Innes v. Pension Committee of Barclays Bank, PLC, No. 3:2015cv00018 - Document 44 (W.D. Va. 2017)

Court Description: AMENDED MEMORANDUM OPINION. Signed by District Judge Glen E. Conrad on 1/11/17. (hnw)

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clEM s OFFI U. . ST. CE S DI COURT ATCHARL OTTESVI VA LE, FI ED L J !1 2 ! Ad C7 I THE UN I N TED STA TES DI STRI COU RT CT FO R THE W ESTERN D I STRI OF V I GI I CT R N A CHARLOTTESVI LLE DI SI VI UN J U B p C. DL , . EPUTY CAROL F ORESTER I NN/S , J Plitfs anif Ci lA c i N o.3: 5CV 0001 vi ton 1 8 AM ENDED M EM OM NDUM OPI ON NI By:Hon. e E Con a Gln rd .. . BM CLAY S BAN K PLC U SA STA FF PEN SI PLAN COM M I ON TTEE,1 Chi fUnie St t D i t tJ e t d a es s dc udge D ef endant . Ca olFo e t rI r r se nnesfl d t scvi a tonunde t Empl eRe ie e I o eSecl y ie hi i l c i r he oye tr m nt nc m t dt Ac of1 (ç SA',29U. C.jj 1 -461. Theca ei prs ntybéf et c ur on t t 974 ( ER1 ' ) S. 0011 s s e e l or he o t he pa t s moi n f r s mma y j d me t F rt e f lwig r a o ,t e c u twilg a tt ri ' to s o u r u g n . o h ol n e s ns h o r l r n he e o mùi n frs mmayj g ntfld b d fn a tBaca sBa k PLC USA S afPe in Pln to o u r ud me ie y ee d n rly n tf nso a Co te (he ç an Admi sr or'or ç e nf), a de t moton f sl r mmite t ç pl nitat ' E nda def nd ny he i or lmmay ' . , j udgme fl byt pli if nt ied he antf. Backaround lme wa e oyed by Baca Co ri Cor r ton (%CC',a s i ay of l s s mpl rlys mmecal po ai : ' ubsdir ) Baca s rc n r o ain(%AC' a dBaca sBa kPLC t%a c sl,r m Ap i 1 1 81 rly Ameia co p rto ç ' n r ly n ) t rly ' fo rl , 9 t M ac 1 1 o rh , 994. OnFe uar 28,1 BCC wa s dt a aflaeofTheCI Gr pCç T'. br y 994, s ol o n fiit T où CI ' ) U pon t s l ofB CC t CI Im esbe a e a e pl e ofCI She r m ai d w ih C1 untl he a e o T, l c m n m oye T. e ne t T i Innes v. Pension Committee of Barclays Bank, PLC Doc. 44 June 28,1994. lThe def endanti i r cty named i t compli . The dockets lbe amended t r fectis s ncor e l n he ant hal o el t cor ectna e. r m Dockets.Justia.com n x. =ur .> .Y . Att tm eo t s l,I ss r e ast c efEna i oK ce o BCC. I c he i f he ae nne e v d he hi ncal rf n onne ton èi . ' ' . . wi tes l, hea doh rsno e e uie (h S Ex c ieGr u 'rc ie ap y n t l ae s n te e ir x c t s te S hz v BCC e ut o p' e ev d a me t v ) fo as e il o l f si t ea ge aea u t f 35 40 0 w11idvd a s ae r n ig rm p ca p o o imd n h g rg t mo n o $ ,0 ,0 , t n iiu lh r s a gn 1 o $1 50 0t $ 8 ,0 . l n s s aeo tes e il o (h $ o P y n ) s$ 9 ,0 , m 0 ,0 o 6 50 0 n e ' h r fh p ca po lt e To 1 a me f'wa 3 00 0 Th o l p ee ustst e c me e' rc ito hso h rPo l y n wee()s c esu e ny lrq ii o a h' mb rs e ep f i r e o Pa me t r 1 u c s' l e f c mpeino t sl t CI a d()c niu de o me twi BCC tru htetmeo te o lt f he ae o T, n 2 o t e mply n t o n h ho g h i fh s l. Th diput i t sc s c t r o wheh t Pool yme ti pe i na eunde t tr ae e s e n hi a e en e s n t er he Pa n s nso bl r he e mg o t a ia epe in pln. f he pplc bl nso a * . , . As a me r of t BCC Exe utve Gr p, I s was a pa tcpa i t mbe he c i ou nne rii nt n wo Be c a - po or d l ys s ns e pe i n ns p Baca s rr n po ain rly Ameim co rto . pl s an : t he Resa e tt d Re ie e tr m nt Pl n a f or ad n te h ' ( t he S ' BAC Reie n trme t Pln' a' ) Baca Ameimncomo ainReie n Retrto Plnthe% trme Re trtonPlt or rlys rr rto trme t soain a t ' ie nt so ai af' Re $ a '2 rhepe i plns cfc lka is hlt sc s i t Reie ntRetrto Pln. T1n' f nson a peiial tsue hi a e ; he trme soain a ) % . n eReie n Re trtonPlnwa de ipe t s e n t àAC Reie ntPln tr me t soai a s sg d o upplme t he trme a a t pr vi ç r tr me i o e b yond t ma n m be stlmia ins s tby ERI nd o o d eie nt nc m q he xiw ne i tto e SA. Se e BRCLY00 0 3 W ihfs c t ei bii co ai a pa me o be ft,a vesig, 00 4. t eye t o lgi lT, mputtnn nd y nt f ne s nd tn teReie n Retrto Plnic moae tec rlp n ijp o iin o teBACReie n h trme t soain a n o rts h or o dn r vso s fh t me t r Pl n. TheReie ntResorton Pln as i o o ae tz a m i sr tve s he oft BAC a tr me ' t ai a lo nc m r ts le d nita i c me he Rei me t ln Ip o ie ta tePlni t b o e ae u d r h drcin o tePln tr n P a . t r vd s h th J a s o e p rtd n e t e ieto f h a e . 