city of los angeles v jpmorgan chase & co. re: jpmorgan chase sued by the city of los angeles...
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8/12/2019 City of Los Angeles v JPMorgan Chase & Co. Re: JPMorgan Chase sued by the City of Los Angeles for Violations of…
http://slidepdf.com/reader/full/city-of-los-angeles-v-jpmorgan-chase-co-re-jpmorgan-chase-sued-by-the-city 1/56
CNJWKMHOV ENR UHNKMVHNO NE
VD@ E@F@RMK EMHR DNPSHOA MCV
7=7365-== 58==51 U=
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=7
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JHCDM@K E@P@R (SBO ===028)CHVX MVVNRO@XIMJ@S W. CKMRL (SBO 56147)CDH@E F@WPVX CHVX MVVNRO@XCHVX NE KNS MOA@K@S277 O. Jmho Str``t, Rnnj 477
Kns Moa`k`s, CM 877=2V`k`pdno`9 (2=3) 814-4=77@jmhk9 Jhl`.e`u`rGkmchty.nra@jmhk9 Imj`s.p.ckmrlGkmchty.nra
SV@U@ Q. B@RJMO ( prn dmc vhc` p`ofhoa)DMA@OS B@RJMO SNBNK SDMWHRN KKW=8=4 4td Mv`ou`, Suht` 3377S`mttk`, QM 84=7=V`k`pdno`9 (275) 523-1282@jmhk9 st`v`Gdbsskmw.cnj
@KMHO@ V. BXSY@QSLH (SBO 222376)K@@ J. ANRFNO (SBO =16=54)DMA@OS B@RJMO SNBNK SDMWHRN KKW37= Onrtd Kml` Mv`ou`, Suht` 273Wmsmf`om, CM 8==7=V`k`pdno`9 (2=3) 337-1=07@jmhk9 `kmho`Gdbsskmw.cnj@jmhk9 k``Gdbsskmw.cnj
\Mffhthnomk Cnuos`k Khst`f no Shaomtur` Wma`Z
Mttnro`ys enr Wkmhothee td` Chty ne Kns Moa`k`s
POHV@F SVMV@S FHSVRHCV CNPRV
C@OVRMK FHSVRHCV NE CMKHENROHM
CHVX NE KNS MOA@K@S, m juohchpmkcnrpnrmthno,
Wkmhothee,
v.
IWJNRAMO CDMS@ & CN.<IWJNRAMO CDMS@ BMOL, O.M.< mofCDMS@ JMODMVVMO BMOL PSM,
.M.,
F`e`ofmots.
)))))))
))))))
On.
CNJWKMHOV ENRUHNKMVHNO NE VD@E@F@RMK EMHR DNPSHOAMCV
F@JMOF ENR IPRX VRHMK
Cms` 29=6-cv-76=54-FJA-JRQ Fncuj`ot = Ehk`f 70/37/=6 Wma` = ne 05 Wma` HF #9=
=6-6=54
8/12/2019 City of Los Angeles v JPMorgan Chase & Co. Re: JPMorgan Chase sued by the City of Los Angeles for Violations of…
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CNJWKMHOV ENR UHNKMVHNO NE
VD@ E@F@RMK EMHR DNPSHOA MCV
7=7365-== 58==51 U=
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- h -
VMBK@ NE CNOV@OVS
Wma`
H. OMVPR@ NE VD@ MCVHNO ............................................................................ =
M. IWJnramo Dms @oama`f ho m Cnothouhoa Wmtt`ro neFhscrhjhomtnry Jnrtama` K`ofhoa Wrmcthc`s ho KnsMoa`k`s R`sukthoa ho Enr`cknsur`s .......................................................... =
HH. WMRVH@S ......................................................................................................... ==
HHH. IPRHSFHCVHNO MOF U@OP@ ...................................................................... =6
HU. EMCVPMK BMCLARNPOF ......................................................................... =0
M. Bmclarnuof R`amrfhoa Fhscrhjhomtnry Knmo Wrmcthc`s,R`v`rs` R`fkhohoa, mof R`fkhohoa ........................................................ =0
U. IWJNRAMO @OAMA@F HO FHSCRHJHOMVNRX K@OFHOAWRMCVHC@S .................................................................................................... =4
M. IWJnramo‘s Cnofuct Dmf m Fhspmrmt` Hjpmct no JhonrhtyBnrrnw`rs ho Uhnkmthno ne td` Emhr Dnushoa Mct .................................. =4
=. Fhscrhjhomtnry k`ofhoa r`sukts ho m fhsprnpnrthnomt`oujb`r ne enr`cknsur`s ho jhonrhty mr`ms. .................................. =4
2. Jhonrhty o`hadbnrdnnfs mr` fhsprnpnrthnomtr`chph`ots ne pr`fmtnry knmos. ...................................................... 27
B. IWJnramo Hot`othnomkky Fhscrhjhomt`f Mamhost JhonrhtyBnrrnw`rs ho Uhnkmthno ne td` Emhr Dnushoa Mct, msF`jnostrmt`f by Enrj`r Bmol @jpkny``s .......................................... 20
=. IWJnramo tmra`ts jhonrhth`s enr pr`fmtnry knmot`rjs (mof pmys hts jpkny``s jnr` enr fnhoa sn). .................... 25
2. IWJnramo uof`rwrht`s mfiustmbk` rmt` knmos tdmt bnrrnw`rs cmoont meenrf. ............................................................. 21
3. IWJnramo t`ofs tn r`quhr` pr`pmyj`ot p`omkth`sjnr` ernj jhonrhty bnrrnw`rs. .................................................. 24
6. IWJnramo hofuc`f enr`cknsur`s by emhkhoa tn nee`rr`ehomochoa nr knmo jnfhehcmthnos tn jhonrhtycustnj`rs no emhr t`rjs, mof ntd`rwhs` khjhthoa`qumk mcc`ss tn emhr cr`fht. ........................................................... 24
0. IWJnramo `oama`s ho ntd`r mbushv` k`ofhoa prmcthc`s. ..................................................................................... 3=
C. Jhonrhth`s ho Emct R`c`hv` Wr`fmtnry Knmo V`rjs ernj
Cms` 29=6-cv-76=54-FJA-JRQ Fncuj`ot = Ehk`f 70/37/=6 Wma` 2 ne 05 Wma` HF #92
8/12/2019 City of Los Angeles v JPMorgan Chase & Co. Re: JPMorgan Chase sued by the City of Los Angeles for Violations of…
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CNJWKMHOV ENR UHNKMVHNO NE
VD@ E@F@RMK EMHR DNPSHOA MCV7=7365-== 58==51 U=
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IWJnramo .............................................................................................. 32
