Gen Star Natl Ins v. Admin Asigurarilor
Gen Star Natl Ins v. Admin Asigurarilor
Opinion
5(&200(1'(' )25 )8//7(;7 38%/,&$7,21 *HQHUDO6WDU1DWjO,QV 1R 3XUVXDQW WR 6L[WK &LUFXLW 5XOH
&RY$VWUDHWDO (/(&7521,& &,7$7,21 )(' $SS 3 WK &LU )LOH 1DPH DS
DGGUHVVHG LQ 86& H ,QVWHDG WKH VWDWXWH SURYLGHVWKDWDFRS\RIDGHIDXOWMXGJPHQWHQWHUHGDJDLQVWD 81,7('67$7(6&28572)$33($/6 IRUHLJQ VWDWH mVKDOO EH VHQW WR WKH IRUHLJQ VWDWH LQ WKH PDQQHU SUHVFULEHG IRU VHUYLFH LQ WKLV VHFWLRQl 86& )257+(6,;7+&,5&8,7 H BBBBBBBBBBBBBBBBB $VWUD KDV QHYHU GHQLHG UHFHLYLQJ D FRS\ RI WKH GHIDXOW MXGJPHQWLQDFFRUGDQFHZLWK H 0RUHRYHUHYHQLI $VWUD GLG QRW UHFHLYH D FRS\ RI WKH GHIDXOW MXGJPHQW WKH *(1(5$/ 67$5 1$7,21$/ ; MXGJPHQWLVQRWDXWRPDWLFDOO\YRLGEXWRQO\YRLGDEOHXSRQ ,1685$1&( &203$1<IND SURRIRIQRDFWXDOQRWLFH$QWRLQH)GDW m:HKROG 021$5&+ ,1685$1&( WKDW VXFK D GHIDXOW MXGJPHQW >HQWHUHG ZLWKRXW FRPSOLDQFH 1R &203$1< 2) 2+,2 ZLWK H @ LV YRLGDEOH UDWKHU WKDQ YRLG EHFDXVH WKH UHTXLUHPHQWRIVHUYLFHLVDFRQGLWLRQVXEVHTXHQWWRWKHHQWU\ 3ODLQWLII$SSHOOHH ! RIWKHMXGJPHQWl $VWUDGRHVQRWDWWHPSWWRPDNHDQ\VXFK VKRZLQJ Y %DVHGRQDOORIWKHDERYHZHEHOLHYHWKDWWKHGLVWULFWFRXUW $'0,1,675$7,$ FRUUHFWO\ GHWHUPLQHG WKDW LW KDG VXEMHFW PDWWHU MXULVGLFWLRQ RYHUWKHSUHVHQWFDVHDQGWKDW$VWUDUHFHLYHGSURSHUVHUYLFHRI $6,*85$5,/25 '( 67$7 SURFHVV $V D UHVXOW WKH GHIDXOW MXGJPHQW HQWHUHG DJDLQVW &$520 6$ $6,*85$5($ $VWUDLVQRWYRLG:HWKXVFRQFOXGHWKDWWKHGLVWULFWFRXUWGLG 520$1($6&$ 6$ QRW HUU LQ GHQ\LQJ $VWUDjV PRWLRQ WR YDFDWH WKH GHIDXOW 'HIHQGDQWV MXGJPHQW $675$ 6$ ,,,&21&/86,21 'HIHQGDQW$SSHOODQW )RU DOO RI WKH UHDVRQV VHW IRUWK DERYH ZH $)),50 WKH MXGJPHQWRIWKHGLVWULFWFRXUW 1 $SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW IRUWKH6RXWKHUQ'LVWULFWRI2KLRDW&ROXPEXV 1R n*HRUJH&6PLWK'LVWULFWsXGJH $UJXHG 0DUFK 'HFLGHGDQG)LOHG 0D\ %HIRUH 1255,66,/(5DQG*,/0$1&LUFXLWsXGJHV
*HQHUDO6WDU1DWjO,QV 1R 1R *HQHUDO6WDU1DWjO,QV &RY$VWUDHWDO &RY$VWUDHWDO
