             7(11(66((%85($82):25.(56¶&203(16$7,21
                  :25.(56¶&203(16$7,21$33($/6%2$5'
                        +($5'$35,/$7.12;9,//( 
                                                   
6KDZQ2JGHQ                                         'RFNHW1R 
                                                    
Y                                                  6WDWH)LOH1R
                                                    
0F0LQQYLOOH7RRODQG'LH,QFHWDO              
                                                    
                                                    
$SSHDOIURPWKH&RXUWRI:RUNHUV¶                   
&RPSHQVDWLRQ&ODLPV                                 
'DOH$7LSSV-XGJH                                

                   $IILUPHGDQG&HUWLILHGDV)LQDO²)LOHG0D\

7KH HPSOR\HH D PDFKLQLVW VXIIHUHG LQMXULHV WR KLV DUP ZKHQ KH IHOO DW ZRUN  +H
VXEVHTXHQWO\ GHYHORSHG FRPSOH[ UHJLRQDO SDLQ V\QGURPH IRU ZKLFK WKH HPSOR\HU
SURYLGHGZRUNHUV¶FRPSHQVDWLRQEHQHILWV$IWHUDVSLQDOFRUGVWLPXODWRUZDVVXUJLFDOO\
LPSODQWHGLQWRWKHHPSOR\HH¶VQHFNWRDGGUHVVKLVV\PSWRPVKHGHYHORSHGOHJZHDNQHVV
DQGSDLQDQGZHDNQHVVLQKLVQHFN:KLOHUHFRYHULQJIURPWKHVXUJHU\WKHHPSOR\HHIHOO
WZLFH DW KRPH DQG ZDV UHQGHUHG D SDUDSOHJLF  7KH HPSOR\HU GHQLHG WKDW WKH IDOOV DQG
UHVXOWLQJ SDUDO\VLV ZHUH FDXVDOO\ UHODWHG WR WKH LQMXU\ WR WKH HPSOR\HH¶V DUP  7KH WULDO
FRXUW IRXQG WKDW WKH HPSOR\HH¶V IDOOV DQG HQVXLQJ SDUDO\VLV ZHUH D GLUHFW DQG QDWXUDO
FRQVHTXHQFH RI KLV FRPSHQVDEOH ZRUN LQMXU\ DQG WKDW KH ZDV SHUPDQHQWO\ DQG WRWDOO\
GLVDEOHG7KHHPSOR\HUKDVDSSHDOHG:HDIILUPWKHWULDOFRXUW¶VGHFLVLRQDQGFHUWLI\WKH
FRXUW¶VRUGHUDVILQDO

3UHVLGLQJ-XGJH0DUVKDOO/'DYLGVRQ,,,GHOLYHUHGWKHRSLQLRQRIWKH$SSHDOV%RDUGLQ
ZKLFK-XGJH'DYLG)+HQVOH\DQG-XGJH7LPRWK\:&RQQHUMRLQHG

'%UHWW%XUURZ1DVKYLOOH7HQQHVVHHIRUWKHHPSOR\HUDSSHOODQW0F0LQQYLOOH7RRO 
'LH,QF

-RKQ''UDNH0XUIUHHVERUR7HQQHVVHHIRUWKHHPSOR\HHDSSHOOHH6KDZQ2JGHQ

                            )DFWXDODQG3URFHGXUDO%DFNJURXQG

       6KDZQ 2JGHQ ³(PSOR\HH´  D IRUW\VL[\HDUROG UHVLGHQW RI :DUUHQ &RXQW\
7HQQHVVHHZDVHPSOR\HGDVDPDFKLQLVWE\0F0LQQYLOOH7RRO 'LH,QF ³(PSOR\HU´ 

                                                  
2Q)HEUXDU\(PSOR\HHZDVZDONLQJDURXQGDPDFKLQHDWZRUNZKHQKHWULSSHG
DQGIHOOODQGLQJRQKLVULJKWDUP7KHUHLVQRGLVSXWHUHJDUGLQJ(PSOR\HH¶VDUPLQMXU\
DQG(PSOR\HUSURYLGHGDXWKRUL]HGPHGLFDOFDUHIRUWKDWLQMXU\

        (PSOR\HHGHYHORSHGFRPSOH[UHJLRQDOSDLQV\QGURPH ³&536´ LQKLVULJKWDUP
ZKLFKFDXVHGKLPWRH[SHULHQFHVHYHUHSDLQDQGRWKHUV\PSWRPV0HGLFDWLRQSURYLGHG
PLQLPDO UHOLHI DQG KLV DXWKRUL]HG SDLQ PDQDJHPHQW SK\VLFLDQ 'U -HIIUH\ +D]OHZRRG
UHFRPPHQGHG WKH XVH RI D VSLQDO FRUG VWLPXODWRU  'U +XQJ <X D QHXURVXUJHRQ
LPSODQWHGWKHGHYLFHLQWR(PSOR\HH¶VQHFNRQ$XJXVW

        $IWHU WKH VXUJHU\ (PSOR\HH H[SHULHQFHG SDLQ LQ KLV QHFN DQG KDG GLIILFXOW\
KROGLQJ KLV KHDG XS SURSHUO\  'U <X H[SODLQHG WKDW EHFDXVH LPSODQWDWLRQ RI VXFK D
GHYLFHUHTXLUHVWKHVXUJHRQWRFXWWKURXJKWKHPXVFOHVRIWKHQHFNDQGVKDYHRIISRUWLRQV
RI WKH YHUWHEUDH QHFN SDLQ LV DQ H[SHFWHG VLGH HIIHFW RI WKH VXUJHU\  (PSOR\HH DOVR
H[SHULHQFHG ZHDNQHVV LQ KLV ULJKW OHJ ZKLFK 'U <X VWDWHG ZDV DOVR D FRPPRQ VLGH
HIIHFW  (PSOR\HH UHTXHVWHG D FDQH DV D UHVXOW RI KLV OHJ ZHDNQHVV EXW KH KDG QRW
UHFHLYHGLWDWWKHWLPHRIKLVIDOOV