F. Jhonrhth`s ho Kns Moa`k`s R`c`hv` Sucd Wr`fmtnry KnmoV`rjs ernj IWJnramo R`amrfk`ss ne Cr`fhtwnrtdho`ss ....................... 33
@. IWJnramo‘s Vmra`thoa ne Jhonrhth`s wdn ho Emct R`c`hv`
Wr`fmtnry Knmo V`rjs R`amrfk`ss ne Cr`fhtwnrtdho`ssCmus`s Enr`cknsur`s .............................................................................. 35
=. Fmtm sdnws tdmt IWJnramo‘s enr`cknsur`s mr`fhsprnpnrthnomt`ky kncmt`f ho jhonrhtyo`hadbnrdnnfs ho Kns Moa`k`s. .................................................. 35
2. Fmtm sdnws tdmt IWJnramo‘s knmos tn jhonrhth`sr`sukt ho `sp`chmkky quhcl enr`cknsur`s. ....................................... 34
3. Fmtm sdnws tdmt td` fhscrhjhomtnry knmo t`rjs cmus`td` enr`cknsur`s. .......................................................................... 38
UH. HOIPRX VN KNS MOA@K@S CMPS@F BX IWJNRAMO‘SFHSCRHJHOMVNRX KNMO WRMCVHC@S .................................................... 62
M. Kns Moa`k`s dms b``o Hoiur`f by m R`fucthno ho Wrnp`rtyVmx R`v`ou`s ernj Enr`cknsur`s Cmus`f byFhscrhjhomtnry Knmos Hssu`f by IWJnramo .......................................... 62
=. Vd` f`cr`ms`f vmku` ne td` prnp`rth`s enr`ckns`f byIWJnramo r`sukt ho r`fuc`f prnp`rty tmx r`v`ou`s. ................... 63
2. Vd` f`cr`ms`f vmku` ne prnp`rth`s ho td`o`hadbnrdnnfs surrnuofhoa enr`ckns`f prnp`rth`s
r`sukts ho r`fuc`f prnp`rty tmx r`v`ou`s. ................................... 63B. Kns Moa`k`s Hs Hoiur`f B`cmus` Ht Sthkk Just Wrnvhf`
Cnstky Juohchpmk S`rvhc`s enr Wrnp`rth`s ho Jhonrhty O`hadbnrdnnfs tdmt Dmv` B`cnj` Umcmot ms m Fhr`ctR`sukt ne Fhscrhjhomtnry Knmos Nrhahomt`f nr Wurcdms`f
by IWJnramo ......................................................................................... 65
UHH. SMJWK@ ENR@CKNSPR@ WRNW@RVH@S HO VD@ CHVX NEKNS MOA@K@S .............................................................................................. 61
UHHH. SVMVPV@ NE KHJHVMVHNOS MOF CNOVHOPHOAUHNKMVHNOS FNCVRHO@............................................................................ 64
HT. CKMHJS ENR R@KH@E ................................................................................... 64
EHRSV CKMHJ ENR R@KH@E (Uhnkmthno ne td` E`f`rmk Emhr DnushoaMct, 62 P.S.C. §§ 357=, `t s`q.) ...................................................................... 64
S@CNOF CKMHJ ENR R@KH@E (Cnjjno Kmw Ckmhj EnrR`sthtuthno Bms`f No Cmkhenrohm Kmw) ............................................................ 0=
Cms` 29=6-cv-76=54-FJA-JRQ Fncuj`ot = Ehk`f 70/37/=6 Wma` 3 ne 05 Wma` HF #93
8/12/2019 City of Los Angeles v JPMorgan Chase & Co. Re: JPMorgan Chase sued by the City of Los Angeles for Violations of…
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8/12/2019 City of Los Angeles v JPMorgan Chase & Co. Re: JPMorgan Chase sued by the City of Los Angeles for Violations of…
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CNJWKMHOV ENR UHNKMVHNO NE
VD@ E@F@RMK EMHR DNPSHOA MCV7=7365-== 58==51 U=
=
2
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6
0
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1
4
8
=7
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bnrrnw`rs tdmt mr` td` r`sukt ne IWJnramo‘s uokmweuk mof fhscrhjhomtnry k`ofhoa
prmcthc`s. Vd` uokmweuk cnofuct mkk`a`f d`r ho cnoshsts ne bntd hot`othnomk
fhscrhjhomthno mof fhspmrmt` hjpmct fhscrhjhomthno.
3. IWJnramo dms `oama`f ho m cnothounus pmtt`ro mof prmcthc` ne jnrtama`
fhscrhjhomthno ho Kns Moa`k`s shoc` mt k`mst 2776 by hjpnshoa fhee`r`ot t`rjs nr
cnofhthnos no m fhscrhjhomtnry mof k`amkky prndhbht`f bmshs. Ho nrf`r tn jmxhjhz`
prnehts mt td` xp`os` ne td` Chty ne Kns Moa`k`s mof jhonrhty bnrrnw`rs, IWJnramo
mfmpt`f hts uokmweuk fhscrhjhomthno tn cdmoahoa jmrl`t cnofhthnos. Vdhs uokmweuk
pmtt`ro mof prmcthc` hs cnothouhoa tdrnuad td` pr`s`ot mof dms ont t`rjhomt`f.
Vd`r`enr`, td` np`rmthv` stmtut` ne khjhtmthnos anv`rohoa mcthnos brnuadt pursumot tn
td` E`f`rmk Emhr Dnushoa Mct dms ont cnjj`oc`f tn ruo.
6. Vd` pmtt`ro mof prmcthc` ne k`ofhoa fhscrhjhomthno oama`f ho by
IWJnramo cnoshsts ne trmfhthnomk r`fkhohoa2 mof r`v`rs` r`fkhohoa,3 bntd ne wdhcd dmv`
b``o f``j`f tn vhnkmt` td` EDM by e`f`rmk cnurts tdrnuadnut td` cnuotry. IWJnramo
`oama`f ho r`fkhohoa, mof cnothou`s tn `oama` ho smhf cnofuct, by r`eushoa tn `xt`of
jnrtama` cr`fht tn jhonrhty bnrrnw`rs ho Kns Moa`k`s no `qumk t`rjs ms nee`r`f tn
ono-jhonrhty bnrrnw`rs. IWJnramo `oama`f ho r`v`rs` r`fkhohoa, mof cnothou`s tn
`oama` ho smhf cnofuct, by `xt`ofhoa jnrtama` cr`fht no pr`fmtnry t`rjs tn jhonrhty
bnrrnw`rs ho jhonrhty o`hadbnrdnnfs ho Kns Moa`k`s no td` bmshs ne td` rmc` nr
`tdohchty ne hts r`shf`ots. E`f`rmk R`s`rv` Cdmhrjmo B`o B`romol` r`c`otky
mclonwk`fa`f td`s` twho `vhks ne jnrtama` fhscrhjhomthno mof `xpkmho`f tdmt bntd
2 R`fkhohoa hs td` prmcthc` ne f`oyhoa cr`fht tn pmrthcukmr o`hadbnrdnnfs bms`f no
rmc`.3 R`v`rs` r`fkhohoa hs td` prmcthc` ne eknnfhoa m jhonrhty cnjjuohty whtd
`xpknhtmthv` knmo prnfucts.