BBBBBBBBBBBBBBBBB (DFK RI WKH UHLQVXUDQFH FRQWUDFWV LQ TXHVWLRQ FRQWDLQV D SURYLVLRQZKHUHLQ$'$6DJUHHGWRDFFHSWVHUYLFHRISURFHVV &2816(/ WKURXJKWKH1HZ<RUNODZILUP0HQGHVDQG0RXQW*HQHUDO 6WDUWKHUHIRUHVHQWDFRS\RIWKHVXPPRQVDQGFRPSODLQWYLD $5*8(' 'DYLG $ .RSHFK (//,6 9(1$%/( FHUWLILHGPDLOUHWXUQUHFHLSWUHTXHVWHGWR0HQGHVDQG0RXQW %86$0 &ROXPEXV 2KLR IRU $SSHOODQW 'DQLHO sRVHSK DWWKHDGGUHVVOLVWHGLQWKHUHLQVXUDQFHFRQWUDFWV 1HSSO0,&+$(/%(67 )5,('5,&+&KLFDJR,OOLQRLV IRU $SSHOOHH 21 %5,() 'DYLG $ .RSHFK (//,6 7KHGLVWULFWFRXUWKHOGWKDWWKHVHUYLFHRISURFHVVSURYLVLRQ 9(1$%/( %86$0 &ROXPEXV 2KLR IRU $SSHOODQW LQWKHUHLQVXUDQFHFRQWUDFWVZDVDmVSHFLDODUUDQJHPHQWlIRU 'DQLHO sRVHSK 1HSSO 0,&+$(/ %(67 )5,('5,&+ WKHSXUSRVHVRI E ,QDGGLWLRQUHO\LQJXSRQDQ &KLFDJR ,OOLQRLV .HYLQ 3 )ROH\ 5(0,1*(5 DIILGDYLWVXEPLWWHGE\*HQHUDO6WDUjVFRXQVHOWKHFRXUWIRXQG 5(0,1*(5&ROXPEXV2KLRIRU$SSHOOHH WKDW *HQHUDO 6WDU KDG FRPSOLHG ZLWK WKH WHUPV RI WKH SURYLVLRQ )LQDOO\ WKH FRXUW GHWHUPLQHG WKDW $VWUD DV WKH BBBBBBBBBBBBBBBBB VXFFHVVRULQLQWHUHVW WR $'$6 IRU WKH SXUSRVHV RI WKH UHLQVXUDQFHFRQWUDFWVZDVERXQGE\WKHFRQWUDFWXDOSURYLVLRQ 23,1,21 BBBBBBBBBBBBBBBBB $VWUDGRHVQRWGLVSXWHWKDWWKHVHUYLFHRISURFHVVSURYLVLRQ LQWKHFRQWUDFWVLVDmVSHFLDODUUDQJHPHQWlIRUWKHSXUSRVHVRI 521$/' /(( *,/0$1 &LUFXLW sXGJH *HQHUDO 6WDU E 1RUGRHV$VWUDFRQWHQGWKDW*HQHUDO6WDUIDLOHG 1DWLRQDO ,QVXUDQFH &RPSDQ\ *HQHUDO 6WDU DQ 2KLR WR FRPSO\ ZLWK WKH FRQWUDFWVj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mIDLOHGWRDELGHE\WKHVHUYLFHRISURFHVVSURYLVLRQVRI %HWZHHQ DQG *HQHUDO 6WDU HQWHUHG LQWR ILYH 6HFWLRQ H l %XW $VWUD PDNHV WKLV FRQWHQWLRQ UHLQVXUDQFHFRQWUDFWVZLWK$GPLQLVWUDWLD$VLJXUDULORUGH6WDW ZLWKRXWDQ\IXUWKHUGLVFXVVLRQRUFLWDWLRQWRDXWKRULW\6XFK $'$6 ZKLFKZDVWKHQDVWDWHRZQHGLQVXUDQFHFRPSDQ\ D FRQFOXVRU\ DUJXPHQW LV ZDLYHG RQ DSSHDO (J 8QLWHG UHVSRQVLEOHIRUSURYLGLQJDOOLQVXUDQFHVHUYLFHVLQ5RPDQLD 6WDWHV Y %HUNRZLW] )G WK &LU 7KH