        $IWHU WKH VSLQDO FRUG VWLPXODWRU ZDV LPSODQWHG (PSOR\HH ZDV DEOH WR GR VRPH
FKRUHVDURXQGWKHKRXVHVXFKDVORDGLQJWKHGLVKZDVKHUGRLQJODXQGU\DQGFOHDQLQJWKH
IORRUV FRQVLVWHQW ZLWK 'U <X¶V LQVWUXFWLRQV WKDW KH VKRXOG EH DV DFWLYH DV SRVVLEOH
+RZHYHUGHVSLWHEHLQJDEOHWRHQJDJHLQVRPHDFWLYLWLHVRIGDLO\OLYLQJ(PSOR\HHKDG
VLJQLILFDQWLPSDLUPHQWZLWKKLVULJKWDUPDQGKDQGZKLFKVWD\HGLQDGUDZQXSSRVLWLRQ
WRWKHSRLQWWKDWKLVILQJHUQDLOVZHUHGLJJLQJLQWRKLVSDOP

        2Q 6HSWHPEHU   DSSUR[LPDWHO\ IRXU ZHHNV DIWHU KLV VXUJHU\ (PSOR\HH
ZDVKRPHDORQHZKHQKHEHJDQH[SHULHQFLQJVHYHUHQHFNSDLQDQGZDVXQDEOHWRKROGKLV
KHDGXS%HOLHYLQJWKDWKHZDVH[SHULHQFLQJDPHGLFDOHPHUJHQF\DQGWKDWKHQHHGHGWR
JHW WR D KRVSLWDO (PSOR\HH DWWHPSWHG WR QDYLJDWH WKUHH VWDLUV IURP KLV KRXVH LQWR DQ
DWWDFKHG JDUDJH WR UHDFK KLV FHOO SKRQH WR FDOO KLV JLUOIULHQG IRU KHOS  *LYHQ WKH
FRQGLWLRQ RI KLV ULJKW DUP (PSOR\HH ZDV XQDEOH WR XVH WKH KDQGUDLO EHVLGH WKH VWHSV
(PSOR\HHWHVWLILHGKHWRRNWKHVWHSVRQHDWDWLPHSODFLQJKLVULJKWIRRWRQDVWHSWKHQ
EULQJLQJ KLV OHIW IRRW GRZQ WR WKH VDPH VWHS EHIRUH SURFHHGLQJ  :KHQ KH UHDFKHG WKH
ERWWRPVWHSKLVULJKWNQHHEXFNOHGDQGKHIHOOODQGLQJRQWKHVWHSRQKLVEXWWRFNVDQG



   $FFRUGLQJ WR 'U <X ³ZH GHILQLWHO\ HQFRXUDJH PRELOLW\ >IROORZLQJ VXUJHU\@    LW¶V JRRG WR ZDON
DURXQG  2WKHUZLVH LW¶V JRLQJ WR EH KDUGHU WR ZDON DURXQG DQG \RXU EDODQFH LV JRLQJ WR EH RII \RXU
IXQFWLRQLVJRLQJWREHORZHU´


   (PSOR\HH KDG D ODQGOLQH WHOHSKRQH LQ KLV KRPH  +RZHYHU KH WHVWLILHG WKDW KLV JLUOIULHQG¶V SKRQH
QXPEHU ZDV VWRUHG LQ KLV FHOO SKRQH DQG WKDW KH GLG QRW KDYH LW PHPRUL]HG  )XUWKHU (PSOR\HH¶V
JLUOIULHQGWHVWLILHGWKDWZKHQVKHDWWHPSWHGWRFDOOIURPWKHKRPHSKRQHVKH³FRXOGQ¶WJHWWKDWWKLQJ
WRZRUN:HKDGMXVWJRWWHQLWZLWKWKHFDEOHDQGLWZDVQRWZRUNLQJFRUUHFWO\´8OWLPDWHO\VKHFDOOHG
IURP(PSOR\HH¶VFHOOSKRQH

                                                          

KLWWLQJ KLV KHDG RQ WKH ZDOO QH[W WR WKH VWHSV  +H GHQLHG H[SHULHQFLQJ DQ\ SUHYLRXV
GLIILFXOWLHVJRLQJGRZQWKHVWDLUVLQWRWKHJDUDJHZKLFKKHGLGRQDIUHTXHQWEDVLV

        $IWHU(PSOR\HHIHOOKHFUDZOHGWRUHWULHYHKLVFHOOSKRQHDQGWKHQFUDZOHGEDFN
LQWRWKHKRXVHZKHUHKHFDOOHGKLVJLUOIULHQG+HWULHGWRVWDQGXSDJDLQEXWKDYLQJORVW
IHHOLQJDQGFRQWURORIKLVOHJVKHIHOOEDFNGRZQODQGLQJDJDLQRQKLVEXWWRFNV+HZDV
DEOHWRSXOOKLPVHOILQWRDFKDLUWRZDLWIRUKLVJLUOIULHQG

       8SRQKHUDUULYDOKRPH(PSOR\HH¶VJLUOIULHQGIRXQGKLPVLWWLQJLQDFKDLUXQDEOH
WR KROG KLV KHDG XS RU PRYH KLV OHJV  6KH FDOOHG  DQG (PSOR\HH ZDV WDNHQ E\
DPEXODQFHWR8QLW\0HGLFDO&HQWHU ³8QLW\´ 7KHKRVSLWDO¶VUHFRUGVUHIOHFW³FW>RIWKH@
KHDG ZDVQ¶W GRQH EHFDXVH >(PSOR\HH@ KDG QR >ORVV RI FRQVFLRXVQHVV@´  (PSOR\HH¶V
SDUDO\VLVSURPSWHG8QLW\WRKDYHKLPDLUOLIWHGWR9DQGHUELOW8QLYHUVLW\0HGLFDO&HQWHU
  ³9DQGHUELOW´ ZKHUHKHXQGHUZHQWDQRWKHUVXUJHU\WKLVWLPHWRUHPRYHWKHVSLQDOFRUG
VWLPXODWRU

       7KH UHFRUGV RI $LU (YDF WKH FRPSDQ\ WKDW WUDQVSRUWHG (PSOR\HH WR 9DQGHUELOW
UHIOHFW WKDW KH VXIIHUHG WZR HSLVRGHV RI V\QFRSH  8SRQ DUULYDO DW 9DQGHUELOW WKH
DWWHQGLQJ PHGLFDO SURYLGHU QRWHG WKDW ³DV SHU (06 WKH SDWLHQW KDG WZR HSLVRGHV RI
V\QFRSH´(PSOR\HHWHVWLILHGKRZHYHUWKDWKHQHYHUUHSRUWHGH[SHULHQFLQJV\QFRSHEXW
WKDWKLVULJKWOHJJDYHZD\ZKHQKHZDVRQWKHERWWRPVWHSJRLQJLQWRWKHJDUDJHFDXVLQJ
KLP WR IDOO DQG KLW KLV KHDG  (PSOR\HH¶V JLUOIULHQG WHVWLILHG WKDW VKH QHYHU WROG DQ\
PHGLFDO FDUH SURYLGHU WKDW (PSOR\HH SDVVHG RXW  6KH IXUWKHU WHVWLILHG WKDW VKH ZDV
SUHVHQWGXULQJ(PSOR\HH¶VFRQYHUVDWLRQVZLWK(068QLW\DQG$LU(YDFSHUVRQQHODQG
WKDWKHQHYHULQGLFDWHGKHKDGSDVVHGRXW