Cms` 29=6-cv-76=54-FJA-JRQ Fncuj`ot = Ehk`f 70/37/=6 Wma` 0 ne 05 Wma` HF #90
8/12/2019 City of Los Angeles v JPMorgan Chase & Co. Re: JPMorgan Chase sued by the City of Los Angeles for Violations of…
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CNJWKMHOV ENR UHNKMVHNO NE
VD@ E@F@RMK EMHR DNPSHOA MCV7=7365-== 58==51 U=
=
2
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6
0
5
1
4
8
=7
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typ`s ne jnrtama` fhscrhjhomthno ‛cnothou` tn dmv` pmrthcukmr shaohehcmoc` tn jnrtama
jmrl`ts.‚6
0. Jminr bmols sucd ms IWJnramo dmv` m knoa dhstnry ne `oamahoa ho
r`fkhohoa tdrnuadnut Kns Moa`k`s. Vdmt prmcthc` b`amo tn cdmoa` ho td` kmt =887s,
wd`o IWJnramo mfmpt`f tn cdmoahoa jmrl`t cnofhthnos mof b`amo tn eknnf dhstnrhcmk
uof`rs`rv`f jhonrhty cnjjuohth`s whtd jnrtama` knmos tdmt cnoshst`f ne m vmrh`ty ne
dhad cnst mof mbushv` jnrtama` knmo prnfucts whtd pr`fmtnry t`rjs ms cnjpmr`f tn td
jnrtama` knmos hssu`f tn wdht` bnrrnw`rs (r`v`rs` r`fkhohoa).
5. IWJnramo‘s fhscrhjhomtnry k`ofhoa prmcthc`s dmv` td` purpns` mof `ee`c
ne pkmchoa vuko`rmbk , uof`rs`rv`f bnrrnw`rs ho knmos td`y cmoont meenrf. R`v`rs`
r`fkhohoa jmxhjhz`s IWJnramo‘s prneht whtdnut r`amrf tn td` bnrrnw`r‘s b`st hot`r`st
td` bnrrnw`r‘s mbhkhty tn r`pmy, nr td` ehomochmk d`mktd ne uof`rs`rv`f jhonrhty
o`hadbnrdnnfs. Jnr`nv`r, IWJnramo dms mv`rt`f moy shaohehcmot rhsl tn hts`ke by
s`kkhoa td` vmst jminrhty ne jnrtama` knmos ht nrhahomt`s nr purcdms`s no td` s`cnofmry
jmrl`t (cnkk`cthv`ky ‛IWJnramo Knmos‚).
1. B`tw``o =885-2775, no` cmt`anry ne fhscrhjhomtnry knmo prnfucts –
subprhj` knmos – ar`w tdrnuadnut td` cnuotry ernj $81 bhkkhno tn $567 bhkkhno. Vd`s
knmos w`r` er`qu`otky tmra`t`f tn jhonrhth`s. Ppno hoenrjmthno mof b`kh`e, td` kmcl n
mcc`sshbk` cr`fht r`sukthoa ernj IWJnramo‘s pr`vhnus pmtt`ro mof prmcthc` ne r`fkhohoa
ho td` jhonrhty cnjjuohth`s ho Kns Moa`k`s cr`mt`f cnofhthnos wd`r`by td` Bmol cnu
`mshky tmra`t mof `xpknht td` uof`rs`rv`f jhonrhty cnjjuohth`s wdn fu` tn trmfhthnom
r`fkhohoa dmf b``o f`oh`f cr`fht.
4. Vd`r`met`r, enkknwhoa s`v`rmk y`mrs ne hssuhoa mbushv`, subprhj`jnrtama` knmos tdrnuadnut td` jhonrhty cnjjuohth`s ne Kns Moa`k`s, cnjj`ochoa ho
nr mrnuof 2771, IWJnramo noc` mamho mfmpt`f tn cdmoahoa jmrl`t cnofhthnos wdhk`
6 R`jmrls by E`f`rmk R`s`rv` Cdmhrjmo B`o B`romol` mt td` Np`rmthno DNW@
Aknbmk Ehomochmk Fhaohty Sujjht, Mtkmotm, A`nrahm mt pa. =7 (Onv`jb`r =0, 27=2)mvmhkmbk` mt www.e`f`rmkr s`rv`.anv/o`ws`v`ots/sp``cd/b`romol`27=2===0m.dtj.
Cms` 29=6-cv-76=54-FJA-JRQ Fncuj`ot = Ehk`f 70/37/=6 Wma` 5 ne 05 Wma` HF #95
8/12/2019 City of Los Angeles v JPMorgan Chase & Co. Re: JPMorgan Chase sued by the City of Los Angeles for Violations of…
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CNJWKMHOV ENR UHNKMVHNO NE
VD@ E@F@RMK EMHR DNPSHOA MCV7=7365-== 58==51 U=
=
2
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6
0
5
1
4
8
=7
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27
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cnothouhoa hts pmtt`ro mof prmcthc` ne hssuhoa m vmrh`ty ne fhscrhjhomtnry knmo prnfuct
Shjuktmo`nusky, IWJnramo mksn f`chf`f tn curtmhk td` hssumoc` ne jnrtama` cr`fht tn
jhonrhty bnrrnw`rs ho Kns Moa`k`s.0 Ho ntd`r wnrfs, IWJnramo ont noky r eus`f tn
`xt`of cr`fht tn jhonrhty bnrrnw`rs wd`o cnjpmr`f tn wdht` bnrrnw`rs, but wd`o td`
Bmol fhf `xt`of cr`fht, ht fhf sn no pr`fmtnry t`rjs. Vdhs cnjbhomthno ne r`v`rs`
r`fkhohoa mof r`fkhohoa r`pr`s`ots m cnothouhoa mof uobrnl`o pmtt`ro mof prmcthc` ne
jnrtama` k`ofhoa fhscrhjhomthno ho Kns Moa`k`s tdmt sthkk `xhsts tnfmy.
8. IWJnramo‘s pmtt`ro mof prmcthc` ne r`v`rs` r`fkhohoa dms cmus`f mo
`xc`sshv` mof fhsprnpnrthnomt`ky dhad oujb`r ne enr`cknsur`s no td` IWJnramo Knmo
ht dms jmf` ho td` jhonrhty o`hadbnrdnnfs ne Kns Moa`k`s. Enr`cknsur`s no knmos
nrhahomt`f by IWJnramo mr` cnoc`otrmt`f ho td`s` o`hadbnrdnnfs `v`o tdnuad td` buk
ne IWJnramo‘s k`ofhoa ho Kns Moa`k`s hs ho wdht` o`hadbnrdnnfs. M knmo ho m
pr`fnjhomotky jhonrhty o`hadbnrdnnf hs 2.=87 thj`s jnr` khl`ky tn r`sukt ho
enr`cknsur` tdmo hs m knmo ho m pr`fnjhomotky wdht` o`hadbnrdnnf .