2Thes plnsha snc mer i ot Ba oa Ba PLC USA St pe onPln a t Bar a e a ve i e ged nt he r lys nk e nsi a pd he clys Bn kP Rei me t zo ai Pln fs e E l n LC tr n Re trt a , ep c vey. e on 3ciainst ' tto o %RCLY'aet t a mi s tverc r s p idb ted fn a fm o k t 1 -) ' r o he d nikai e od u pl y h ee d n c e No. 2 1. e Ad ns tr rfre t teena t eReie n Co ie )na c r a c wihtea pl a l miilao (eerd o h ri s h trme t mmite i c o d n e t h p i be c ' . . a nika pr vii o t BAC Reieme Pl n, n t thePlnAfml sr t ' O e ii dmi s ive o sons f he tr nt a a d ha t a l nitaors c son i a matri vi t e i e p e i a a plc ton oftlsPln s lbefna a bi ng. n ny te nvol ng h nt r r uton nd p i ai li a hal i l nd ndi ' ' BRCLY0 00007. Adde nal t e j9. oft BAC Reie ntPln,whih i i or rtd i l md r 7 he y, trme a c s nc poae it t e Re me t Retrto Pl te Pln Ad ns tr (eerd t teen a te no h ee n so ain o h a miikao rfre o h ri s h Pe in/ nso Thdq Commite i grne Rlee l i rg ,po ra dsrto t i eprta te ) s a td tl xcusve iht we nd icein o ntr e éy ' . a a1 pr vii o t Pln a t d tr i e i biiy f be ht u rt Pl a t nd 1 o sons f he a nd o e em ne lgi lt or ne s nde he m nd o d tr n 21 u sin o fc ta ma aiet eemd rl' BRCLY0 0 9 . eemie q eto s f a th t y rs h rt e l ' 00 3 'h p o iin g v r ig t e a t o b n ft p y be t p rli n s u d r t e l e r vso s o e nn h momt f e eis a a l o nt pa t n e h ' c Reie ntRe t r ton Pln i o o ae by r f r nc pr vii r lt d t t c lulto o tr me so ai a nc p r t e e e e o sons ea e o he ac a in f pe i be ft u rt BAC Re ie e Pln. Se BRCLY000 - I fln t be st nson ne s nde he trm nt a e 005 6. n ar , he ne s pa b eund r! BAC Reie r Pln a ec c ae w11 r f rhc t t tpln' d sniin o ya l e he tr mei a r alultd t1 e e ç e o ha a s e to f t Ecompe ai ' Tha de mii wa a nde i 1 2,t ye spro t t s e ofBCC t s ns ton. ' t f ton s me d n 99 wo ar ir o he al o CI T hea ndme pr vi d i pe tne tpa t a f l T. me nt o de , n ri n r, s olows: . Compe a in me ns f a Empl ye t ba epa s lr o wa pai t hi ns to a , or ny o e,he s y, aa y r ges d o m b t Empl r pl ove tme c mmiso , nus spai t oug t e o t y he oye, us ri , o si ns bo e d hr h he nd f he c lnda ye ri whih hi Ac r dBe l i dee mi d,M n ge ntl e ae r a n c s c ue nek s t r ne nn me nc nuve P m et (x etsc py nsma edlig1 3,icu i slr rd cin a ns e cp u h ame t d ' n 98) n ldnq aay e uto r an u t ma ep l tt S cin 4 11 S cin 1 5a d S cln 1 9 b s al io ns d mspn o e to 0 4 e to 2 n e t 2 , ut h l 0, o n t icu e sv rq e pa,sa -a o rtnin icnie,drcos fe, o n ld e ea c y typ y r ee to n e tv s ietr es m a ge nt i e l pa nt whc we e de e r d purua t t a de er na me nc ntve yme s h r f re s n o fred c mpe ai ee to by t Empl e or a a omt c hi t d t t o ns ton lc in hr oye , ny m t s on bu e o he Emplye pu sln t t s Pln o a o he be st pln or pr m o t o e r lq t o hi a r ny t r ne a ova f he Empo e (x e tv a h ri a o s p ltd . ly r e c pi: s een b ve i uae ) BRCLY0 0 4 . I Jl o 19 ,h BAC Reie n Pa wa frh ra n e t maecer 0 2 5 n uy f 9 4 te t met ln s ute med d o k la r t a te P o Pa me t wee n tp n in be S e BRCLY0 0 2 CEfe tv a o J l 2 , h t h o l y ns r o e so a l. e 0 0 4 fcié s f uy 6 1 4, a o tr c i b aPa tcpa ass c a pa s a pa ors ve a epa i cl i b 99 no m un e e ved y ri i nt pe i l y, t y y e r nc y, n ud ng, ut 3 no lmie t a a t i td o, ny mountpad fo a poo o f s c e td i c ci wih t s e o i r m ny l f und r ae n onne ton t he al f Baca Commecal porton,s lbeicu di t de tc cfAn lCo ps to ' rlys ri Cor ai hal n lde n he gniin nua mpe ain. ). I M a of1 4, o n Am't , Ba c a ' ns o a i s t r s ntI sa ot rf m e n y 99 J b ao r l ys pe i n dm nika o , e nne nd he or r BCC e c i s lte s r ga di t i de er d ve t d pe i n be st t r t Resae xe utve etr e r ng her f re se nso ne s mde he ttd Reie ntPln a dt Reie ntResor donPl n, l ngwih s e n sc f i ngt be st tr me a n he tr me ta a ao t tt me t on nni he ne c lultonsf re c pln, The a t oft oalc ac ai o a h a mo ml ' t ompe ai 'on whih t Re t ai n Pln t ns tpn' c he sor to a be ft wee c lult d hcud t Pool Pa n s r ceved by t e c i . ne s r a c ae l ed he yme t e i he xe utves BRCLY0 8 l es wa a vip t t s wo d r ceve a m o hl be st of $1 5 84 001 4. nn s d s d ha he ul e i nt y ne , 85. pa bl fo t Re t r tonPln,i a ton t a$2 8 5 mo hl be