       (PSOR\HH¶VVXUJHRQ'U<XVWDWHGLQDQDIILGDYLWWKDWD³IUHTXHQWFRPSOLFDWLRQRI
WKH LPSODQWDWLRQ RI VSLQDO FRUG VWLPXODWRUVLV ZHDNQHVV DQG LQVWDELOLW\ LQ WKH ORZHU
H[WUHPLWLHVGXULQJWKHUHFRYHU\SHULRG´6KHEHOLHYHGWKDW³VXFKZHDNQHVVLVOLNHO\WKH
FDXVHRI>(PSOR\HH@IDOOLQJLQKLVKRPHDQGUHFHLYLQJLQMXULHVWRKLVVSLQHIURPZKLFKKH
QRZVXIIHUV´'U<XRSLQHGWKDW(PSOR\HH¶V³IDOOVRI2FWREHUUHVXOWHGIURPWKH
WUDQVLHQW H[SHFWHG SRVWRSHUDWLYH ZHDNQHVV DVVRFLDWHG ZLWK WKH VSLQDO FRUG VWLPXODWRU
VXUJHU\RQRUDERXW$XJXVW´$FFRUGLQJWR'U<XLWZDV³PRUHOLNHO\WKDQ
QRWKLVFXUUHQWFRQGLWLRQLVUHODWHGWRKLVLQLWLDOLQMXU\WRKLVULJKWXSSHUH[WUHPLW\ZKLFK
DURVHGXULQJWKHFRXUVHDQGVFRSHRIKLVHPSOR\PHQWZLWK>(PSOR\HU@´


   $W WKH WLPH RI WKH IDOO (PSOR\HH¶V SKRQH ZDV FKDUJLQJ LQ KLV JDUDJH ZKHUH KH RIWHQ VSHQW WLPH
ZDWFKLQJWHOHYLVLRQDQGVPRNLQJFLJDUHWWHV


   :H DVVXPH WKH UHIHUHQFH WR (06 LV D UHIHUHQFH WR $LU (YDF  7KH (06 UHFRUGV IURP WKH DPEXODQFH
VHUYLFH WKDW WUDQVSRUWHG (PSOR\HH IURP KLV KRPH WR 8QLW\ GR QRW UHIOHFW DQ\ UHSRUW RI ORVV RI
FRQVFLRXVQHVV


  7KHGDWHRILQMXU\LVLGHQWLILHGDV2FWREHUEHFDXVHLWZDVDIWHUPLGQLJKWZKHQ(PSOR\HHIHOO

                                                         

         'U <X DOVR H[SODLQHG WKDW (PSOR\HH KDG QR PHGLFDO UHVWULFWLRQV DJDLQVW XVLQJ
VWDLUV WKRXJK VKH DJUHHG WKDW LI (PSOR\HH IDLOHG WR ³WDNH DSSURSULDWH SUHFDXWLRQV RI
PDQHXYHULQJIURPRQHSODFHWRDQRWKHUHVSHFLDOO\DVLWSHUWDLQVWRVWHSVLWZDVHLWKHU
LPSUXGHQW LOODGYLVHG RU D QHJOHFW DVSHFW´  6KH DJUHHG (PSOR\HH VKRXOG KDYH EHHQ
DZDUHWKDWKLVLQVWDELOLW\SODFHGKLPDWDJUHDWHUULVNRIIDOOLQJ6KHDOVRVWDWHGWKDWVKH
DFFHSWHG (PSOR\HH¶V VWDWHPHQWV UHJDUGLQJ ZKHWKHU KH KDG V\QFRSDO HSLVRGHV DV WUXH
ILQGLQJ QR HYLGHQFH WKDW VXFK DQ HSLVRGH RFFXUUHG RU FRQWULEXWHG WR KLV LQMXULHV
8OWLPDWHO\'U<XUHLWHUDWHGKHURSLQLRQWKDW(PSOR\HH¶V³IDOOZDVWKHUHVXOWRIDFKDLQ
RIXQIRUWXQDWHHYHQWVWKDWZDVVHWRIIE\WKHLPSODQWRIWKHVSLQDOFRUGVWLPXODWRU´
         
         (PSOR\HU GHQLHG WKH FRPSHQVDELOLW\ RI (PSOR\HH¶V IDOOV DQG WKH UHVXOWLQJ
FRPSOLFDWLRQV LQFOXGLQJ KLV SDUDSOHJLD  (PSOR\HU¶V SRVLWLRQ ZDV WZRIROG  
(PSOR\HH¶V XVH RI WKH VWDLUV ZDV QHJOLJHQW DQG WKXV FRQVWLWXWHG DQ LQGHSHQGHQW
LQWHUYHQLQJ FDXVH RI KLV LQMXULHV EUHDNLQJ WKH FKDLQ RI FDXVDWLRQ DQG   (PSOR\HH¶V
IDOOVUHVXOWHGIURPHSLVRGHVRIV\QFRSHUHODWHGWRDSUHH[LVWLQJKHDUWFRQGLWLRQEUHDNLQJ
WKHFKDLQRIFDXVDWLRQ
         
         )ROORZLQJ D WULDO WKH FRXUW FRQFOXGHG WKHUH ZDV LQVXIILFLHQW PHGLFDO SURRI WR
HVWDEOLVK(PSOR\HHVXIIHUHGHSLVRGHVRIV\QFRSHRQWKHGD\RIKLVIDOOV)XUWKHUPRUHWKH
WULDOFRXUWIRXQGWKDW(PSOR\HH¶VXVHRIWKHVWDLUVJRLQJLQWRKLVJDUDJHZDVQRWQHJOLJHQW
FRQGXFW RU DQ LQGHSHQGHQW LQWHUYHQLQJ HYHQW VXIILFLHQW WR EUHDN WKH FKDLQ RI FDXVDWLRQ
/DVWO\WKHWULDOFRXUWFRQFOXGHGWKHUHZDVQRHYLGHQFHWKDWQDYLJDWLQJWKHVWDLUVLVZKDW
FDXVHG (PSOR\HH WR IDOO  $V D UHVXOW WKH WULDO FRXUW GHWHUPLQHG (PSOR\HH¶V IDOOV DQG
UHVXOWLQJ PHGLFDO FRQGLWLRQV ZHUH D GLUHFW DQG QDWXUDO FRQVHTXHQFH RI WKH ZRUN LQMXU\
DQGLWDZDUGHG(PSOR\HHSHUPDQHQWWRWDOGLVDELOLW\EHQHILWVDQGIXWXUHPHGLFDOEHQHILWV
(PSOR\HUKDVDSSHDOHG