=7. IWJnramo‘s pmtt`ro mof prmcthc` ne trmfhthnomk r`fkhohoa dms mksn cmus`f
mo `xc`sshv` mof fhsprnpnrthnomt`ky dhad oujb`r ne enr`cknsur`s ho td` jhonrhty
o`hadbnrdnnfs ne Kns Moa`k`s. Vd`s` enr`cknsur`s net o nccur wd`o m jhonrhty
bnrrnw`r wdn pr`vhnusky r`c`hv`f m pr`fmtnry knmo snuadt tn r`ehomoc` td` knmo, noky
tn fhscnv`r tdmt IWJnramo r`eus`f tn `xt`of cr`fht mt mkk, nr no `qumk t`rjs ms wd`o
r`ehomochoa shjhkmr knmos hssu`f tn wdht` bnrrnw`rs. Vd` ho`vhtmbk` r`sukt ne td`
cnjbhomthno ne hssuhoa m pr`fmtnry knmo, mof td`o r`eushoa tn r`ehomoc` td` knmo, wms
enr`cknsur`.
==. IWJnramo wnukf dmv` dmf cnjpmrmbk` enr`cknsur` rmt`s ho jhonrhty mofwdht` cnjjuohth`s he ht dmf prnp`rky mof uohenrjky mppkh`f r`spnoshbk` uof`rwrhthoa
prmcthc`s ho bntd mr`ms. IWJnramo pnss`ss`s snpdhsthcmt f uof`rwrhthoa t`cdonknay
0 Cmkhenrohm R`hov`stj`ot Cnmkhthno, Ernj Enr`cknsur` tn R`-R`fkhohoa (27=7), mt6 (mvmhkmbk` mt dttp9//www.cnjjuohty-w`mktd.nra/sht`s/ckno`.cnjjuohty-w`mktd.nra/ehk`s/fnwoknmfs/r`pnrt-st`ho-awyoo.pfe).
Cms` 29=6-cv-76=54-FJA-JRQ Fncuj`ot = Ehk`f 70/37/=6 Wma` 1 ne 05 Wma` HF #91
8/12/2019 City of Los Angeles v JPMorgan Chase & Co. Re: JPMorgan Chase sued by the City of Los Angeles for Violations of…
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CNJWKMHOV ENR UHNKMVHNO NE
VD@ E@F@RMK EMHR DNPSHOA MCV7=7365-== 58==51 U=
=
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=7
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24
- 0 -
mof fmtm tdmt mkknws ht tn pr`fhct whtd pr`chshno td` khl`khdnnf ne f`khoqu`ocy, f`emukt
nr enr`cknsur`. Vd` emct tdmt IWJnramo‘s enr`cknsur`s mr` sn fhsprnpnrthnomt ky
cnoc`otrmt`f ho jhonrhty o`hadbnrdnnfs hs ont td` prnfuct ne rmofnj `v`ots. Vn td`
cnotrmry, ht r`ek`cts mof hs eukky cnoshst`ot whtd IWJnramo‘s prmcthc` ne tmra`thoa
jhonrhty o`hadbnrdnnfs mof custnj`rs enr fhscrhjhomtnry prmcthc`s mof pr`fmtnry
prhchoa mof prnfucts. Ht mksn r`ek`cts mof hs cnoshst`ot whtd IWJnramo‘s prmcthc` ne
emhkhoa tn uof`rwrht` jhonrhty bnrrnw`rs‘ mppkhcmthnos prnp`rky, mof ne putthoa td`s`
bnrrnw`rs hotn knmos wdhcd (=) dmv` jnr` no`rnus t`rjs tdmo knmos ahv`o tn shjhkmrky
shtumt`f wdht` bnrrnw`rs, mof (2) td` bnrrnw`rs cmoont meenrf, k`mfhoa tn enr`cknsur`s
=2. Vd` Bmol‘s fhscrhjhomtnry k`ofhoa prmcthc`s mr` `vhf`oc`f by
hoenrjmthno ernj cnoehf`othmk whto`ss stmt`j`ots prnvhf`f by enrj`r jpkny``s ne
IWJnramo (fhscuss`f eurtd`r d`r`ho). Enr `xmjpk`9
m) ‛He ynu wmot`f tn tmra`t td` Dhspmohc cnjjuohty ynudmf tn dmv` c`rtmho wnrfs ho td`r` tdmt ynu‘f wmot tnus` tn mttrmct \td` bnrrnw`rsZ.‚ C`rtmho jnrtama` knmo
prnfucts, khl` o`amthv` mjnrthzmthno knmos, w`r`‛tmhknr`f enr jhonrhth`s, but ht wms ont sp`chehcmkky iustenr td`j . . . Ht wms `msy tn tdrnw td`j hotn tdmt\o`amthv` mjnrthzmthnoZ prnarmj mof a`t td`j
mpprnv`f enr tdmt prnarmj mt td` no` p`rc`ot rmt`.‚Knmo neehc`rs fhf ont mkwmys `xpkmho td`r`p`rcusshnos9 ‛Vdmt‘s wd`r` m knt ne ckh`ots w`r`jhsk`f. Vd`y tdnuadt ht wms m = p`rc`ot ehx`f \rmt`Z.‚‛Vd` \hohthmk jnotdkyZ cnst wms bmr` jhohjuj. Buttd` pnsshbhkhth`s w`r` td`r` tdmt ht cnukf turo nut tn b`td` wnrst cms` \sc`omrhnZ enr td` bnrrnw`rs, mof tdmt‘s`xmctky wdmt dmpp`o`f.‚
b) ‛Vd` knmos iust w`r`o‘t anhoa tdrnuad ho tdmt\jhonrhty o`hadbnrdnnfZ. Ht wmso‘t wnrtd ht \tn td`BmolZ tn dmv` snj`no` td`r`.‚
c) ‛Vd` purpns` ne td` \DMJWZ prnarmj wms tn a`t p`npk` nut ne td`s` bmf knmos, mof td` bmols r`eus`f tnfn ht. Vn ehof nut ‛dnw td`y mr` fhscrhjhomthoa, knnlmt td` pnshthno ne td` brmocd`s. Vdmt‘s anhoa tn sdnwynu.‚ IWJnramo hs np`ohoa ‛dua` oujb`rs‚ ne
brmocd`s mcrnss Cmkhenrohm, ‛but ono` ne tdhs hsdmpp`ohoa ho jhonrhty o`hadbnrdnnfs. Vdmt, ho hts`ke,hs td` bhaa`st hofhcmthno ne fhscrhjhomthno tdmt ynu cmoehof.‚ ‛Vd` r`fkhohoa mof stuee khl` tdmt, tdmt sthkk an`sno.‚
Cms` 29=6-cv-76=54-FJA-JRQ Fncuj`ot = Ehk`f 70/37/=6 Wma` 4 ne 05 Wma` HF #94
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CNJWKMHOV ENR UHNKMVHNO NE
VD@ E@F@RMK EMHR DNPSHOA MCV7=7365-== 58==51 U=
=
2
3
6
0
5
1
4
8
=7
==
=2
=3
=6
=0
=5
=1
=4
=8
27
2=
22
23
26
20
25
21
24
- 5 -
f) ‛Vd` p`npk` wdn fhfo‘t uof`rstmof @oakhsd mof stuee
khl` tdmt‚ t`of`f tn emc` dhad`r hot`r`st rmt`s. ‛Vd`r`w`r` m knt ne tdhoas whtd wdhcd H fhfo‘t mar``‚ mt td`Bmol. ‛M knt ne thj`s td`r` wms on j`rcy,‚ pusdhoa
bnrrnw`rs hotn enr`cknsur` wdhk` knmo jnfhehcmthnos
w`r` p`ofhoa.