ûtunde t Re tt d ya e r m he so a i a n ddii o , 04.8 nt y ne r he sae ' . Reie ntPln. tz me a Ahe i wasds ovee t tt Poo Pa nt ha br n i l d i t pe in be ft rt ic r d ha he l yme s d e ncude n he nso ne c lu ain ,h Bcc e e ui e weesn Re le 'ltesc re t gteer r Ine 'çe ie ' ac lto st e x c tv s r e t rvs d'etr or ci h ro . n s G vs d' n r lte ,dav Aug t8,1 4,o te t mon hl be stt e t Re t r ton Pl n,a i t a etr t d us 99 mitd he t y ne md r he so ai a nd nse d idc tdta Rth c re t leo ge) so ainPlnb n f i tea t o $ 012 wil n ae h t l e u rn vau f h r Re trto a e e t n h momt f 1 .0 l l bepad i t ef r ofatt lll s diti i n h om o a lmp um srbuionca h- l ' BRCLY0001 5- 8 s oi' 8 ' 6. 1 I 1 6,tn me r oft BCC Exe utve Gr up sld s ti t Unie S a e Ditit n 99 e mbe s he c i o e ui n he t d t t s src Co r f rteW e tm bitito No t Caoi a c aln igt ed ti n to ta t erP o u t o h se src f rh r ln , h le gn h eemiain h t h i o l Pa n s we e no pe i bl. yme t r t nsona e See Bo yd v. Resa e Re ie e Pl n f r tt d tr m nt a o - Baca s rc n r o ain No 3:6 CV-0 41 X . N . 1 9 ) (h G v c s n. tly Ameia co p rto , . 9 - 0 3 D. C. 9 6 te ' d a e ) Bo Alho l swasnotapa t t t l ws t s wa d pos ddurngt c ur eoft ltga n t ugh nne ry o he a ui he s e e i he o s he ii io i J of1 n une 997. Du i he d po ii I st sK e t ts wa a ke t beapli tf nt e rng r e ston, nne e t d ha he s s d o a n ifi h lws t tma t ti n a de ii ' tt dos BRCLY000 a uibu de he i na cil c son'no o o. f 200. I nese anedt ts n xpli ha he 4 wasy mg rt ma o tz ot rBCC e c i s a t tRheprs n vaueofa a diina ot e h% n# f le he xe utve, nd ha t e e t l ny d to l b n f t (ei in'warn teiv sme t ftelg le sfrtes i' J e eks o h r dd t ra t h n et n o h ç a fe o l ut' #. l On' Aùgus 3t, 3,heBaca Pe inSe vc Ce e sntI salte rgadi he t 201 t rlys nso r ie ntr e nne etr e r ng r ' . pe i n be e o i ,aongwih t f r st ts wo d ne dt c lt t be n r c i ng nso n ft ptons l t he o m ha he ùl e o omp ee o gi e evi . p y n sefcieDe e e 1 2 1 . Th lte idctdta s ewa e tt dt a$ ,0 5 a me t fe t v c mb r , 0 34 e etr n iae h t h s n ie o 2 8 4.8 l .. ' , . . ' . . mo t l b n /tu d rtep o iin o teBaca sBn k PLC U. A.SafPe so Pln. I nhy e e ' n e h rv so s f l rly n l S. tf n in a t ma en me to o a ymo tl Vn ft n e teRei met soainPa d o nin f n nhy e u drh te n Retrt lm r o 0n Se e r20,201 I es t ough c s l c nt ce t Ba ca Pe i n Se vie ptmbe 3, M , hr oun e, o a td he r lys nso r c Ce e byl tra r que td c pi soft BAC Reie ntPlnan t Reie ntRe t a in ntr ete nd e se o e he tr me a d he tr me sor to Plm l sas r ue t d a e pl nai o he pe i n be s i l ng a be l t e a nne lo eq se n x a ton f r nso nest, ncudi ny neks md r tz Rehvme Resor tonPl . Afe l sf ie t r c i ar s et t l/er he a t e le t nt t ai mz tr nne ald o e eve e pons o he e , r tom y ' , ' s nta s c lte t t Ba ca Pe i Se vc Ce eri Odobe of201 r ie ai t e e ond e tr o he z lys nsbn r ie nt n r 3, etr tng he r q t m a e1 t e rirlte . e uess d he a le etr . On No mbe 22,201 I s s ve r 3, nne ubmitd he a i ton f rr tr me tbe st. l g te r pplcai o e ie n ne s nne i c tdt ts WasRe pr'l rsr i a1l ala e uia erg st cmm he e ilme ndiae ha he x e sy ee vlng) l eg nd q tbl iht o l' r ntte nt s t t a ii l be ft due he l r t Reie nt Re t r to P1n, P1' Sup .t o he dd tona nei r mde he tz me so a in a ' .s pl o ' . Admi sr tveR.Doc tNo.1 a 1 nitai , ke 6 t 8. 0p M a c 5,201 ï s fld s t t e ERI al gi i e alw t ttl na e rh 4, nne ie ui md r SA, le ng, ntr i ha le m d de e n si ope l f ie t pa be Et d t rt Re e ntRe t r to Pl Se f nda t mpr ry al d o y ne s ue mde he dr me so à in an. e Tn sv. rlv Bn kPLC US S e pe so P a . . :4 0 0 ( . Vm 2 1 ) n e n e Baca s n A t n in 1n No 3 1 CV0 0 8 W D. 0 4 . d f nda t s bs qu nty move t dim is t tcnm unde Fe r Rul o Ci lPr e z ee ns u e e l d o s s ha li r de al e f vi oc du e 4Th Bacag P nin S rie Cetr i a ti p ry ta q r r cr i miieila d e riy e s evc ne s hr at h t ef ms et n ns r n o d o a ta admi sr i f nci on be l oft Bar aysBankPLC USA St pe i Pln Commit , nitatve u tons haf he cl ns nson a tee 1 (9 6,b s di p r u o t epani sfile t e h u th ra miitaierme is On 21 4) a e n a t p n h lit alr o x a s e d ns tv e de . T z De e r 1 201 t c r gr ntd t e de