                                       6WDQGDUGRI5HYLHZ
                                                    
         7KH VWDQGDUG ZH DSSO\ LQ UHYLHZLQJ D WULDO FRXUW¶V GHFLVLRQ SUHVXPHV WKDW WKH
FRXUW¶VIDFWXDOILQGLQJVDUHFRUUHFWXQOHVVWKHSUHSRQGHUDQFHRIWKHHYLGHQFHLVRWKHUZLVH
See 7HQQ &RGH $QQ   F      :KHQ WKH WULDO MXGJH KDV KDG WKH
RSSRUWXQLW\ WR REVHUYH D ZLWQHVV¶V GHPHDQRU DQG WR KHDU LQFRXUW WHVWLPRQ\ ZH JLYH
FRQVLGHUDEOH GHIHUHQFH WR IDFWXDO ILQGLQJV PDGH E\ WKH WULDO FRXUW  Madden v. Holland
Grp. of Tenn., Inc.  6:G   7HQQ    +RZHYHU ³>Q@R VLPLODU
GHIHUHQFHQHHGEHDIIRUGHGWKHWULDOFRXUW¶VILQGLQJVEDVHGXSRQGRFXPHQWDU\HYLGHQFH´
Goodman v. Schwarz Paper Co.1R:6&5:&7HQQ/(;,6DW
   7HQQ :RUNHUV¶ &RPS 3DQHO -DQ     6LPLODUO\ WKH LQWHUSUHWDWLRQ DQG


 ,WLVXQGLVSXWHGWKDW(PSOR\HHKDGSUHH[LVWLQJKHDUWSUREOHPVLQFOXGLQJKDYLQJXQGHUJRQHDTXDGUXSOH
FRURQDU\ E\SDVV D QXPEHU RI \HDUV SULRU WR WKH ZRUN DFFLGHQW  +RZHYHU KH GHQLHG HYHU VXIIHULQJ
V\QFRSHDVDUHVXOWRIKLVKHDUWGLVHDVHDQGKHGHQLHGKDYLQJUHFHLYHGDQ\UHJXODUWUHDWPHQWIRUKLVKHDUW
GLVHDVHLQUHFHQW\HDUV+HKDGEHHQFOHDUHGIRUWKHVXUJLFDOLPSODQWDWLRQRIWKHVSLQDOFRUGVWLPXODWRU
IURPDFDUGLDFVWDQGSRLQW

                                                       

DSSOLFDWLRQRIVWDWXWHVDQGUHJXODWLRQVDUHTXHVWLRQVRIODZWKDWDUHUHYLHZHGde novoZLWK
QR SUHVXPSWLRQ RI FRUUHFWQHVV DIIRUGHG WKH WULDO FRXUW¶V FRQFOXVLRQV  See Mansell v.
Bridgestone Firestone N. Am. Tire, LLC  6:G   7HQQ    :H DUH
DOVR PLQGIXO RI RXU REOLJDWLRQ WR FRQVWUXH WKH ZRUNHUV¶ FRPSHQVDWLRQ VWDWXWHV ³IDLUO\
LPSDUWLDOO\ DQG LQ DFFRUGDQFH ZLWK EDVLF SULQFLSOHV RI VWDWXWRU\ FRQVWUXFWLRQ´ DQG LQ D
ZD\WKDWGRHVQRWIDYRUHLWKHUWKHHPSOR\HHRUWKHHPSOR\HU7HQQ&RGH$QQ
  
        
                                            $QDO\VLV
                                                 
       (PSOR\HUUDLVHVDVLQJOHLVVXHIRURXUUHYLHZLHZKHWKHUWKHWULDOFRXUWHUUHGE\
ILQGLQJ(PSOR\HH¶V2FWREHUIDOOVZHUHWKHGLUHFWDQGQDWXUDOFRQVHTXHQFHRIKLV
SULRUFRPSHQVDEOHDUPLQMXU\'LVFHUQLQJQRHUURUZHDIILUPWKHWULDOFRXUW¶VGHFLVLRQ

                                                $
                                                 
       ,QLWLDOO\ZHQRWHWKDW(PSOR\HHFLWHV7HQQHVVHH&RGH$QQRWDWHGVHFWLRQ
 D     UHSHDOHG LQVXSSRUWRIKLVDUJXPHQWWKDWWKHWULDOFRXUW¶VGHFLVLRQ
VKRXOG EH DIILUPHG 6HFWLRQ  D   DXWKRUL]HG XV WR UHYHUVH RU PRGLI\ D WULDO
FRXUW¶VGHFLVLRQLIWKHULJKWVRIDSDUW\ZHUHSUHMXGLFHGEHFDXVHWKHILQGLQJVRIWKHWULDO
MXGJHZHUH³QRWVXSSRUWHGE\HYLGHQFHWKDWLVERWKVXEVWDQWLDODQGPDWHULDOLQOLJKWRIWKH
HQWLUH UHFRUG´  +RZHYHU DV ZH KDYH SRLQWHG RXW RQ QXPHURXV RFFDVLRQV WKLV FRGH
VHFWLRQZDVUHSHDOHGHIIHFWLYH0D\ &RQVHTXHQWO\ DV QRWHG DERYH WKH
VWDQGDUGZHDSSO\LQUHYLHZLQJWKHWULDOFRXUW¶VGHFLVLRQSUHVXPHVWKDWWKHWULDOMXGJH¶V
IDFWXDOILQGLQJVDUHFRUUHFWXQOHVVWKHSUHSRQGHUDQFHRIWKHHYLGHQFHLVRWKHUZLVH7HQQ
&RGH$QQ F  