FRQWUDFWV SURYLGHG WKDW *HQHUDO 6WDU ZRXOG UHPLW D KROGLQJWKDWmSHUIXQFWRU\DQGXQGHYHORSHGDUJXPHQWVDUH SRUWLRQ RI LWV SUHPLXPV IURP FHUWDLQ LQVXUDQFH SROLFLHV WR ZDLYHG >RQ DSSHDO@l ,Q DQ\ HYHQW WKH SURSHU PDQQHU RI $'$6,QUHWXUQ$'$6DJUHHGWRDVVXPHDSURSRUWLRQDWH HIIHFWLQJ VHUYLFH RI SURFHVV XSRQ D IRUHLJQ VWDWH LV QRW *HQHUDO6WDU1DWjO,QV 1R 1R *HQHUDO6WDU1DWjO,QV &RY$VWUDHWDO &RY$VWUDHWDO
FRPSHOOLQJ)XUWKHUPRUHIHGHUDOODZLQWKH8QLWHG6WDWHVLV VKDUH RI DQ\ ORVVHV WKDW *HQHUDO 6WDU LQFXUUHG RQ WKHVH mZHOOVHWWOHGlWKDWDMXGJPHQWUHPDLQVELQGLQJXQWLOVHWDVLGH SROLFLHV RQDSSHDO5LFHY'HSjWRI7UHDVXU\ )G )HG &LU UHFRJQL]LQJWKLVSULQFLSOHDQGKROGLQJWKDWDWULDO *HQHUDO 6WDU DQG $'$6 PDLQWDLQHG WKHLU EXVLQHVV FRXUWjVUHVROXWLRQRIDQLVVXHPD\KDYHSUHFOXVLYHHIIHFWLQ UHODWLRQVKLS XQWLO ZKHQ $'$6 ZDV GLVVROYHG E\ D VXEVHTXHQW OLWLJDWLRQ HYHQ ZKLOH DQ DSSHDO RI WKDW FRXUWjV 5RPDQLDQ JRYHUQPHQWDO GHFUHH 7KH GHFUHH ZDV LVVXHG MXGJPHQWLVSHQGLQJ $VWUDFLWHVQRDXWKRULW\LQGLFDWLQJWKDW VKRUWO\DIWHUGHPRFUDWLFUHIRUPHUVRYHUWKUHZWKHFRPPXQLVW WKHFRQYHUVHLVWUXHXQGHU(QJOLVKODZ UHJLPHWKDWKDGJRYHUQHG5RPDQLDIRUQHDUO\\HDUV7KUHH FRPSDQLHVZHUHFUHDWHGE\WKHQHZ5RPDQLDQJRYHUQPHQWWR :HWKHUHIRUHDGRSWWKHUHDVRQLQJFRQWDLQHGLQWKHDERYH WDNH RYHU $'$6jV LQVXUDQFH RSHUDWLRQV 2QH RI WKHVH FLWHGGHFLVLRQVRIWKH+LJK&RXUWRIsXVWLFHDQGFRQFOXGHWKDW FRPSDQLHV $VWUD ZDV RUGHUHG WR DVVXPH $'$6jV WKHGLVWULFWFRXUWGLGQRWHUULQGHWHUPLQLQJWKDW$VWUDLVWKH LQWHUQDWLRQDO DQG UHLQVXUDQFH LQWHUHVWV 7KH WZR RWKHU VXFFHVVRULQLQWHUHVW WR $'$6 IRU WKH SXUSRVHV RI WKH FRPSDQLHV &DURP 6$ &DURP DQG $VLJXUDUHD UHLQVXUDQFHFRQWUDFWVDWLVVXHLQWKLVFDVH$VDVXFFHVVRULQ 5RPDQHDVFD $VLURP DVVXPHGUHVSRQVLELOLW\IRU$'$6jV LQWHUHVWWR$'$6$VWUDLVERXQGE\$'$6jVVXUUHQGHURILWV UHPDLQLQJLQVXUDQFHHQGHDYRUV VRYHUHLJQLPPXQLW\SXUVXDQWWR D DQG 7KH GLVWULFW FRXUW WKXV KDG VXEMHFW PDWWHU MXULVGLFWLRQ RYHU WKH *HQHUDO 6WDU DOOHJHV WKDW LW EHJDQ KDYLQJ GLIILFXOW\ SUHVHQWFDVH