e t 'moton,an dimis t c s wiho c mbe , , 4, he ou t a e h fnd= s i d s sed he a e t ut p eu iet alw tep ani h o p + nt t stsytee h u t nrq e n . Se Ga l rj dc o l h litf e p o iy o aif h x a si e e me t e ye o ft o v- . UntdPac l m i r d Se e . n .40 F.d2 2 2 6(t Ci. 0 5 (AnBRI A wefr b n ft ln I q. 1 3 2 , 2 4h r 2 0 ) d $ S lae e ei p a pm ii n mus bot pu s a e us pl r me e beor gan ng a c s t t f de a cpa t t h r ue nd xha t an e dis f e ii c e s p he e r l C .) O '. ' Pro t tl e ty oft c r' me r ndlm o non a o de ,l s s b itd a i r o le nr he ou ts mo a l pi i nd r r nne u m te n a i ain f rbe ft N d rt Reie n Re t ai Pln. By lte d t dJ r r 26 2015 pplc to o nçis e he tr me t sorton a e tr a e ama y , , t Pln Admi s t r d nid I s cai f r be ft. l s d ng,t Pl n Ad nikaor he a nika o e e nne ' l m o ne s n o oi he a mi s t e ane i pe tne tpa qasf lows xpli d, n ri n r ol : On o a utFe r 28 1 r bo bma y , 994,yo m c i d a s ca pa e ti t a u eve pe il m n n he mountof $ , 390000. Thi s c a pa e twa e pr s l pa bl o y upon t s c s f s pe il m n s x e sy ya e nl he uc e sul c omplto o t e s l ofyo e o r Ba ca Comme ca Cor r to a ei n f h ae ur mplye, r lys r il po a in nd wa o f r d t r t i yo a a ke e c i un t cosng o t s l Thi s fe e o ean u s y xe utve dl he l i f he ae. s s ça pa e as wa i e e t i e yo oc G but f ly t t s c sal pe il m nt lo s ntnd d o nc nt ut on e ul o he uc esf c osng oft s e o yo e pl ye . l i he al f ui m o r Th Plnsd fnio o pe so a l c mp n ain i c nan di S c o i3 o e a ' ei i n f n in b e o e sto s o tie t e i n . f l t Re tt dRe ie ntPln oft Ba a Ame ia r r ton,Ame d al he sa e tr me a he mlys rc nco po ai nde t d r sae J nua y', 1 ( E t e ntP1 ' . Se io 1! oft Reie nt e ttd a r 1 989 t ' i me an' he Re r ) cin . he trme Pln s c fc l e l s 9o t d f to of pe i bl c a pe i aly xcude m he e miin nsona e ompe ai n ns to R e r nc pa sa pa or r tnto i e i s' St y pa a r tnto s ve a e y, ty- y ee i n nc ntve . ' a y nd e e i n i e i a eus d by Ba c a i c nc ntves r e r lys n onne tonwih di siu e asame ha s t ci t ve tt r s c nim o r t i ke me r o a e c i t n dl i a s l pei d a t a ve ean y mbe s f n xe utve e m l ng a e ro nd he bo r de ton ofpe ina e c mpe ain r Secs Ba cay pr tce of ex l ng fnii nso bl o ns to e t r l s aci cudi t pe ofc mpe ain t ta enotge rly a ia et ale oye s y s o ns to ha r ne al valbl o l mpl e . , Yo r c i d a lte i M a of1 4 fom M r Amao ofBa ca t twa a u e eve e tr n y 99 r . t r l ys ha s n e t t o y u Plnb n ft (o ye co e ) Du t aceia er r Mr Amao si e f o r a e ei c p n ls d . ç o lrc l ro, . t ma s i o r c l i l d yo s ilpa e a pe i bl c mpe ai f 1 nc re ty ncude m. peca m nt s nsona e o nston or 994 o tescn y g ö t tlt r Upo dso eyo teceia errM.Amao n h e o d a e fhy et . n ic vr fh lrcl ro, r t e . s n you a r vle e tma e o Augus 8 1 4 t td d noti l e yo s cal et e s d si t n t , 99 ha i ncud ur pe i p m e t s e so a l c mp n ain(o ye oo e ) a n a p n in b e o e sto c p n ls d . M r Ama o' s c e tmaeofyo Pl be ft i c r c be a èyo s c a . t s e ond si t ur ml ne s s ore t c us m pe il pa e wa a r tn i i e i orsa pa a t e Pln s cfcal e l es m nt s ee ton nc ntve t y- y nd h a pt i ly xcud bo ht peso pa e sf m t de tonofpe i bl c mpe a in. t y f m nt m he snii nsona e o ns to BRCLY0 81 001 . In sap ae ted na o h rcam frbn sst e teReie n Retrto Pln n t p e ld h e il f e ll o ee t md rh trme t soain a . 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The Pl n Ad n s t e ai d t tsa pa a rt nto i e tve we e o ns to a mi ikaor xpl ne ha t y y nd e e i n nc n i s r e l edfom t de i to o R ompe ai 'pùrua t a a nd e tad t d on Jme 1 xcud r he fnii n f c ns ton' s nt o n me m n op e t 9, 1 92, o be o eI sr c i dhe Pèol m e t a d t tt pup os oft a e m e wa t 9 l ng f r nne e eve r Pa n , n ha he e he m nd nt s o me raieBa ca 'c mo i lz r lys ompe a in pr ciesw11 r pçc t e oye sc i a t t s l ofis ns to a tc t1 es t o mpl e ric l o he ae t n n o eb sn se . BRCLY0 0 4 . 