=3. Vd` r`pnrts ne td`s` whto`ss`s mr` cnoehrj`f wd`o Kns Moa`k`s fmtm no
IWJnramo knmos hs `xmjho`f. Sucd mo `xmjhomthno r`v`mks m whf`spr`mf prmcthc` ne
fhscrhjhomthno. Enr `xmjpk`, m r`ar`sshno momkyshs tdmt cnotrnks enr cr`fht dhstnry mof
ntd`r emctnrs f`jnostrmt`s tdmt mo Merhcmo-Mj`rhcmo IWJnramo bnrrnw`r wms =.180
thj`s jnr` khl`ky tn r`c`hv` m pr`fmtnry knmo tdmo m wdht` bnrrnw`r, mof m Kmthon
bnrrnw`r =.015 thj`s jnr` khl`ky. Vd` r`ar`sshno momkyshs cnoehrjs tdmt Merhcmo-
Mj`rhcmos whtd EHCN scnr`s nv`r 557 mr` 2.725 thj`s jnr` khl`ky tn r`c`hv` m
pr`fmtnry IWJnramo knmo tdmo m wdht` bnrrnw`r, mof m Kmthon bnrrnw`r =.185 thj`s
jnr` khl`ky.
=6. Vd` Neehc` ne td` Cnjptrnkk`r ne td` Curr`ocy mof td` Bnmrf ne
Anv`ronrs ne td` E`f`rmk R`s`rv` Syst`j brnuadt mo mcthno mkk`ahoa tdmt c`rtmho kmra`
bmols, hockufhoa IWJnramo, `oama`f ho jnrtama` k`ofhoa r`kmt`f jhscnofuct tdmt
hofuc`f m omthnomk enr`cknsur` crhshs. Ho cnoo`cthno whtd tdmt mcthno, IWJnramo
`ot`r`f hotn m s`ttk`j`ot mar``j`ot whtd td` anv`roj`ot pursumot tn wdhcd IWJnram
whkk9 (m) jml` m cmsd pmyj`ot ne $103 jhkkhno hotn m s`ttk`j`ot euof enr fhstrhbuthno
tn qumkheh`f bnrrnw`rs< mof (b) prnvhf` mo mffhthnomk $=.2 bhkkhno tn enr`cknsur`
pr`v`othno mcthnos.
=0. Ho 27=2, IWJnramo Cdms` mof enur ntd`r kmra` jnrtama` s`rvhc`rs mar``
tn m aknbmk s`ttk`j`ot whtd td` P.S. F`pmrtj`ot ne Iusthc`, td` P.S. F`pmrtj`ot neDnushoa mof Prbmo F`v`knpj`ot, td` Cnosuj`r Ehomochmk Wrnt`cthno Bur`mu, mof td
stmt` mttnro`ys a`o`rmk. Vd` s`ttk`j`ot r`kmt`s tn uo`tdhcmk jnrtama` nrhahomthno mof
s`rvhchoa mcthvhth`s shjhkmr tn td` mcthvhth`s mkk`a`f d`r`ho. Pof`r td` s`ttk`j`ot,
IWJnramo whkk jml` cmsd pmyj`ots ne mpprnxhjmt`ky $=.= bhkkhno tn 07 stmt`s (whtd m
Cms` 29=6-cv-76=54-FJA-JRQ Fncuj`ot = Ehk`f 70/37/=6 Wma` 8 ne 05 Wma` HF #98
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CNJWKMHOV ENR UHNKMVHNO NE
VD@ E@F@RMK EMHR DNPSHOA MCV7=7365-== 58==51 U=
=
2
3
6
0
5
1
4
8
=7
==
=2
=3
=6
=0
=5
=1
=4
=8
27
2=
22
23
26
20
25
21
24
- 1 -
s`t mshf` tn c`rtmho bnrrnw`rs)< nee`r mpprnxhjmt`ky $077 jhkkhno ne r`ehomochoa tn
c`rtmho bnrrnw`rs< mof prnvhf` mpprnxhjmt`ky $3.1 bhkkhno ne mffhthnomk pmyj`ots enr
c`rtmho bnrrnw`rs.
=5. Vd` pmst s`v`rmk y`mrs dmv` b``o dhadky prnehtmbk` enr IWJnramo.
Mccnrfhoa tn r`c`ot pr`ss r`k`ms`s, td` Bmol a`o`rmt`f m r`cnrf mjnuot ne (h) o`t
hocnj` ($=8.8 bhkkhno) mof (hh) fhkut`f `mrohoas p`r sdmr` ($0.22). Vd` enkknwhoa cdmr
hkkustrmt` td`s` r`sukts.
O`t Hocnj` (jhkkhnos)
$5,777
$4,777
$=7,777
$=2,777
$=6,777
$=5,777
$=4,777
$27,777
2778 27=7 27== 27=2
Cms` 29=6-cv-76=54-FJA-JRQ Fncuj`ot = Ehk`f 70/37/=6 Wma` =7 ne 05 Wma` HF #9=7
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CNJWKMHOV ENR UHNKMVHNO NE
VD@ E@F@RMK EMHR DNPSHOA MCV7=7365-== 58==51 U=
=
2
3
6
0
5
1
4
8
=7
==
=2
=3
=6
=0
=5
=1
=4
=8
27
2=
22
23
26
20
25
21
24
- 4 -
@mrohoas p`r sdmr`
=1. Mt td` smj` thj` tdmt IWJnramo mcdh`v`f r`cnrf ehomochmk succ`ss, td`
Bmol‘s fhscrhjhomtnry prmcthc`s mof r`sukthoa enr`cknsur`s ho td` Chty‘s jhonrhty
o`hadbnrdnnfs dmv` hoekhct`f shaohehcmot, fhr`ct, mof cnothouhoa ehomochmk dmrj tn td`
Chty. Shoc` 2774, bmols dmv` enr`ckns`f no mpprnxhjmt`ky =.1 jhkkhno dnj`s ho
Cmkhenrohm, mof IWJnramo hs r`spnoshbk` enr m shaohehcmot oujb`r ne td`s` enr`cknsur`
=4. Ho mffhthno tn r`v`rs` r`fkhohoa, IWJnramo dms hofuc`f enr`cknsur`s shoc
2778 by emhkhoa tn `xt`of brmocd suppnrt tn jhonrhty o`hadbnrdnnfs, pukkhoa `xhsthoa
Bmol suppnrt ernj jhonrhty o`hadbnrdnnfs, f`ckhohoa tn nee`r r`ehomochoas nr knmo
jnfhehcmthnos tn jhonrhty custnj`rs no emhr t`rjs, mof ntd`rwhs` f`oyhoa jhonrhty
bnrrnw`rs `qumk mcc`ss tn emhr cr`fht.
