RQJUHVVDQGWKHVWDWXWRU\WH[WWRMXVWLI\FRQVLGHULQJ SODLQPHDQLQJDEVHQWHYLGHQFHWRWKHFRQWUDU\ZHDJUHHWKDW VRXUFHVEH\RQGWKHVWDWXWHVWKHPVHOYHV &RQJUHVVLQWHQGHGWRSURWHFWROGHUZRUNHUV%XWWRKROGWKDW WKH $'($ SURWHFWV ROGHU ZRUNHUV IURP HPSOR\HUVj DJH &OLQHHWDOY*HQHUDO'\QDPLFV 1R 1R &OLQHHWDOY*HQHUDO'\QDPLFV GLVFULPLQDWLRQ SURYLGHV QR DQVZHU WR WKH TXHVWLRQ WKLV DVDEDVLVIRUHPSOR\PHQWGHFLVLRQVLQYROYLQJSHUVRQVDJHV OLWLJDWLRQSUHVHQWV7KHTXHVWLRQKHUHLVZKHWKHUDQ\ZRUNHU IRUW\DQGRYHU RYHUWKHDJHRI mDQ\LQGLYLGXDOl PD\EHGLVFULPLQDWHG DJDLQVWRQWKHEDVLVRIDJH7RKROGDVWKH$'($UHTXLUHVXV 6HFRQGWKLV&RXUWLVERXQGWRDSSO\WKHSODLQODQJXDJHRI WR KROG WKDW HPSOR\PHQW DJH GLVFULPLQDWLRQ DJDLQVW DQ\ WKH$'($KHUH7KHODZRIWKH&LUFXLWLVZHOOHVWDEOLVKHG LQ ZRUNHUDWOHDVW\HDUVRIDJHLVSURKLELWHGGRHVQRWKLQJWR LWVHIIRUWVWRLQWHUSUHWDVWDWXWHDFRXUWPD\ORRNEH\RQGWKH GHIHDWWKHFRQJUHVVLRQDOLQWHQWWRSURWHFWmROGHUZRUNHUVlDQG WH[W RQO\ LQ IRXU OLPLWHG LQVWDQFHV ZKHUH WKH WH[W LV mROGHUSHUVRQVl DPELJXRXV ZKHUHDOLWHUDOUHDGLQJLVLQFRQVLVWHQWZLWK RWKHUVWDWXWRU\SURYLVLRQV ZKHUHDSODLQODQJXDJHUHDGLQJ 7R UHSHDW D DQG D WDNHQ WRJHWKHU LVLQFRQVLVWHQWZLWKFRQJUHVVLRQDOLQWHQW ZKHUHWKHSODLQ SURKLELW DQ HPSOR\HU IURP GLVFULPLQDWLQJ DJDLQVW mDQ\ VWDWXWRU\ PHDQLQJ OHDGV WR DEVXUG UHVXOWV 6HH 9HUJRV Y LQGLYLGXDOl\HDUVRIDJHRUROGHUEDVHGRQWKDWSHUVRQjV *UHJJjV (QWHUV ,QF )G WK &LU DJH mµ:KHQ ZH FDQ GLVFHUQ DQ XQDPELJXRXV DQG SODLQ $SSOHWRQY)LUVW1DWjO%DQNRI2KLR)G WK PHDQLQJ IURP WKH ODQJXDJH RI D VWDWXWH RXU WDVN LV DW DQ &LU VHH DOVR /LPLWHG ,QF Y &RPPjU RI ,QWHUQDO HQGjl+HQU\)RUG+HDOWK6\VY6KDODOD)G 5HYHQXH )G WK &LU m5HVRUW WR WK&LU TXRWLQJ%DUWOLNY86'HSjWRI/DERU OHJLVODWLYHKLVWRU\LVQRWDSSURSULDWHKRZHYHULIWKHWH[WRI )G WK&LU WKH VWDWXWH PD\ EH UHDG XQDPELJXRXVO\ DQG UHDVRQDEO\l 1RWRQHRIWKRVHOLPLWHGVLWXDWLRQVLVSUHVHQWKHUH$QGIRU 2XUKROGLQJGRHVQRWFKDQJHHYHQLIRQHFRQFOXGHVnDQG WKDW UHDVRQ WKHUH LV QR EDVLV IRU ORRNLQJ EH\RQG WKH SODLQ ZH GR QRWnWKDW WKH KRUWDWRU\ ODQJXDJH RI LV VWDWXWRU\ODQJXDJH LQFRQVLVWHQW ZLWK WKH SODLQ PHDQLQJ RI D DQG D :KHQ WZR GLIIHUHQW SDUWV RI D VWDWXWH DSSHDU WR $VGLVFXVVHGDERYHWKHWH[WVRIDQGDUHQRW FRQIOLFW WKH FRXUW VKRXOG LI SRVVLEOH JLYH WKHVH SDUWV D DPELJXRXV5DWKHUWKH\VXJJHVWDQXQHTXLYRFDOUHVXOWnDJH mKDUPRQLRXV FRPSUHKHQVLYH PHDQLQJl 8QLWHG 6WDWHV Y GLVFULPLQDWLRQ LQ HPSOR\PHQW LV JHQHUDOO\ XQODZIXO DQG 6WDXIIHU &KHP &R )G WK &LU SHUVRQVDJHVIRUW\DQGRYHUPD\VXHDQHPSOR\HUIRUVXFK DIIjG 86 7KH H[KRUWDWLRQ LQ WR GLVFULPLQDWLRQ7KHUHIRUHWKHUHLVQRDPELJXLW\EDVHGUHDVRQ SURWHFW mROGHU ZRUNHUVl DQG mROGHU SHUVRQVl LV HDVLO\ WRORRNEH\RQGWKHSODLQWH[WRIDQG UHFRQFLOHGZLWKWKHVSHFLILFSURYLVLRQVRIDQG ZKLFKSURKLELWDJHGLVFULPLQDWLRQDJDLQVWmDQ\LQGLYLGXDOl $OVRDOLWHUDOUHDGLQJRIDQGLVQRWLQFRQVLVWHQW DJHRUROGHU&RXUWVPXVWLQWHUSUHWVWDWXWHVmµDVDZKROH ZLWK RWKHU VWDWXWRU\ SURYLVLRQV 7KH 6HYHQWK &LUFXLW LQ JLYLQJ HIIHFW WR HDFK ZRUG DQG PDNLQJ HYHU\ HIIRUW QRW WR +DPLOWRQY&DWHUSLOODU,QF )G WK&LU LQWHUSUHWDSURYLVLRQLQDPDQQHUWKDWUHQGHUVRWKHUSURYLVLRQV FRQFOXGHG WKDW D jV UHIHUHQFH WR mROGHU ZRUNHUVl RIWKHVDPHVWDWXWHLQFRQVLVWHQWPHDQLQJOHVVRUVXSHUIOXRXVjl VXJJHVWV WKDW WKH $'($jV DJH GLVFULPLQDWLRQ SURKLELWLRQ &DIDUHOOLY
Copyright © 2024 by eLaws. All rights reserved.