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' 12 AsteFo rhCic irc n l e pan d tth tla rp da n' uesr e teg aso h u t rut e e ty x lie ,t q e ce r e u iio rl ev s h o l f l sa e o l tto s t çrmoejsieb pe etî$ s rrssY o htervv l fcsmq tmts f i ain,o po t utc y rv nim upit ug h e ia o li mi - . t . v t t ha be n al d t slmbe un i evie e ha be n l t. e o i s ha f d , a d ha ve e lowe o ll r tl d nc s e osym m re ve a ed n wine s sha dia pe r dy Or ro R. Tee a r v,Ral y Exn e sAr nc .I.. 321 t s e ve s p a e ' e f R. lgr phes -iwa rs y n . 4 U. 3 2 3 8 4 ( 9 4 , n t e c u a eça i rs lto so ds ue ,Cre . 01F.d> 4 . S. 4 , 4 - 9 1 4 ) a d o n o rg rp d e ou in f ip ts' y 2 j t 7' ' Bo 6 F.App' a 732. Rf s go s 'r s r e whe t e a c u dae a hor t nd, 37 x t 'he e al a e e v d n h c r al t nc s he lmi t n p ro t apàni srao a l ds o eyo ato b eh nm' J ( u tn M ie. i t i s eid o litœ e s n be ic v r f cina l n ' Z q oig l r ao ' l 4 5F.da 5 2 . 7 3 t2) Ap yi t ce rrpudito c nc pthee t c r c l st iI s cnm fr pl ng he la e ain o e r, he ou t oncude ha nne ' li o be l i untmey. Ime wa puto no e t the Poo Pa e twoùl no be te td a neks s i l r s s n ic ha r l m n d t r àe s pe i na ec nso bl ompe ai i ' ugus of1 4,whe s r c i d a Re s d'pe i c lulto ns ton n A t 99 n he e eve r vie ' nson ac ai n s ngt the Reie e Re t r tonPl nbe l t ae $1 20, nd t ti wo d bepa di howi ha r tr m nt so a i a nek ot ld 01. a ha t ul i n a ll s diti i ls a plc bl tx wibhodi , BRCLY0001 1 s e a s lmp-um srbuton, e s p ia e a t l ngs 85- 86; e lo BRCLY0 01 9t(q wa ce rh th . : n esi t elt rddn t elc tego l p y n 0 9 oIt s la ta te . n mb r n h et i o rle th p oq & me t l e a pat ftep n in b eb s.) Byt etmeIn sr c i dt er vs dc luain,n e wa s r o h e so a l ae'. . h i n e e eve h e ie ac lto Tn s s ' ar a a r ofBrca 'poston t tt PoolPa e woul notbe ke t d aspe i bl le dy wa e lys ii ha he m nt d ae nsona e * . c ompe ai ns ton. She i c t d durng he 1 de ii n i t Bo ltga ndla e i r 997 posto n he yd ii don t tpe i n ha nso is sweeç s us eds n a trt s l t kplc ' BRCLY0001 s ue r t c s oo fe he ae oo a e. di ' 99. M t houghl sha t nne d he o p r miyt ont e nnif i teBo dc s , o lk h rtb is ew11Baca s p sto p o h t oj i h plltfs n h y a e wh ,ie e,o k su t1 rly ' o i n l ont Poo Pa e s I sma t c ns i de ii no t do s bas d o he t n- xifng he l m nt, nne de he o cous c son t o o, e n r he e s beift tte vaue ofa y ad to pe in bene sdi no j tf t c to ltgain. le ha h l n diinal nso ft d t usiy he os f ii to Ei t e ye r ltr whe s wa cos t 6 l sc nge he mi a e e t d t 5l s t gh e n a s a e , n he s l e o 5, nne ha d r nd nd l ce o e ui. W hie t pos i lt ofa ii lpe i be f may ha be o e môr i rn t l ne l he sbiiy ddtona nson ne ks ve c m e mpo fnt o n s 13 o c s ra h drt e n a e teGco n e n o al tto sp rb n e n t. . wat n e he e c e ei me t g ,h l lmme c me t f i ain eid e d o . a i r l mi t da ofc he wn omplt éwa e s 'ont pa t fapli if w mba hv. i eonPs t' s 98 ee rne s' he r o antf Bnl ug Plnc t rn r . 5 e F.d 1 7 1 2 (t Ci.1 9 ) Be a s a y rg tta In sh d t mo tl p n in b n ft 2 5 , 6 4h r 9 3 . c u e n ih h t n e a o nhy e so e e s unde t Re ie ntRe t a in Pln wa de ry rpud ae by Ba ca i t mi 19 ,he r he tr me sor to a s a l e it d r lys n he d- 90s r cam f rbe st i ba r dby t a ia esa ueoflmia ins li o ne s s rp he pplc bl tt t i tto . 2* R e e f A bus ofD i c 't o vi w or e s r in e Ev n i T ne ' cam we e no tme ba r d,t c ur c ul no 5nd t t t Pln e f n s li q . t i - re he o t o d t ha he a Admi itaora e isdic ei i d nyi he cam . The de iin wa s ppore b t n sr t bus d t s r ton n e ng r li cso s u td y he l ngu geo t Pln,a t ç vi ncekn a a f he a nd he ç de e own t t pln a m i sr t r' tt tmet d c so o he a d nita o 'a he i he e iin wa ma e Hetn. 0 F.d3 3 3 6(t Ci. 0 3 ; e as Do n lv, er . f 1s Co, s d . l 7 9 3 4 , 5 4h r 2 1 ) s e lo n el M to Lie , . o 1 5F. p' 2 8 2 4( t Ci. 0 6 CA.weh v n td jiiile iw o ter ao a ln s 6 Ap x 8 , 9 4h r2 0 ) s a e oe ,t ca rve f h e s n be es d of(heplna nitao 'jde iini lmle t t bo ofe d ncebeor t a ni ao é t a dmi srtrs cso s i td o he dy vie f e he dmi e tr t tet irjce ( eplit s cam.) Athetleo tesl o BCC t CI ' eo eaie h i t ee td t ani j li ' . t iz f h ae f me h œ ' i o T,h p rt t v de to of pe i bl t oipe ai n' e l d ' tysnii n nsona e t n ns to ' xcude s a pay o r tnton i e i s' c s r ee i nc ntve . ' BRCLY0 245. ThePlnAd nikaorc l dt tt Poo Pa me tma t Inesupon 00 a mi