  $WWULDO(PSOR\HUDUJXHGWKDW(PSOR\HHIHOOEHFDXVHKHVXIIHUHGHSLVRGHVRIV\QFRSHUHODWHGWRKLVSUH
H[LVWLQJKHDUWGLVHDVHWKXVUHQGHULQJWKHIDOOVDQGUHVXOWLQJFRPSOLFDWLRQVQRQFRPSHQVDEOH2QDSSHDO
(PSOR\HUGRHVQRWGLVSXWHWKHWULDOFRXUW¶VFRQFOXVLRQWKDWWKHUHLVLQVXIILFLHQWPHGLFDOSURRIWRHVWDEOLVK
(PSOR\HHVXIIHUHGHSLVRGHVRIV\QFRSH$FFRUGLQJO\ZHGRQRWDGGUHVVWKDWDVSHFWRIWKHFDVH


  See, e.g.Edwards v. Fred’s Pharmacy1R71:UN&RPS$SS%G/(;,6DW
    7HQQ:RUNHUV¶&RPS$SS%G)HE Bowlin v. Servall, LLC1R
71:UN&RPS$SS%G/(;,6DW  7HQQ:RUNHUV¶&RPS$SS%G)HE  Thompson
v. Comcast Corp. 1R   71 :UN &RPS $SS %G /(;,6  DW  7HQQ
:RUNHUV¶&RPS$SS%G-DQ Baker v. Electrolux1R71:UN&RPS
$SS %G /(;,6  DW  7HQQ :RUNHUV¶ &RPS $SS %G 2FW    Butler v. AAA Cooper
Transportation1R71:UN&RPS$SS%G/(;,6DW  7HQQ:RUNHUV¶
&RPS $SS %G 6HSW    Glasgow v. 31-W Insulation Co., Inc. 1R   71
:UN&RPS$SS%G/(;,6DW  7HQQ:RUNHUV¶&RPS$SS%G6HSW 

                                                     

                                                 %

       7XUQLQJWRWKHPHULWVRIWKLVDSSHDOZHQRWHWKHJHQHUDOUXOHLQ7HQQHVVHHWKDWD
³VXEVHTXHQWLQMXU\ZKHWKHULQWKHIRUPRIDQDJJUDYDWLRQRIWKHRULJLQDOLQMXU\RUDQHZ
DQGGLVWLQFWLQMXU\LVFRPSHQVDEOHLILWLVWKHµGLUHFWDQGQDWXUDOUHVXOW¶RIDFRPSHQVDEOH
LQMXU\´  Anderson v. Westfield Grp.  6:G   7HQQ   7KH UXOH
FRPPRQO\UHIHUUHGWRDVWKHGLUHFWDQGQDWXUDOFRQVHTXHQFHVUXOHKDVEHHQGHVFULEHGDV
IROORZV ³>Z@KHQ WKH SULPDU\ LQMXU\ LV VKRZQ WR KDYH DULVHQ RXW RI DQG LQ WKH FRXUVH
RIHPSOR\PHQWHYHU\QDWXUDOFRQVHTXHQFHWKDWIORZVIURPWKHLQMXU\OLNHZLVHDULVHVRXW
RI WKH HPSOR\PHQW´  Id. DW   7KHUHIRUH ³DOO WKH PHGLFDO FRQVHTXHQFHV DQG
VHTXHODH WKDW IORZ IURP WKH SULPDU\ LQMXU\ DUH FRPSHQVDEOH´  Rogers v. Shaw 
6:G   7HQQ    ³7KH UDWLRQDOH IRU WKH UXOH LV WKDW WKH RULJLQDO
FRPSHQVDEOH LQMXU\ LV GHHPHG WKH FDXVH RI WKH GDPDJH IORZLQJ IURP WKH VXEVHTXHQW
LQMXU\SURGXFLQJHYHQW´Anderson6:GDW

        2Q WKH RWKHU KDQG WKH ODZ LV DOVR FOHDU WKDW ³>K@RZHYHU ILUPO\ LPSODQWHGWKH
SULQFLSOHPD\EHWKDWDVXEVHTXHQWLQMXU\LVGHHPHGWRDULVHRXWRIWKHHPSOR\PHQWLILW
IORZVIURPDFRPSHQVDEOHLQMXU\WKHUXOHKDVDOLPLW7KDWOLPLWKLQJHVRQZKHWKHUWKH
VXEVHTXHQWLQMXU\LVWKHUHVXOWRILQGHSHQGHQWLQWHUYHQLQJFDXVHVVXFKDVWKHHPSOR\HH¶V
RZQFRQGXFW´Id.7HQQHVVHHFRXUWVKDYHFRQVLVWHQWO\DSSOLHGWKHSULQFLSOHWKDWLQRUGHU
IRUDQHPSOR\HH¶VDFWLRQVWRFRQVWLWXWHDQLQGHSHQGHQWLQWHUYHQLQJLQFLGHQWVXIILFLHQWWR
EUHDNWKHFKDLQRIFDXVDWLRQWKHUHPXVWEHQHJOLJHQWUHFNOHVVRULQWHQWLRQDOFRQGXFWRQ
WKHSDUWRIWKHHPSOR\HHId. DW
        
       ,QWKLVFDVH(PSOR\HUFRQWHQGVWKDW(PSOR\HH¶VGHFLVLRQWRQDYLJDWHWKHVWDLUVWR
KLV JDUDJH LQ WKH PDQQHU KH GLG ZDV QHJOLJHQW DQG DV VXFK FRQVWLWXWHV DQ LQGHSHQGHQW
LQWHUYHQLQJ FDXVH  $FFRUGLQJ WR (PSOR\HU (PSOR\HH¶V EHKDYLRU FUHDWHG VXFK D
VXEVWDQWLDO ULVN WKDW (PSOR\HU VKRXOG QRW KDYH WR EHDU WKH UHVXOWLQJ FRQVHTXHQFHV
(PSOR\HU UHOLHV RQBolden v. Lowe’s Home Centers, Inc. 1R   71
:UN &RPS $SS %G /(;,6  7HQQ :RUNHUV¶ &RPS $SS %G $SU    LQ
ZKLFK DQ LQMXUHG ZRUNHU ZKLOH UHFRYHULQJ IURP DQ DQNOH LQMXU\ ZHQW KLNLQJ LQ WKH
5RFN\0RXQWDLQVDQGFURVVHGDULYHUE\XVLQJKLVLQMXUHGIRRWDVD³VSULQJERDUG´WRSXVK
IURP RQH ERXOGHU WR DQRWKHU FDXVLQJ DGGLWLRQDO LQMXU\ WR KLV DQNOH  :H UHMHFWHG WKH
HPSOR\HH¶VDVVHUWLRQWKDWKLVVXEVHTXHQWLQMXU\ZDVFDXVDOO\UHODWHGWRKLVZRUNLQMXU\
REVHUYLQJWKDWWKHHPSOR\HH³YROXQWDULO\HQJDJHGLQQRQZRUNUHODWHGSK\VLFDODFWLYLWLHV
WKDWSUHVHQWHGDVXEVWDQWLDOULVNWRKLVKHDOLQJOHIWDQNOHDQGUHVXOWHGLQDQDJJUDYDWLRQRU
UHLQMXU\WKDWUHTXLUHGDGGLWLRQDOPHGLFDOWUHDWPHQW´Id.DW 