=8. No` r`pnrt5 dms `sthjmt`f td` hjpmct tdmt td` Chty ne Kns Moa`k`s dms
suee`r`f fu` tn fhscrhjhomtnry k`ofhoa prmcthc`s by mkk k`of`rs ms enkknws9
5 Mkkhmoc` ne Cmkhenrohmos enr Cnjjuohty @jpnw`rj`ot mof td` Cmkhenrohm
R`hov`stj`ot Cnmkhthno, Vd` Qmkk Str``t Qr`clhoa Bmkk9 Qdmt Enr`cknsur`s mr`Cnsthoa Kns Moa`k`s O`hadbnrdnnfs (S`pt`jb`r 27==).
$7.77
$=.77
$2.77
$3.77
$6.77
$0.77
$5.77
2778 27=7 27== 27=2
Cms` 29=6-cv-76=54-FJA-JRQ Fncuj`ot = Ehk`f 70/37/=6 Wma` == ne 05 Wma` HF #9==
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CNJWKMHOV ENR UHNKMVHNO NE
VD@ E@F@RMK EMHR DNPSHOA MCV7=7365-== 58==51 U=
=
2
3
6
0
5
1
4
8
=7
==
=2
=3
=6
=0
=5
=1
=4
=8
27
2=
22
23
26
20
25
21
24
- 8 -
Nv`rmkk, Kns Moa`k`s dnj`nwo`rs mr` `sthjmt`f tn dmv`knst $14.4 bhkkhno ho dnj` vmku`s ms m fhr`ct r`sukt ne td`277,777 enr`cknsur`s enr 2774-27=2 mkno`.
Wrnp`rty tmx r`v`ou` knss`s mr` `sthjmt`f tn b`$64= jhkkhno ho td` wml` ne td` enr`cknsur` crhshs.
Vd` typhcmk enr`cknsur` cnsts kncmk anv`roj`ots jnr`tdmo $=8,777 enr hocr`ms`f cnsts ne sme`ty hosp`cthnos,
pnkhc` mof ehr` cmkks, trmsd r`jnvmk, mof prnp`rtyjmhot`omoc`. Ho Kns Moa k`s, td`s` cnsts mr` `sthjmt`ftn b` $=.2 bhkkhno.
Kns Moa`k`s dms 18,728 dnj`nwo`rs uof`rwmt`r tntmkhoa$1.3 bhkkhno ho knmo vmku`. He bmols wrnt` fnwo tdns`jnrtama`s, ht cnukf pujp $147 jhkkhno hotn td` kncmk`cnonjy mof cr`mt` ==,303 inbs.
27. Ho tdhs mcthno td` Chty s``ls fmjma`s enr r`fuc`f prnp`rty tmx r`v`ou`s
bms`f no (m) td` f`cr`ms`f vmku` ne td` enr`ckns`f prnp`rth`s td`js`kv`s, mof (b) td`
f`cr`ms`f vmku` ne prnp`rth`s surrnuofhoa td` enr`ckns`f prnp`rth`s. Ho mffhthno, td`
Chty s``ls fmjma`s bms`f no td` `xp`ofhtur` ne juohchpmk s`rvhc`s tdmt whkk b`
r`quhr`f tn r`j`fy td` bkhadt mof uosme` mof fmoa`rnus cnofhthnos wdhcd `xhst mtvmcmot prnp`rth`s tdmt w`r` enr`ckns`f ms m r`sukt ne IWJnramo‘s hkk`amk k`ofhoa
prmcthc`s.
2=. B`cmus` ne td` jukthtuf` ne momkythc tnnks mvmhkmbk` tn IWJnramo tn
f`t`rjho` td` khl`khdnnf tdmt m pmrthcukmr jnrtama` knmo wnukf r`sukt ho f`emukt by td`
bnrrnw`r, ms w`kk ms td` `xhst`oc` ne vmrhnus stufh`s, r`pnrts, mof ntd`r p`rtho`ot
kht`rmtur` sp`chehcmkky mffr`sshoa td` cnoo`cthno b`tw``o jnrtama` knmos mof
enr`cknsur`s, ht wms enr`s``mbk` tdmt IWJnramo lo`w, nr sdnukf dmv` lonwo, tdmt m
pr`fmtnry nr dhad rhsl knmo hssu`f tn mo Merhcmo-Mj`rhcmo nr Dhspmohc ho c`rtmho
o`hadbnrdnnfs ho Kns Moa`k`s wnukf r`sukt ho f`emukt mof subs`qu`ot enr`cknsur`.
Jnr`nv`r, b`cmus` IWJnramo jmhotmhos ouj`rnus brmocd neehc`s tdrnuadnut Kns
Cms` 29=6-cv-76=54-FJA-JRQ Fncuj`ot = Ehk`f 70/37/=6 Wma` =2 ne 05 Wma` HF #9=2
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CNJWKMHOV ENR UHNKMVHNO NE
VD@ E@F@RMK EMHR DNPSHOA MCV7=7365-== 58==51 U=
=
2
3
6
0
5
1
4
8
=7
==
=2
=3
=6
=0
=5
=1
=4
=8
27
2=
22
23
26
20
25
21
24
- = 7 -
Moa`k`s, mof dms lonwk`fa` ne td` sp`chehc mffr`ss enr `mcd knmo ht hssu`f, ht wms
enr`s``mbk` tdmt IWJnramo lo`w, nr sdnukf dmv` lonwo, ne td` cnofhthno ne enr`ckns`
prnp`rth`s cnrr`spnofhoa tn knmos tdmt ht hssu`f ho Kns Moa`k`s r`amrfk`ss ne wd`td`r
s`rvhc`f td` knmo nr subs`qu`otky snkf td` s`rvhchoa rhadts tn m tdhrf pmrty.