s t oncude ha he l y n de o n te sl o BCC tl wiln ta c tg r a ( tu , wa n t pe in be 'h P a h ae f el tl h t ae o y n1 h s s o nso a l. f e ln l . Ad nitao ' de iin wa s re by ame a tm fom Ed r Bo t Pr sde tof mi sr trs cso s uppp td mor ndl r wa d yd, he e i n BCC, nwhc h a d esd teRtrto rs s'a s cae wi tesl o t ec mp a d i ih e d rse h atiin ikll' so itd t h ae f h o mm h h r qu se t tt ' yme sbepadont da o cosng, ondi lo yon e o nta t t e e t d ha he t pa nt i he y f l i c fona nl mplyme t ha dae' BRCLY0 26 Thede ii wasas s re b lne 'ownd postontsl ny i t.' 00 6. cson l? uppo td y n s e ii etmo ,n Fhc s esae ta dt su d rto ta t ep o wo l b p y beu n( e d t o sl, u ih h ttd h tt wm n eso d h t h o l ud e a a l po t l ae f ae b t i h 6I lgh oft cour' ct l in t I s cli f be isi baredby t sa e oflmi ins n i t he ts mcuso hat nne ' am or neft s r he tmt i tto , t c tne notde dewhehert de e eoflc sa ist t scai . he our ed ci t he f ns a he pple o hi l m J , * be nd t t c ndto t r we e no ohe q lf i c iins at c d. BRCLY0 9 yo ha o in, he e r t r uaiyng ondto ta he ' ' 001 7. Pa e st ta ec to lo y o co iuede om e tu gh t edae ac mpan i s l m nt ha r ondii na nl n ntn ppl nt lw h t o y s od ' . ae rto ly c rcei d as sa pa orrtnton i ntve a t Pln Admi s tr r ainal haa trze ty y ee i nce i w nd he a nikao o r td we l wihi is dic ei i cayiyi t m a s h. M o e f t Pl n pe ae l t n t s rton n l sf ng he s uc r ove , he a Admi s t ' de ii i t s r ga d w; c nsse twih e rir it r e ai oft Pl n, ' nitaors cson n hi e r s o it n t a le n epr ttùns he a i l ngt e t tg ve rs t t Bo c e. Ac o dngl de ngl nes cni f rbe ft ncudi hos ha a ie o he yd as c r i y, nyi n ' l m o ne s wa ar a o bl de ii ba e ont i or ton a ia e. s e s na e çson s d he nf ma i valbl 1 , The c r i notpe s de b I nes c ii im o t mae il r viwe by t Pln ou t s rux d y m ' rtcs f he tra s e e d he a Admi sr t . I pn c a , l s tkes is wih t f c t t t Pln AdmM sr t pitaor n dlulr nne a s ue t he a t ha he a taor c nsde e ame r nd prpa e by c e i t Bovd c s r a dl t tlws t Gi n o i rd mo a um e r d ouns l n he a e eg r ng ha a ui. ve t smia ii be we nt et c s s howe r s me ha t sl rz t Boydligai f r he i lrtes t e h wo a e , ve , o one d o lmma ie he i ton o t Pl Admi sr t . Si e t c e wa ltg t d ne ry t n y ye r a i was no l mz w nitqor nc he as s iia e a l we t a s gb, t t 'n e s na ef Ba c a 'c r n c t e , lr a o bl or r l ys ure t oms l who as s r e a c unR ofr c di t Bovdc s , lo e v d s o el e or n he ae t b teo et d s . Th c u tie s rj cs l s ag me th t c nlc o itrs titd o e l n o o o e o r lk wie ee t Ime ' ru n t a a o fit fnee tane z t PlnAdmi srt rsd c so hee. I i t s t dt tasr cur lc nfitdoe e s, h he a nitao ' e ii n r t s mdipu e ha tu t a o lc s xit s we t Pln Admi s trI h e l tscamsf rbe ft a pa be f dnm s' M e Lie he a nikao t bot vauae li o neis nd ys nek i . ' lo. f I s Co v Oln 5 4 U..1 5 1 8( 0 ) Ho v r ac v n . . ' e m 5 S 0 , 0 20 8 . we e, o . - ito itrs i t u p es n c f neet s t t n mo g b ma y fco s i d tr n n te ra o a ln s o t e (ln Ad nsrtrs dsrd n r n a tr n eemii g h e s n be e s f h P a mlltao ') ice o ay d tr n to ' Ch mpo v. a k& De k r( S.I c. 5 F.d3 3 3 9(t Ch. 0 ) s e eemiain- p in Blc ' c e U. I n .5 0 3 5 , 5 4h .20 8 ; e as Pio n a e v O1 Do n o F eM tLie I .6 0F. u p. d7 8 78 . . Va 2 0 ) lo e e h M n . d miin rlh n .nc. 4 S p 2 7 , 5( D. . 0 9 + , . ' . Cl v n i tea mlikao i a t g t e ac n l to itrs, tec u tR s c nh t Bq e f h d n s tr s ci md r o fi f nee t'h o r mu t o tme o n c ' a pl a de e e i sa r ofr vi w whie we g ng t c it a a f cor i de e mi ng p y f r ntal tnda d e e l i hi he ov c s a t n tr ni wh te teei mla u eo dsrto .)