FROOHFWLQJWKHPRQLHVGXHXQGHUWKHUHLQVXUDQFHFRQWUDFWVDW DSSUR[LPDWHO\WKHVDPHWLPHWKDW$'$6ZDVGLVVROYHG2Q % 6HUYLFHRISURFHVV 2FWREHU *HQHUDO 6WDU ILOHG VXLW DJDLQVW $'$6 $VWUD&DURPDQG$VLURPLQWKH8QLWHG6WDWHV'LVWULFW&RXUW :HQH[WDGGUHVV$VWUDjVDUJXPHQWWKDWWKHGHIDXOWMXGJPHQW IRUWKH6RXWKHUQ'LVWULFWRI2KLRDVVHUWLQJFODLPVIRUEUHDFK LVYRLGEHFDXVHRI*HQHUDO6WDUjVDOOHJHGIDLOXUHWRSURSHUO\ RI FRQWUDFW DQG XQMXVW HQULFKPHQW 7KH FRPSODLQW VRXJKW HIIHFWVHUYLFHRISURFHVV7KLVFRXUWKDVKHOGWKDWDMXGJPHQW UHFRYHU\RI LQSDVWGXHSD\PHQWVDQG LQ mLVYRLGXQGHU E LIWKHFRXUWWKDWUHQGHUHGLWDFWHG DGGLWLRQDOH[SHQVHV LQDPDQQHULQFRQVLVWHQWZLWKGXHSURFHVVRIODZl$QWRLQH Y $WODV 7XUQHU ,QF )G WK &LU *HQHUDO6WDUVRXJKWWRQRWLI\WKHGHIHQGDQWVRIWKLVVXLWLQ LQWHUQDOTXRWDWLRQPDUNVRPLWWHG WZRZD\V)LUVWWZRGD\VDIWHUILOLQJWKHFRPSODLQW*HQHUDO 6WDUID[HGDFRS\WR$VWUD7KHQRQ1RYHPEHU *HQHUDO6WDUVRXJKWWRHIIHFWVHUYLFHRISURFHVVSXUVXDQWWR *HQHUDO 6WDU KDG D FRS\ RI WKH VXPPRQV DQG FRPSODLQW 86& E ZKLFKSURYLGHVDVIROORZV GHOLYHUHG WR 0HQGHV DQG 0RXQW D 1HZ <RUN ODZ ILUP GHVLJQDWHGLQWKHUHLQVXUDQFHFRQWUDFWVDV$'$6jVDJHQWIRU E 6HUYLFHLQWKHFRXUWVRIWKH8QLWHG6WDWHVDQGRIWKH UHFHLYLQJVHUYLFH 6WDWHVVKDOOEHPDGHXSRQDQDJHQF\RULQVWUXPHQWDOLW\ RIDIRUHLJQVWDWH 7KH GHIHQGDQWV KRZHYHU IDLOHG WR ILOH DQ\ UHVSRQVH WR E\ GHOLYHU\ RI D FRS\ RI WKH VXPPRQV DQG *HQHUDO6WDUjVFRPSODLQWLQWKHZHHNVIROORZLQJ0HQGHVDQG FRPSODLQWLQDFFRUGDQFHZLWKDQ\VSHFLDODUUDQJHPHQW 0RXQWjV UHFHLSW RI WKH GRFXPHQWV $SSUR[LPDWHO\ WZR IRU VHUYLFH EHWZHHQ WKH SODLQWLII DQG WKH DJHQF\ RU PRQWKVDIWHUWKHFRPSODLQWZDVILOHG*HQHUDO6WDUPRYHGWKH LQVWUXPHQWDOLW\ GLVWULFW FRXUW IRU D GHIDXOW MXGJPHQW SRLQWLQJ RXW WKDW WKH *HQHUDO6WDU1DWjO,QV 1R 1R *HQHUDO6WDU1DWjO,QV &RY$VWUDHWDO &RY$VWUDHWDO