       $OWKRXJK(PSOR\HULQWKHSUHVHQWFDVHFRXFKHVWKHLVVXHDVZKHWKHU(PSOR\HH¶V
EHKDYLRU ZDV D ³VXEVWDQWLDO ULVN´ DV VHW RXW LQ RXU FRQFOXVLRQ LQ Bolden WKH UHOHYDQW
LQTXLU\UHPDLQVDVLWGLGLQWKDWFDVHZKHWKHU(PSOR\HHH[HUFLVHGUHDVRQDEOHFDUHXQGHU
WKHFLUFXPVWDQFHVSeeAnderson6:GDW DQHPSOR\HHDFWVQHJOLJHQWO\ZKHQ
WKH HPSOR\HH IDLOV WR H[HUFLVH UHDVRQDEOH FDUH XQGHU WKH FLUFXPVWDQFHV   ,W LV WUXH DV

                                                  

(PSOR\HUSRLQWVRXWWKDW(PSOR\HHNQHZKHVXIIHUHGIURPZHDNQHVVLQKLVOHJVDQGZDV
DW ULVN RI IDOOLQJ ZKLOH UHFRYHULQJ IURP KLV VXUJHU\  ,W LV DOVR WUXH WKDW 'U <X WKH
DXWKRUL]HG SK\VLFLDQ WHVWLILHG WKDW (PSOR\HH VKRXOG KDYH EHHQ DZDUH RI WKH ULVN RI
IDOOLQJDQGVKRXOGKDYHWDNHQDSSURSULDWHSUHFDXWLRQV

         +RZHYHU LW LV DOVR XQGLVSXWHG WKDW (PSOR\HH ZDV XQGHU QR PHGLFDO UHVWULFWLRQV
ZLWK UHVSHFW WR ZDONLQJ RU QDYLJDWLQJ VWDLUV  5DWKHU KH KDG EHHQ LQVWUXFWHG WR EH DV
DFWLYH DV SRVVLEOH WR IDFLOLWDWH KLV UHFRYHU\  0RUHRYHU KH KDG JRQH XS DQG GRZQ WKH
VWDLUVQXPHURXVWLPHVVLQFHKLVVXUJHU\DVZHOODVDPDWFKLQJVHWRIVWDLUVRQWKHRWKHU
VLGHRIKLVKRXVHZLWKRXWLQFLGHQW,QIDFWKHKDGJRQHXSDQGGRZQWKHVWDLUVQXPHURXV
WLPHVRQWKHGD\KHIHOO
         
         ,Q DGGLWLRQ ZKHQ TXHVWLRQHG UHJDUGLQJ WKH PDQQHU LQ ZKLFK KH QDYLJDWHG WKH
VWDLUVWKHIROORZLQJH[FKDQJHRFFXUUHG
         
         4     :KHQ\RXSXWRQHIRRWGRZQZRXOG\RXEULQJWKHVHFRQGIRRW
         GRZQWRWKHVDPHVWDLU"
         
         $     <HV
         
         4     $QGWKHQRQFH\RXJRWERWKIHHWRQRQHVWDLU\RXSXWWKHQH[WIRRW
         GRZQWRWKHQH[WVWDLU
         
         $     ([DFWO\
         
         4     DQGEULQJ\RXUVHFRQGIRRWGRZQWRWKDWVWDLU"
         
         $     ([DFWO\
         
7KXVWKLVLVQRWDVLWXDWLRQZKHUH(PSOR\HHGLVUHJDUGHGDOOFDXWLRQDQGERXQGHGGRZQ
WKHVWDLUV7RWKHFRQWUDU\KHGHOLEHUDWHO\ZDONHGGRZQHDFKRQHSODFLQJERWKIHHWRQ
HDFKVWHSGHVSLWHWKHXUJHQF\RIWKHVLWXDWLRQ

         )XUWKHUPRUH DW WKH WLPH RI WKH IDOO (PSOR\HH EHOLHYHG KH ZDV H[SHULHQFLQJ D
PHGLFDO HPHUJHQF\ DQG KH ZDV JRLQJ GRZQ WKH VWDLUV WR UHWULHYH KLV FHOO SKRQH VR KH
FRXOGFDOOKLVJLUOIULHQGWRWDNHKLPWRWKHKRVSLWDO:KLOHLWLVXQGLVSXWHGWKDW(PSOR\HH
KDGDFFHVVWRDWHOHSKRQHLQVLGHWKHKRXVHLWLVDOVRXQGLVSXWHGWKDWKHGLGQRWKDYHKLV
JLUOIULHQG¶V QXPEHU PHPRUL]HG  0RUHRYHU WKHUH LV XQFRQWUDGLFWHG WHVWLPRQ\ IURP KLV
JLUOIULHQGWKDWWKHKRPHSKRQHZDVQRWZRUNLQJFRUUHFWO\
         
         *LYHQ WKHVH FLUFXPVWDQFHV ZH FDQQRW FRQFOXGH WKDW WKH WULDO FRXUW HUUHG LQ LWV
GHWHUPLQDWLRQ WKDW (PSOR\HH¶V GHFLVLRQ WR QDYLJDWH WKUHH VWDLUV ZKLFK KH KDG GRQH
VHYHUDOWLPHVWKDWGD\ZDVQRWQHJOLJHQW(PSOR\HHEHOLHYHGKLVFRQGLWLRQZDVVXFKWKDW

                                                   