(i to a d itra q oa o mm'so te ) As eh r h r s b s f ic ein' ct in n n en l u ti n k mitd . ' a 15 . ' . dic s d a ve t c ur sndst tt Pln Ad n s t rsde iin t de l ne 'cai f s us y bo , he o t ha he a mi ika o ' cso o ny n s l m or . be ft wa r a ona e, The c r i no pe s de t tt pr s nce ofa sr cur lc nfi t neis s e s bl ou t s t rua d ha he e e tu t a o lc i o ry i nc dt tde ii n. mpr pel nque e ha c so F r h s ra o s tec ù t o cu e ta ted fn a ti e tt dt sl r j d e t o t ee e s n ,h o r c n ld s h t h ee d n s nie o l y u m n l mma o t ecam frb n ft u d rj 0 ()1@)o ERI A. Thec u t l g a tt ed fn a ts n h li o e e s n e 5 2 a() f S o r wil rn h ee d n ' ) ' ' mo o frsl i u m e t nti cnm a dd n l n s moinf rsl' r ud e t in o l mmayj d n o ls li n e y n e ' to o l mayj m n. z m II. Cl m f st ut dam aees ai or at orv Ime a s s e t r c ve sa uor d m a e a ar s toft dea i r s ndi t he r s lo e ks o e o r t t t y a g s s e ul he ly n e po ng o r r que t f r tr m e pl n d lm e t . Th scam i b o g t us a t oj5 2 c()o ERI A, e s s or e ie nt a oc l n s i li s ru h p ru n t 0 ()1 f S whihpr vi e ,i pe t ntpa ta f l : c o d s n ri ne r, s olows Anya nitatf.. who fiso r f e t c dmi sr o . a l r e us s o ompl wihar qu tf rl o ma in y t e es o ' r to nf whc s h a m m itaor i r quie by t s tte t flnih t a pa tcpa or 'h uc d ' sr t s e r d hi il o l s p r rii nt b n/cay(nessc fi r o rfsleut fo matr rao a l by nd e e ir u ls u h al e r eua rsl rm t s esn by e o u s e tec nr l' tea miitao ) ymal gt emaeile uetdt tels k o h o to o h d n srtr b ii h tra rq se o h at n wn f n a r s o t r qu tng pn tcpa o be fc a y wihi 30 da a r s h dd e s f he e esi rii nt r' ne i r t n ys he uc r q s m a i t c ur' dicrto be pes ly la e t s h pa tcpan or e ue t y n he o ts s e 'n l r onal ibl o uc rii t be sca y i tz a t to up t $1 a da o t da e ofs h'al e or ne ir n le mou! f o 00 y m he t uc f im r f n, ndt c ur m a i isdic ei o de s h o h rr le a i de mspr r ehg la he o t y n t s r ton r r uc t e e if s t e ope . ' . 2 U.. j1 3 4)1. F rtef l wigz ao s tec u t md t a In si n te tte t 9 SC. 1 2 0() o h ol n e s n , h o r f s h t n e s o ni d o o i sa t r da ag s tm p y m e . Un e t epap ln u g o j 1 3 ()1,cv lp n le c n o l bei o e u o a d r h li a g a e f 1 2 c() ii e at s a ny mp sd p n n i R d nikaor'who fiso rfs !t c yw11arq s f pl docl nt. J s e2s a mi s t ' al r eu e o ompl t1 e ue t or an lme s Z; e o fl esv. f l . . N. . F. pp. 768 7 ( Md. ) ERI de ste -or Lie ns Co of Am.770 Su 2d , 73 D. 2011. SA fne l z - t dnlnikao'a çi tepes ns ci al s d i ae byt tr oftz i t me unde ç i s tr' s ç) h ro pe fc ly o esr td hç ems le nsnl nt r a ( whihtep a i o eae ; i i a a miitao i n t od sN ae ,h pa s o o ; r(i i c h ln s p rtd (i f n d nsrir s o s ei td te ln p nsr o ii n ) ) t e c s o a pln f whih a a nikao i no de ina e a a pl n s orc nno be h a e f : a or c n dmi s t r s t sg t d nd a pons n t 16 ie t id s c oh r p ro a t S ceay ma b r g lto p ecie' 2 U. C.j d ni e , u h te es n s he e rtr y y e uain rsrb . 9 S. f ' 1 0 ( 6( . 0 2 1 )A) I t s c s ,I nesdie td h ri ta r qu ssf pln doc m e t,t whih s di not n hi a e n r ce e niil e e t or a p n s o c he d r c ieatmeyrs o e t t eBaca sPe inSevc Ce trCs r ieCe tr) atidp ry e ev i l ep ns ,o h rly nso r ie ne e vc ne', hr a t ' a t tpef ms c ran mi s: i a d a ml sr tve f nc ns o be l oftw dee nt I i ha ror e ti nitral n d m'tai u uo n haf l fnda . t s t s t d t tt Se vie Ce e i n t de i naed pln a mi ita o . I sne rhee s mdipu e ha he r c ntr s ot he sg t a d n nrt r nne ve t ls a gu st ta a r e ha n wmd ofsa o y d m a e i a o it bec us t Se v c Ce t rs r d asa tmt r a g s s ppr prae a e he r i e n e e ve t f c o'a mltaor t a t ' dmi sr t . de T Fol t Cic thm no ye e à d t s f co'a nitaordoc rne,at oug ç The l h r ui s t t ndore he de a t dmi sr t r ti lh h s ot rCic t ha dones ' Flrs 7 0F.S p 2 a 7 3(in Ro e v. ome he r uis ve o. o e. 7 ' u p. d t 7 ct g sn TRW . . i hc. . 9 9F.d 1 ,1 39 ( 1h Ci.1 9 ) L w v Er s & Yo n , 5 F.d 3 4 3 37 (s Ci. 7 2 91 9 - 4 1 t r 9 2 ; a . n t u z 9 6 2 6 , 7 -4 1t r 1 9 :. I se d teFo r Ch ut a h l ta teT d nsrtr'md ra ERIA p a i te 9 2 n ta ,h u t t ih s ed h th ç miitao 't e n S lù s h h a e iy d fne a s h by ERI a t ta e iy do sno be o eapln a nitaors>pl ntt e d s uc SA, nd ha n ntt e t c m a dml sr t i y be à e i ha c rai d dmi s tve r s nsbiii s' Colma v.Nai de Lie I .Co. c us t s e t n s nilai e po i lte . a ' e n tonwi f ns . 9 9F.d5 , 2(t Ci. 9 2 ; e as S n aa . a h( ea Ho p. Le a 1 2F. u p 6 2 4 6 4h r 1 9 )s e lo e tr va Be c ka rl s v. Be m 8 S p . 2 5 8 5 6( D. . 