22. Mccnrfhoa tn E`f`rmk R`s`rv` Cdmhrjmo B`romol`, ‛enr`cknsur`s cmo
hoekhct `cnonjhc fmjma` b`ynof td` p`rsnomk suee`rhoa mof fhskncmthno tdmt
mccnjpmoy td`j. Enr`ckns`f prnp`rth`s tdmt sht vmcmot enr jnotds (nr y`mrs) net`o
f`t`rhnrmt` ernj o`ak`ct, mfv`rs`ky mee`cthoa ont noky td` vmku` ne td` hofhvhfumk
prnp`rty but td` vmku`s ne o`mrby dnj`s ms w`kk. Cnoc`otrmthnos ne enr`cknsur`s dmv`
b``o sdnwo tn fn s`rhnus fmjma` tn o`hadbnrdnnfs mof cnjjuohth`s, r`fuchoa tmx
bms`s mof k`mfhoa tn hocr`ms`f vmofmkhsj mof crhj`. Vdus, td` nv`rmkk ee`ct ne td`
enr`cknsur` wmv`, sp`chmkky wd`o cnoc`otrmt`f ho knw`r-hocnj` mof jhonrhty mr`ms,
hs brnmf`r tdmo hts `ee`cts no hofhvhfumk dnj`nwo`rs.‚1
23. Vd` fhscrhjhomtnry k`ofhoa prmcthc`s mt hssu` d`r`ho dmv` r`sukt`f ho wdm
jmoy k`mfhoa cnjj`otmtnrs f`scrhb` ms td` ‛ar`mt`st knss ne w`mktd enr p`npk` ne cnk
ho jnf`ro PS dhstnry.‚ Ht hs w`kk-`stmbkhsd`f tdmt pnv`rty mof uo`jpknyj`ot rmt`s en
jhonrhth`s `xc``f tdns` ne wdht`s, mof td`r`enr`, dnj` `quhty r`pr`s`ots m
fhsprnpnrthnomt`ky dhad p`rc`otma` ne td` nv`rmkk w`mktd enr jhonrhth`s.4 Hof``f,
b`tw``o 2770-2778, td` j`fhmo w`mktd ne Kmthon dnus`dnkfs f`cr`ms`f by 55 p`rc`o
mof td` j`fhmo w`mktd ne Merhcmo-Mj`rhcmo dnus`dnkfs f`cr`ms`f by 03 p`rc`ot,
wdhk` td` j`fhmo w`mktd ne wdht` dnus`dnkfs f`cr`ms`f iust =5 p`rc`ot.8 Ms E`f`rmk
R`s`rv` Cdmhrjmo B`romol` r`c`otky `xpkmho`f, ms m r`sukt ne td` dnushoa crhshs,
1 B`romol`, suprm o.6 mt pa. 6.
4 Rnb`rt Scdw`jj mof I`eer`y Vmr`o, Fhscr`thnomry Wrhchoa, Jnrtama` Fhscrhjhomthno, mof td` Emhr Dnushoa Mct , 60 DMRUMRF CHUHK R HADVS-CHUHKKHB@RVH@S KMQ R @U. 310, 342 (27=7).
8 Mkkhmoc` ne Cmkhenrohmos enr Cnjjuohty @jpnw`rj`ot, Cmkhenrohm ho Crhshs9
Dnw Q`kks Emran‘s Enr`cknsur` Whp`kho` hs Fmjmahoa Kncmk Cnjjuohth`s (27=3) pa. 5 mvmhkmbk` mt www.cmknramohz .nra.
Cms` 29=6-cv-76=54-FJA-JRQ Fncuj`ot = Ehk`f 70/37/=6 Wma` =3 ne 05 Wma` HF #9=3
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CNJWKMHOV ENR UHNKMVHNO NE
VD@ E@F@RMK EMHR DNPSHOA MCV7=7365-== 58==51 U=
=
2
3
6
0
5
1
4
8
=7
==
=2
=3
=6
=0
=5
=1
=4
=8
27
2=
22
23
26
20
25
21
24
- = = -
‛jnst nr mkk ne td` dmrf-wno amhos ho dnj`nwo`rsdhp jmf` by knw-hocnj` mof
jhonrhty cnjjuohth`s ho td` pmst =0 y`mrs nr sn dmv` b``o r`v`rs`f.‚=7
Vd` r`sukthoa
hjpmct ne td`s` prmcthc`s r`pr`s`ots ‛ontdhoa sdnrt ne td` pr``jho`ot chvhk rhadts hssu`
ne nur thj`, `rmshoa, ms ht dms, m a`o`rmthno ne dmrf enuadt w`mktd mccujukmthno mjno
Merhcmo Mj`rhcmos.‚==
HH. WMRVH@S
26. Wkmhothee Chty ne Kns Moa`k`s hs m juohchpmk cnrpnrmthno, nramohz`f
pursumot tn Mrthck` TH ne td` Cmkhenrohm Cnosthtuthno. Vd` Chty hs mutdnrhz`f by td`
Chty Cnuochk tn hosthtut` suht tn r`cnv`r fmjma`s suee`r`f by td` Chty ms f`scrhb`f
d`r`ho.
20. F`e`ofmot IWJnramo Cdms` & Cn. (‛IWJnramo & Cn.‚), d`mfqumrt`r`f
ho O`w Xnrl, O`w Xnrl, np`rmt`s uof`r twn brmof omj`s9 IWJnramo mof
I.W.Jnramo. Vd` P.S. cnosuj`r mof cnjj`rchmk bmolhoa busho`ss`s np`rmt` uof`r
td` IWJnramo brmof, mof hockuf` hts dnj` ehomoc` mof dnj` `quhty knmo busho`ss.
IWJnramo & Cn., ho hts curr`ot structur`, hs td` r`sukt ne td` cnjbhomthno ne s`v`rmk
kmra` P.S. bmolhoa cnjpmoh`s nv`r td` kmst f`cmf` hockufhoa IWJnramo Jmodmttmo
Bmol, I.W. Jnramo & Cn., Bmol No`, B`mr St`mros mof Qmsdhoatno Jutumk. Ppno
hoenrjmthno mof b`kh`e, Wkmhothee mkk`a`s tdmt IWJnramo & Cn. nwos mof/nr np`rmt`s
IWJnramo Cdms` Bmol, O.M. mof IWJnramo Jmodmttmo Bmol PSM, O.M. IWJnramo
& Cn.‘s np`rmt`s m Cnosuj`r & Cnjjuohty Bmolhoa s`aj`ot, wdhcd hockuf`s m
jnrtama` bmolhoa busho`ss (h.`., jnrtama` prnfucthno, s`rvhchoa, mof r`mk `stmt`
pnrtenkhns).
25. No S`pt`jb`r 20, 2774, td` Neehc` ne Vdrhet Sup`rvhshno s`hz`fQmsdhoatno Jutumk‘s (‛QmJu‚) mss`ts mof np`rmthnos mof pkmc`f td`j hotn
=7 B`romol`, suprm o.2 mt pa. 3.==
Cdmrk`s Oh`r HHH mof Jmur``o St. Cyr, M Rmchmk Ehomochmk Crhshs9 R`tdholhoa td`Vd`nry ne R`v`rs` R`fkhohoa tn Cnjbmt Wr`fmtnry K`ofhoa Pof`r td` Emhr Dnushoa
Mct , 43 V@JWK@ KMQ R @U. 86=, 862 (27==).