GHIHQGDQWV KDG IDLOHG WR ILOH D UHVSRQVH ZLWKLQ GD\V RI m$675$6$lVKDOOWDNHRYHUWKHDVVHWVSHUWDLQLQJWR UHFHLYLQJVHUYLFHRISURFHVVDVUHTXLUHGE\5XOH D $ $'$6MRLQWYHQWXUHFRPSDQLHVDEURDGWKRVHSHUWDLQLQJ RIWKH)HGHUDO5XOHVRI&LYLO3URFHGXUH7KHGLVWULFWFRXUW WRWKHLQWHUQDWLRQDOLQVXUDQFHDQGUHLQVXUDQFHDFWLYLWLHV DJUHHGDQGWKHUHIRUHHQWHUHGDGHIDXOWMXGJPHQWDJDLQVWWKH DPRXQWLQJWROHLPLOOLRQDQGXSWRWKHLUOLPLWVWKH GHIHQGDQWVRQ0DUFK UHODWHGOLDELOLWLHV $OPRVWRQH\HDUODWHURQ0DUFKWKHGHIHQGDQWV $VWUD DUJXHG EHIRUH WKH +LJK &RXUW RI sXVWLFH WKDW WKLV ILOHGDPRWLRQWRYDFDWHWKHGHIDXOWMXGJPHQWSXUVXDQWWR5XOH GHFUHHOLPLWVLWVOLDELOLW\DULVLQJIURP$'$6jVUHLQVXUDQFH E RIWKH)HGHUDO5XOHVRI&LYLO3URFHGXUH7KH\FODLPHG DFWLYLWLHVWRmOHLPLOOLRQlDQDPRXQWWKDWZDVH[KDXVWHG WKDWWKHGHIDXOWMXGJPHQWZDVYRLGEHFDXVHRIDQDOOHJHGODFN VKRUWO\DIWHU$VWUDFDPHLQWRH[LVWHQFH7KH5RPDQLDQOHJDO RIVXEMHFWPDWWHUMXULVGLFWLRQDQGLPSURSHUVHUYLFHRISURFHVV H[SHUW ZKR VHUYHG DV WKH SUHVLGHQW RI WKH 5RPDQLDQ 7KH GLVWULFW FRXUW DJUHHG WKDW WKH MXGJPHQW ZDV YRLG DV WR &RQVWLWXWLRQDO&RXUWGLVDJUHHG+HVWDWHGWKDWWKHGHFUHHZDV &DURPDQG$VLURPQHLWKHURIZKLFKLV$'$6jVVXFFHVVRULQ LVVXHGWRFDUU\RXWDODZWKDWUHTXLUHGWKHWUDQVIHURI$'$6jV LQWHUHVWIRUWKHSXUSRVHVRIWKHUHLQVXUDQFHFRQWUDFWVDWLVVXH RSHUDWLRQVWRQHZO\HVWDEOLVKHGXQLWV%HFDXVHWKHODZPDGH %XWWKHFRXUWGHWHUPLQHGWKDWWKHMXGJPHQWZDVYDOLGDVWR QR PHQWLRQ RI HOLPLQDWLQJ $'$6jV OLDELOLWLHV WKH H[SHUW $VWUD ZKLFK LW FRQFOXGHG LV WKH VXFFHVVRU WR $'$6 ZLWK FRQFOXGHGWKDWWKHSKUDVHmDPRXQWLQJWROHLPLOOLRQlLQ UHJDUG WR WKH UHLQVXUDQFH FRQWUDFWV 7KLV WLPHO\ DSSHDO WKHGHFUHHLVQRWDFDSRQWKHOLDELOLWLHV$VWUDLQKHULWHGIURP IROORZHG $'$6 EXW VLPSO\ DQ HUURQHRXV HVWLPDWH RI $'$6jV WRWDO LQWHUQDWLRQDO DQG UHLQVXUDQFH OLDELOLWLHV &UHGLWLQJ WKLV ,,$1$/<6,6 WHVWLPRQ\WKH+LJK&RXUWRIsXVWLFHFRQFOXGHGWKDW$VWUDLV WKH VXFFHVVRULQLQWHUHVW WR $'$6 IRU DOO RI WKH ODWWHUjV $VWUDPDLQWDLQVWKDWWKHGLVWULFWFRXUWHUUHGLQGHQ\LQJLWV UHLQVXUDQFHOLDELOLWLHV PRWLRQ WR YDFDWH WKH GHIDXOW MXGJPHQW 7KLV PRWLRQ ZDV EURXJKW SXUVXDQW WR 5XOH E RI WKH )HGHUDO 5XOHV RI 7KH+LJK&RXUWRIsXVWLFHUHDFKHGWKHVDPHFRQFOXVLRQLQ &LYLO3URFHGXUHZKLFKSURYLGHVWKDWDFRXUWPD\JUDQWUHOLHI ,QUH$VWUD,QWKDWFDVH$VWUDDJDLQFRQWHQGHGWKDWLWLVQRW IURPDMXGJPHQWWKDWLVYRLG:HUHYLHZGHQRYRDGLVWULFW DIXOOVXFFHVVRULQLQWHUHVWWR$'$6EXWUDWKHUDVVXPHGRQO\ FRXUWjV GHQLDO RI D 5XOH E PRWLRQ sDODSHQR 3URS mOHLPLOOLRQlRI$'$6jVOLDELOLWLHV7KHFRXUWUHMHFWHG 0JPW//&Y'XNDV)G WK&LU WKLV SRVLWLRQ SRLQWLQJ RXW WKH DEVHQFH RI DQ\ HYLGHQFH LQGLFDWLQJWKDWWKH5RPDQLDQJRYHUQPHQWLQWHQGHGWRFDQFHO $ 6XEMHFWPDWWHUMXULVGLFWLRQ RU OLPLW $'$6jV OLDELOLWLHV LQ WUDQVIHUULQJ LWV UHLQVXUDQFH RSHUDWLRQVWR$VWUD 2XUDQDO\VLVEHJLQVZLWK$VWUDjVFRQWHQWLRQWKDWWKHGLVWULFW FRXUWODFNHGVXEMHFWPDWWHUMXULVGLFWLRQRYHUWKHSUHVHQWFDVH $VWUD SURYLGHV QR UHDVRQHG EDVLV IRU GLVFRXQWLQJ WKH WKHUHE\UHQGHULQJWKHGHIDXOWMXGJPHQWYRLG$QWRLQHY$WODV SHUVXDVLYH DQDO\VLV VHW IRUWK LQ WKHVH WZR GHFLVLRQV ZKLFK 7XUQHU,QF)G WK&LU m$MXGJPHQW DSSDUHQWO\UHSUHVHQWWKHRQO\MXGLFLDOSURQRXQFHPHQWVDVWR LV YRLG XQGHU E LI WKH FRXUW WKDW UHQGHUHG LW ODFNHG ZKHWKHU $VWUD LV D VXFFHVVRULQLQWHUHVW WR $'$6 XQGHU MXULVGLFWLRQRIWKHVXEMHFWPDWWHUl LQWHUQDOTXRWDWLRQ 5RPDQLDQODZ$OWKRXJK$VWUDFRQWHQGVWKDWZHVKRXOGJLYH PDUNV RPLWWHG 7KH GLVWULFW FRXUW EDVHG LWV H[HUFLVH RI QRZHLJKWWRWKHVHGHFLVLRQVEHFDXVHWKH\DUHFXUUHQWO\EHLQJ VXEMHFW PDWWHU MXULVGLFWLRQ RQ 86& D ZKLFK DSSHDOHG WKLV IDFW GRHV QRW PDNH WKHLU DQDO\VLV DQ\ OHVV *HQHUDO6WDU1DWjO,QV 1R 1R *HQHUDO6WDU1DWjO,QV &RY$VWUDHWDO &RY$VWUDHWDO
7KH5RPDQLDQFRXUWVKDYH\HWWRGHFLGHZKHWKHU$VWUDLVD JRYHUQVWKHMXULVGLFWLRQRIWKHIHGHUDOGLVWULFWFRXUWVLQDFWLRQV VXFFHVVRULQLQWHUHVW WR $'$6 $VWUD DUJXHV WKDW WKLV DJDLQVWDIRUHLJQVWDWH6HFWLRQ D SURYLGHVDVIROORZV SUHFOXGHV XV IURP UHVROYLQJ WKH VXFFHVVRUVKLS LVVXH :H GLVDJUHH7KHODFNRIFRQWUROOLQJDXWKRULW\GRHVQRWHQGRXU 7KHGLVWULFWFRXUWVVKDOOKDYHRULJLQDOMXULVGLFWLRQZLWKRXW LQTXLU\EXWLQVWHDGUHTXLUHVXVWRGHWHUPLQHLQGHSHQGHQWO\ UHJDUG WR DPRXQW LQ FRQWURYHUV\ RI DQ\ QRQMXU\ FLYLO ZKHWKHU $VWUD LV D VXFFHVVRULQLQWHUHVW WR $'$6 XQGHU DFWLRQ DJDLQVW D IRUHLJQ VWDWH