KHQHHGHGWRJHWWRDKRVSLWDODQGKHKDGWRJHWGRZQWKHVWDLUVWRUHDFKKLVSKRQH7KH
UHFRUGFRQWDLQVQRVXJJHVWLRQWKDW(PSOR\HH¶VEHOLHIZDVXQUHDVRQDEOH%\FRQWUDVWWKH
HPSOR\HHLQ Bolden ZDVSXVKLQJRIIURFNVZKLOHKLNLQJLQWKH5RFN\0RXQWDLQVXVLQJ
KLV LQMXUHG IRRW DV D ³VSULQJERDUG´ WR JR IURP RQH URFN WR DQRWKHU  Bolden  71
:UN&RPS$SS%G/(;,6DW 7KHWZRFDVHVDUHGLVVLPLODUDQG(PSOR\HU¶V
UHOLDQFHRQBoldenLVPLVSODFHG

        )LQDOO\(PSOR\HUDUJXHGDWWULDOWKDW(PSOR\HHVKRXOGKDYHXVHGWKHKDQGUDLORQ
WKH ULJKW VLGH RI WKH VWDLUV WR SUHYHQW D IDOO  +RZHYHU LW LV XQGLVSXWHG WKDW KH KDG
VLJQLILFDQWOLPLWDWLRQVZLWKKLVULJKWDUPDQGWKDWKLVKDQGZDVFODZHGDVDUHVXOWRIWKH
&536UHQGHULQJKLVULJKWDUPPLQLPDOO\XVHIXO(PSOR\HUVXJJHVWHGDWWULDODQGDWRUDO
DUJXPHQWEHIRUHXVWKDW(PSOR\HHFRXOGKDYHUHDFKHGDFURVVKLVERG\WRJUDVSWKHUDLOLQJ
ZLWKKLVOHIWKDQGRUFRXOGKDYHJRQHGRZQWKHVWDLUVEDFNZDUGVRKHFRXOGXVHKLVOHIW
KDQG  +RZHYHU LW LV QRW GLIILFXOW WR LPDJLQH (PSOR\HH¶V OHJ ZHDNQHVV DQG LQVWDELOLW\
ZRXOG KDYH UHQGHUHG WKHVH DFWLRQV HTXDOO\ ULVN\ LI QRW PRUH VR GXH WR DZNZDUG
SRVLWLRQLQJ  0RUHRYHU ZH DUH QRW FRQYLQFHG WKDW VXFK DFWLRQV ZRXOG KDYH EHHQ DQ\
PRUH RU OHVV UHDVRQDEOH WKDQ WKH PDQQHU LQ ZKLFK (PSOR\HH DWWHPSWHG WR QDYLJDWH WKH
VWHSV

        ,Q VKRUW WKH HYLGHQFH VXSSRUWV WKH WULDO FRXUW¶V ILQGLQJ WKDW (PSOR\HH ZKR ZDV
UHFRYHULQJ IURP VSLQDO VXUJHU\ GLG QRW DFW XQUHDVRQDEO\ E\ DWWHPSWLQJ WR UHWULHYH KLV
SKRQHWRVHHNKHOSIRUZKDWKHEHOLHYHGZDVDPHGLFDOHPHUJHQF\

                                                    &

        ,QDGGLWLRQWRILQGLQJWKDW(PSOR\HHZDVQRWQHJOLJHQWLQGHFLGLQJWRQDYLJDWHWKH
VWDLUV WR DFFHVV KLV SKRQH WR VHHN DVVLVWDQFH WKH WULDO FRXUW FRQFOXGHG WKHUH ZDV QR
HYLGHQFH WR HVWDEOLVK WKDW JRLQJ GRZQ WKH VWDLUV LV ZKDW FDXVHG (PSOR\HH WR IDOO
(PSOR\HU DUJXHV WKDW WKLV LVVXH ZDV DGGUHVVHG E\ D VWLSXODWLRQ EHWZHHQ WKH SDUWLHV WKDW
(PSOR\HH ³IHOO GRZQ KLV VWHSV DQG VXVWDLQHG DQ DGGLWLRQDO LQMXU\´  (PSOR\HU DVVHUWV
WKDW JLYHQ WKLV VWLSXODWLRQ WKH WULDO FRXUW ³KDG WR HLWKHU DFFHSW WKH FDXVDO FRQQHFWLRQ
EHWZHHQWKHLQMXU\DQGIDOOLQJIRUP>VLF@ WKHERWWRPVWHSRUUHPDQGWKHFDVHIRU
WKHSDUWLHVWRGHYHORSWKLVLVVXHIXUWKHU´:HGLVDJUHH

         $VQRWHGE\WKHWULDOFRXUWZLWKRXWDQ\SURRIWKHVWHSVFDXVHG(PSOR\HH¶VOHJWR
EXFNOH DQG SUHFLSLWDWH WKH IDOO LW FDQQRW EH VDLG WKDW KLV XVH RI WKH VWHSV ZDV DQ
LQGHSHQGHQW LQWHUYHQLQJ FDXVH  (PSOR\HU SUHVHQWHG QR HYLGHQFH WKDW WKH VWHSV FDXVHG


  7KH FLUFXPVWDQFHV RI WKH SUHVHQW FDVH DUH DQDORJRXV WR WKRVH LQ Carpenter v. Lear-Siegler Seating
Corp.1R&97HQQ/(;,6 7HQQ ,QCarpenterWKHHPSOR\HHVXIIHUHG
DEDFNLQMXU\DQGUHSRUWHGH[SHULHQFLQJXQSUHGLFWDEOHLQWHUPLWWHQWQXPEQHVVLQKHUOHJDVDUHVXOWId.DW
  6KHDOOHJHGWKDWDQHSLVRGHRIWKLVQXPEQHVVFDXVHGKHUWRIDOOGRZQVWDLUVDWKHUKRPHUHVXOWLQJLQ
DGGLWLRQDOLQMXULHVId.DW 7KH7HQQHVVHH6XSUHPH&RXUWIRXQGDFDXVDOFRQQHFWLRQEHWZHHQWKHEDFN
LQMXU\DQGWKHUHVXOWLQJIDOODQGGHWHUPLQHGWKHLQMXULHVVXVWDLQHGLQWKHIDOOZHUHFRPSHQVDEOHId.DW 

                                                      