0 2 ( e l igt a pyte< efco' d nsrtfd crn , n h lig d 1 , 2 E. Va 2 0 ) d ci n o p l h s a t 'a miitao o tie a d odn , n d t rColma t ta c tc n i mde e m ha our a not mpos a ad nika o ' sa or dute o a t re iy e n mi s t rs t mt y i s n nohe ntt u ls ta e t y me t te sauoy d snto o f d n srtr) I te a sn e o a y ne s h t ni es h tttr e iin f ' miitao o. n h b e c f n t a a t iy c mpeli i t d s t sc mt lkeot rdid c c trsi t Fo t Cic t de lne uhort o lng t o o o,hi p i he s t olt n hq urh r ui, ci s t a ptt Rd f c o' dmi s t do ti Ac or ngl a aci oromiso o t pa t o do he e a t 'a nikaor crne. c di y, ny tons si ns n he r oft Se v c Ce e ,t e tt t who t ul wee r que t f docl n sweea e s d, he r i e ntr he n iy o m he mnq rd e ss or lme t r ddr s e d n t iers t acnm frsauo yd ma e u e j5 2 c() o o gv ie o li o tttr n g s nd r 0 ()1 . 17 M or o r e n i asa u o ype ly c ul bea s s e o t ba i o t eSe v c Ce t rs e ve , ve f tt t r nat o d s e s d n he ss f h r i e n e ' f im e t r s nd t d lme tr q t,t c ti o t o nin t t s h pe t i not al o e po o ocl n e uess he our s f he pi o ha uc naly s wa r t d i t e i fntc e. I dee mi ng whehe t i rmle n h nsn as n t r ni t r o mpos a sa or pe t c urs e tmt y naly, o t c nsde s v rl fcos icu ig ( ) R rj dc t t e p ani ; () Rh nau e o te o i r e ea a tr n ldn 1 p eu ie o h litT' 2 te tr f h . a miitao ' c n u ti rs o dn t tep iia tsrq etf rpa d cl ns'a d ( ) d nsrtrs o d c n e p n ig o h e cp n' e u s o ln o l t' n 3 me f nl a in, ubl,a e ns 'i uredbyt pli tf. Da sv, ahe so 97 F. 7 f e to ko e nd xpe e'nç r f he an if vi Fe t rt ne. 3d 34, 7 83 (t Ci.19 ) On b lnc teefcosweg a anta a r o d mae h r. 3 -9 4h r 9 6. aa i h s atr ih g is n wad f a g s ee Onc 11 es r que if rpln docl nt a m al m a iswa t t d f nda t t d me s e 1n .' e s o a l me q c ly de t y o he e e n , he owl nt : weep o u e h atmeymn n r a dIn sh sn ts o ta s es fee a yp eu ie9o r r d c d z i l n e , n n e a o h wn h t h u rd n rj dc m notr c i ngt m s one . I nesha ar a r t i d c t e a t tmes i iilyr que t d e eyi he o r n d le dy e nne oms l t he i he nta l e se t do me t 9om t . r i e Ce t r a s wo d ha i vi y ha t ;l s tunde ht ot n s he Se v c n e , nd he ul ve ne ubl d o e ui r EM SA t puruehe cli f rbe st ,n lgh o t de e a ' postont a he Po Pa e o s r am o ne s i i t f he fnd nts ii h t r ol m nt Fa no pe i na e. W hiet ec ur r c nie t tI sma ha e re edfu tai a a s t nso bl l l o t e og z s ha nne y ve xpe inc r srton s z r s l oft dea i r c i ng c pi so t r que t dpl n do l nt,he ne d f ne c pi s e ut he ly n e evi o e f he e se a cl me s r e or w o e r s t d o he ne ry t n pye r dea i a s ri h r e ilme t be ft u rt e ule m r a l we t a ly n s e tng e ntte nt o ne s nde he Reie n Re t r ton Pln. I e d I ne he s fa kno e st ts no l e had c pi tr me t so ai a nd e a n s rel c wldge ha he ong r o es o t docl n sbe a e o t pa s geo t f he lme t c us f he s a f hne. Fo teerao s tec u t eln st a r sa o yda g su d' j1 3 4)1 . e r h s e à n ,h o r d cie o wad tmtr ma e n e 1 2 0() Th r d fn a tsmoinfrs mmayj d me t lb ga tdw1 rs c t ti cam. ee d n' to o u r u g n wil e rne 1 epe to hs li ? 7I lg t fhecuryrl ',n e in t nie t eutblrl fo atme ,fe a dcs Se n ih o t o ts ui sln ss o e tld o q ia e ei r t ys es n ol. e nj t e o C mp. 4 (eu sigeutbe elfntefr o 'rjd metneet np sd e lnbn fs)se l o l! 2 rq et q i lrl i h om fs eu g n itrso at u ga e ei n;e as n a e p t o Had v Reinc Sd Liel s Co, 6 U. 2 2 2 ( 0 (odigta R fe cama t s s w s me rt . l e t. f n . .5 0 S. 4 , 55 201) h l n h t a e s ll n mu t ho o a d ge o s c s o temei b f r ac u tma a r atr e sfe u e (9 U. C. û 1 3 ()1' e re f uce s n h rt eoe o r y wad to n y' e s nd r 2 S. ) 1 2g ()' s ) ( i to q ditma q oainmak o te ) Ac odn l, rrq et frs c rl fmu t d ne . ct in n ne l u tto rs mitd . c rigy he e u ss o u h ei s be e id a e 1 8 Co l i ncùjon Fo ter ao ssae ,h c u t l ga tted fn a tsmoinfrsl r u g n r h e s n ttd te o r wi rn h ee d n ' to o l l mmayj d me t a d d n tepanirsmoin f rsl r j d e t Th Clr i drcù t sn c ri d n e y h lit f to o lmmay u m n . e ek s ie td o e d et fe c e oft sme a um opi on a t a c opis hi mor nd ni nd he c ompa yi o de o a1c e ofr c r n ng r rt 1 ouns l e o d. l a f amay 7. DATED:I s 1 V d yo J t r, 201 'u . Chi f nie Stt Diz c J e e t d aes s t udg 1 9

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