DV GHILQHG LQ VHFWLRQ 5RPDQLDQODZ&I2YHUVWUHHWY1RUGHQ/DEV,QF )G D RIWKLVWLWOHDVWRDQ\FODLPIRUUHOLHILQSHUVRQDP WK&LU KROGLQJWKDWDIHGHUDOFRXUW ZLWKUHVSHFWWRZKLFKWKHIRUHLJQVWDWHLVQRWHQWLWOHGWR VLWWLQJLQGLYHUVLW\PXVWDEVHQWFRQWUROOLQJSUHFHGHQWGHFLGH LPPXQLW\HLWKHUXQGHUVHFWLRQVRIWKLVWLWOHRU XQVHWWOHGLVVXHVRIVWDWHODZDVLILWZHUHDVWDWHFRXUW ,Q XQGHUDQ\DSSOLFDEOHLQWHUQDWLRQDODJUHHPHQW DQDO\]LQJ 5RPDQLDQ ODZ ZH mPD\ FRQVLGHU DQ\ UHOHYDQW PDWHULDO RU VRXUFH LQFOXGLQJ WHVWLPRQ\ ZKHWKHU RU QRW $VWUD FRQFHGHV WKDW DV DQ DJHQF\ RI WKH 5RPDQLDQ VXEPLWWHGE\DSDUW\RUDGPLVVLEOHXQGHUWKH)HGHUDO5XOHVRI JRYHUQPHQW LW LV D mIRUHLJQ VWDWHl IRU WKH SXUSRVHV RI (YLGHQFHl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sXVWLFH4XHHQjV%HQFK'LYLVLRQ&RPPHUFLDO&RXUW8QLWHG DJUHHG LQ WKH UHLQVXUDQFH FRQWUDFWV mWR VXEPLW WR WKH .LQJGRP DQG,QUH$VWUD6$,QVDQG5HLQVXUDQFH MXULVGLFWLRQ RI DQ\ FRXUW RI FRPSHWHQW MXULVGLFWLRQ RI WKH &R HW DO )ROLR 1R +LJK &RXUW RI sXVWLFH 8QLWHG6WDWHVl%HFDXVHWKHFRXUWGHWHUPLQHGWKDW$VWUDLVD 4XHHQjV %HQFK 'LYLVLRQ &RPPHUFLDO &RXUW 8QLWHG VXFFHVVRULQLQWHUHVW WR $'$6 LW FRQFOXGHG WKDW $VWUD LV .LQJGRP ERXQGE\$'$6jVLPSOLFLWZDLYHURIVRYHUHLJQLPPXQLW\
,Q <DVXGD WKH +LJK &RXUW RI sXVWLFH GHWHUPLQHG WKDW 6HFWLRQ D SURYLGHV WKDW D IRUHLJQ VWDWH ODFNV SXUVXDQWWR5RPDQLDQODZ$VWUDLVWKHVXFFHVVRULQLQWHUHVW VRYHUHLJQ LPPXQLW\ LQ DQ\ VXLW WKDW mLV EDVHG XSRQ D WR$'$6ZLWKUHJDUGWRWKHODWWHUjVUHLQVXUDQFHOLDELOLWLHV7R FRPPHUFLDO DFWLYLW\ FDUULHG RQ LQ WKH 8QLWHG 6WDWHV E\ WKH UHDFKWKLVFRQFOXVLRQWKHFRXUWUHOLHGXSRQWKHRSLQLRQRID IRUHLJQ VWDWH l 7KH GLVWULFW FRXUW UHDVRQHG WKDW HDFK 5RPDQLDQOHJDOH[SHUWSHUWDLQLQJWRWKHSURSHUPHDQLQJRIWKH UHLQVXUDQFH FRQWUDFW EHWZHHQ *HQHUDO 6WDU DQG $'$6 LV D JRYHUQPHQW GHFUHH WKDW WUDQVIHUUHG $'$6jV UHLQVXUDQFH FRPPHUFLDOWUDQVDFWLRQZLWKLQWKH8QLWHG6WDWHV VXFK WKDW LQWHUHVWV WR $VWUD 7KLV GHFUHH VWDWHV LQ SHUWLQHQW SDUW DV $'$6ZRXOGKDYHQRLPPXQLW\LQWKHSUHVHQWFDVH$JDLQ IROORZV KDYLQJGHFLGHGWKDW$VWUDLVDVXFFHVVRULQLQWHUHVWWR$'$6 *HQHUDO6WDU1DWjO,QV 1R 1R *HQHUDO6WDU1DWjO,QV &RY$VWUDHWDO &RY$VWUDHWDO