(PSOR\HH WR IDOO  ,QVWHDG WKH RQO\ HYLGHQFH UHJDUGLQJ WKH FDXVH RI WKH IDOO ZDV
(PSOR\HH¶V WHVWLPRQ\ WKDW KH IHOO EHFDXVH KLV OHJ JDYH ZD\  7KH WULDO FRXUW FRUUHFWO\
REVHUYHGWKDW³>W@KLVZDVWKHUHVXOWRISRVWRSHUDWLYHZHDNQHVVQRWWKHXVHRIWKHVWHSV´
,QGHHG(PSOR\HHGHVFULEHGH[SHULHQFLQJDVLPLODUHSLVRGHRIZHDNQHVVLQKLVOHJZKLOH
ZDONLQJ RQ WKH OHYHO IORRU LQ KLV KRXVH DIWHU KH JRW KLV SKRQH DQG IHOO D VHFRQG WLPH
7KHUH LV VLPSO\ QR SURRI WKDW WKH VWHSV WKHPVHOYHV KDG DQ\ LPSDFW RQ ZKHWKHU WKH IDOO
RFFXUUHGRUWKHVHYHULW\RIWKHLQMXULHVDQGZHGHFOLQHWRVSHFXODWHHLWKHUZD\
         
         )XUWKHUPRUH WKH VWLSXODWLRQ XSRQ ZKLFK (PSOR\HU UHOLHV FRQWDLQV QR ODQJXDJH
HVWDEOLVKLQJ D FDXVDO FRQQHFWLRQ EHWZHHQ (PSOR\HH¶V XVH RI WKH VWDLUV DQG KLV IDOO
5DWKHU WKH VWLSXODWLRQ UHFLWHV D SRUWLRQ RI WKH VHTXHQFH RI HYHQWV WKDW UHVXOWHG LQ
(PSOR\HH¶VSDUDO\VLVDQGDJHQHURXVUHDGLQJRILWFDQLQIHUDFDXVDOFRQQHFWLRQEHWZHHQ
WKH IDOO DQG WKH LQMXULHV  ,Q IDFW WKHUH LV QR GLVSXWH WKDW WKH IDOO FDXVHG (PSOR\HH¶V
DGGLWLRQDOLQMXULHV+RZHYHUWKHUHLVQRHYLGHQFHWKDWWKHVWDLUVUDWKHUWKDQ(PSOR\HH¶V
SRVWRSHUDWLYHZHDNQHVVFDXVHGWKHIDOODQGWKHVWLSXODWLRQXSRQZKLFK(PSOR\HUEDVHV
LWVDUJXPHQWLVVLOHQWRQWKDWLVVXH

        ,QVXP(PSOR\HH¶VGHFLVLRQWRZDONGRZQWKHWKUHHVWDLUVWRUHDFKKLVSKRQHDQG
VHHNKHOSGLGQRWULVHWRWKHOHYHORIQHJOLJHQWEHKDYLRUVXFKWKDWWKHFKDLQRIFDXVDWLRQ
EHWZHHQ KLV FRPSHQVDEOH LQMXU\ DQG KLV SDUDO\VLV IURP IDOOLQJ ZDV EURNHQ  7KH
DXWKRUL]HGSK\VLFLDQRSLQHGWKDWWKHIDOOVZHUHWKHUHVXOWRIWKHLPSODQWDWLRQRIWKHVSLQDO
FRUGVWLPXODWRUZKLFKZDVPDGHQHFHVVDU\E\WKHZRUNUHODWHGDUPLQMXU\$QGILQDOO\
WKHUHLVQRHYLGHQFHWKDWJRLQJGRZQWKHVWDLUVFDXVHG(PSOR\HHWRIDOO7RWKHFRQWUDU\
KLVOHJJDYHRXWZKLOHKHKDSSHQHGWREHRQWKHERWWRPVWHSMXVWDVLWGLGDVKRUWWLPH
ODWHUZKHQKHZDVQRWRQWKHVWDLUV$FFRUGLQJO\ZHFRQFOXGHDVWKHWULDOFRXUWGLGWKDW
WKH IDOOV ZHUH WKH GLUHFW DQG QDWXUDO FRQVHTXHQFH RI WKH ZRUNUHODWHG LQMXU\ DQG WKH
UHVXOWLQJDGGLWLRQDOLQMXULHVDUHFRPSHQVDEOH
                                                        
                                                &RQFOXVLRQ
                                                        
         )RUWKHIRUHJRLQJUHDVRQVZHKROGWKDWWKHHYLGHQFHGRHVQRWSUHSRQGHUDWHDJDLQVW
WKH WULDO FRXUW¶V GHFLVLRQ  7KXV WKH WULDO FRXUW¶V GHFLVLRQ LV DIILUPHG DQG WKH FRXUW¶V
RUGHULVFHUWLILHGDVILQDO




                                                   

                  7(11(66((%85($82):25.(56¶&203(16$7,21
                        :25.(56¶&203(16$7,21$33($/6%2$5'

6KDZQ2JGHQ                                                       'RFNHW1R
                                                                 
Y                                                               6WDWH)LOH1R
                                                                 
0F0LQQYLOOH7RRODQG'LH,QFHWDO                           
                                                                                 
                                                                   
$SSHDOIURPWKH&RXUWRI:RUNHUV¶                              
&RPSHQVDWLRQ&ODLPV                                             
'DOH$7LSSV-XGJH                                             

                                       &(57,),&$7(2)6(59,&(

, KHUHE\ FHUWLI\ WKDW D WUXH DQG FRUUHFW FRS\ RI WKH $SSHDOV %RDUG¶V GHFLVLRQ LQ WKH
UHIHUHQFHGFDVHZDVVHQWWRWKHIROORZLQJUHFLSLHQWVE\WKHIROORZLQJPHWKRGVRIVHUYLFH
RQWKLVWKHWKGD\RI0D\
 1DPH                    &HUWLILHG   )LUVW &ODVV   9LD      )D[      9LD     6HQWWR
                          0DLO        0DLO           )D[      1XPEHU   (PDLO

 -RKQ'UDNH                                                              ;    MRKQDWWRUne\PXUIUHHVERUR#JPDLOFRP
 '%UHWW%XUURZ                                                         ;    EEXUURZ#EXUURZOHHFRP
 'DOH$7LSSV-XGJH                                                   ;    9LD(OHFWURQLF0DLO
 .HQQHWK06ZLW]HU                                                     ;    9LD(OHFWURQLF0DLO
 &KLHI-XGJH
 3HQQ\6KUXP&OHUN                                                     ;    3HQQ\3DWWHUVRQ6KUXP#WQJRY
 &RXUWRI:RUNHUV¶
 &RPSHQVDWLRQ&ODLPV




-HDQHWWH%DLUG
-HDQHWWH%DLUG
'HSXW\&OHUN:RUNHUV¶&RPSHQVDWLRQ$SSHDOV%RDUG
)UHQFK/DQGLQJ'U6WH%
1DVKYLOOH71
7HOHSKRQH
(OHFWURQLF0DLO:&$SSHDOV&OHUN#WQJRY