WKHFRXUWGHWHUPLQHGWKDW D SURYLGHVDQDOWHUQDWLYH WR WU\ WR REWDLQ WKH VXPV LW WKRXJKW RZHGl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m>D@Q DJUHHPHQW WR DUELWUDWH PD\ EH ZDLYHG E\ WKH GHPRFUDWLFJRYHUQPHQW$VWUDWKXVFODLPVWKDWmLWLVQRWDQ DFWLRQVRIDSDUW\ZKLFKDUHFRPSOHWHO\LQFRQVLVWHQWZLWKDQ\ LQVWUXPHQWDOLW\RIWKHVDPHIRUHLJQVWDWHDV$'$6l7KLV UHOLDQFHWKHUHRQl*HUPDQ\Y5LYHU7HUPLQDO5\&R OHDGV$VWUDWRFRQFOXGHWKDWLWLVQRWDVXFFHVVRULQLQWHUHVWWR )G WK &LU SHU FXULDP $OWKRXJK D $'$6 DQG WKDW LW WKHUHIRUH GLG QRW ZDLYH LWV VRYHUHLJQ ZDLYHURIWKHULJKWWRDUELWUDWLRQLVmQRWWREHOLJKWO\LQIHUUHGl LPPXQLW\EDVHGXSRQ$'$6jVFRQWUDFWXDODUUDQJHPHQWV 0LFUR6WUDWHJ\,QFY/DXULFLD)G WK&LU LQWHUQDOTXRWDWLRQPDUNVRPLWWHG DSDUW\PD\ZDLYH 7RHYDOXDWH$VWUDjVDUJXPHQWZHPXVWILUVWFRQVLGHUWKH WKHULJKWE\GHOD\LQJLWVDVVHUWLRQWRVXFKDQH[WHQWWKDWWKH FRQWUROOLQJODZWREHDSSOLHGLQGHFLGLQJZKHWKHU$VWUDLVD RSSRVLQJSDUW\LQFXUVDFWXDOSUHMXGLFH'RFWRUjV$VVRFV,QF VXFFHVVRULQLQWHUHVWWR$'$6$VWUDFODLPVWKDWZHPXVW Y'LVWDMR)G G&LU UHFRJQL]LQJWKDW DSSO\ 5RPDQLDQ ODZ LQ UHVROYLQJ WKLV LVVXH EXW FLWHV QR D SDUW\ ZDLYHV WKH ULJKW WR DUELWUDWH ZKHUH LW GHOD\V WKH DXWKRULW\ IRU LWV DUJXPHQW *HQHUDO 6WDU FRQWHQGV RQ WKH LQYRFDWLRQRIWKDWULJKWWRWKHH[WHQWWKDWWKHRSSRVLQJSDUW\ RWKHUKDQGWKDWLQWHUQDWLRQDOODZFRQWUROVZKHWKHU$VWUDLVD LQFXUV mXQQHFHVVDU\ GHOD\ RU H[SHQVHl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jVSRVLWLRQ Y,1;5HLQVXUDQFH&RUS)G VW&LU DQG DSSO\ 5RPDQLDQ ODZ KRZHYHU WKH DQDO\VLV VHW IRUWK FRQFOXGLQJWKDWWKHGHIHQGDQWZDLYHGLWVULJKWWRDUELWUDWH EHORZVKRZVWKDW$VWUDLVQHYHUWKHOHVVDVXFFHVVRULQLQWHUHVW ZKHUHLWmFKRVHQRWWRLQYRNHDUELWUDWLRQIURPsXO\ XQWLO WR$'$6:HWKXVQHHGQRWUHVROYHWKHFKRLFHRIODZLVVXH 2FWREHU DQG>WKHSODLQWLII@ERUHWKHFRVWVRISURFHHGLQJ
Reference
- Status
- Published