Cms` 29=6-cv-76=54-FJA-JRQ Fncuj`ot = Ehk`f 70/37/=6 Wma` =6 ne 05 Wma` HF #9=6
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CNJWKMHOV ENR UHNKMVHNO NE
VD@ E@F@RMK EMHR DNPSHOA MCV7=7365-== 58==51 U=
=
2
3
6
0
5
1
4
8
=7
==
=2
=3
=6
=0
=5
=1
=4
=8
27
2=
22
23
26
20
25
21
24
- = 2 -
r`c`hv`rsdhp whtd td` E`f`rmk F`pnsht Hosurmoc` Cnrpnrmthno (‛EFHC‚). Wursumot tn m
Wurcdms` mof Mssujpthno Mar``j`ot (‛Mar``j`ot‚), td` EFHC kmt`r snkf
substmothmkky mkk ne QmJu‘s mss`ts mof m shaohehcmot mjnuot ne hts khmbhkhth`s tn
IWJnramo & Cn enr $=.8 bhkkhno. Vd` khmbhkhth`s mssuj`f by IWJnramo & Cn. hockuf`
td` ckmhjs mkk`a`f by Kns Moa`k`s d`r`ho.
21. S`cthno 2.= ne td` Mar``j`ot thtk`f ‛Khmbhkhth`s Mssuj`f by Mssujhoa
Bmol‚ prnvhf`s ms enkknws9
Subi`ct tn S`cthnos 2.0 mof 6.4 td` Mssujhoa Bmol \IWJnramo & Cn.ZCdms`Z `xpr`ssky mssuj`s mt Bnnl Umku` (subi`ct tn mfiustj`ot pursumotn Mrthck` UHHH) mof mar``s tn pmy, p`renrj, mof fhscdmra`, mkk ne td`khmbhkhth`s ne td` Emhk`f Bmol \QmJuZ wdhcd mr` r`ek`ct`f no td` Bnnlsmof R`cnrfs ne \QmJuZ ms ne Bmol Cknshoa \S`pt`jb`r 20, 2774Z,hockufhoa td` Mssuj`f F`pnshts mof mkk khmbhkhth`s mssnchmt`f whtd moy momkk `jpkny`` b`o`eht pkmos, `xc`pt ms khst`f no td` mttmcd`f Scd`fuk` 2.=mof ms ntd`rwhs` prnvhf`f ho tdhs Mar``j`ot (sucd khmbhkhth`s r`e`rr`ftn ms ‛Khmbhkhth`s Mssuj`f‚). Ontwhtdstmofhoa S`cthno 6.4, \IWJnramo &Cn.Z sp`chehcmkky mssuj`s mkk jnrtama` s`rvhchoa rhadts mof nbkhamthnos n\QmJuZ.
24. S`cthno 2.0 ne td` Mar `j`ot thtk`f ‛Bnrrnw`r Ckmhjs‚ prnvhf`s ms
enkknws9
Ontwhtdstmofhoa moytdhoa tn td` cnotrmry ho tdhs Mar `j`ot, moykhmbhkhty mssnchmt`f whtd bnrrnw`r ckmhjs enr pmyj`ot ne nr khmbhkhtytn moy bnrrnw`r enr jno`tmry r`kh`e, nr tdmt prnvhf` enr moy ntd`renrj ne r`kh`e tn moy bnrrnw`r , wd`td`r nr ont sucd khmbhkhty hsr`fuc`f tn iufaj`ot, khquhfmt`f nr uokhquhfmt`f, ehx`f nr cnothoa`ot,jmtur`f nr uojmtur`f, fhsput`f nr uofhsput`f, k`amk nr `quhtmbk`,
iufhchmk nr `xtrm-iufhchmk, s`cur`f nr uos`cur`f, wd`td r mss`rt`fmeehrjmthv`ky nr f`e`oshv`ky, r`kmt`f ho moy wmy tn moy knmo nrcnjjhtj`ot tn k`of jmf` by td` Emhk`f Bmol \QmJuZ prhnr tnemhkur`, nr tn moy knmo jmf` by m tdhrf pmrty ho cnoo`cthno whtd mknmo wdhcd hs nr wms d`kf by \QmJuZ, nr ntd`rwhs` mrhshoa hocnoo`cthno whtd \QmJu‘sZ k`ofhoa nr knmo purcdms` mcthvhth`s mr`sp`chehcmkky ont mssuj`f by td` Mssujhoa Bmol \IWJnramo & Cn.Z.(`jpdmshs mff`f).
Cms` 29=6-cv-76=54-FJA-JRQ Fncuj`ot = Ehk`f 70/37/=6 Wma` =0 ne 05 Wma` HF #9=0
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CNJWKMHOV ENR UHNKMVHNO NE
VD@ E@F@RMK EMHR DNPSHOA MCV7=7365-== 58==51 U=
=
2
3
6
0
5
1
4
8
=7
==
=2
=3
=6
=0
=5
=1
=4
=8
27
2=
22
23
26
20
25
21
24
- = 3 -
28. Kns Moa k`s hs ont m bnrrnw`r, ht hs ont pursuhoa m f`rhvmthv` ckmhj no
b`dmke ne moy bnrrnw`r, mof hs ont s``lhoa fmjma`s no b`dmke ne moy bnrrnw`r.
Vd`r`enr`, td` `xckushno enr bnrrnw`r ckmhjs s`t enrtd ho S`cthno 2.0 ne td` Mar``j`o
fn`s ont `ombk` IWJnramo & Cn. tn mvnhf khmbhkhty cnrr`spnofhoa tn ckmhjs p`rtmhohoa
tn QmJu‘s jnrtama` nrhahomthnos mt hssu` d`r`ho. Rmtd`r, ho mccnrfmoc` whtd S`cthno
2.=, IWJnramo & Cn. hs khmbk` enr td`s` jnrtama` nrhahomthnos.
37. Mccnrfhoa tn IWJnramo‘s 27=2 =7-L, ‛Jnrtama` Bmolhoa hockuf`s
jnrtama` nrhahomthno mof s`rvhchoa mcthvhth`s, ms w`kk ms pnrtenkhns cnjprhs`f ne
r`shf`othmk jnrtama`s mof dnj` `quhty knmos, hockufhoa td` purcdms`f cr`fht hjpmhr`f
(‛WCH‚) pnrtenkhn mcquhr`f ho td` Qmsdhoatno Jutumk trmosmcthno.‚
3=. F`e`ofmot IWJnramo Cdms` Bmol, O.M. (‛IWJnramo Bmol‚) hs nramohz`
ms m omthnomk bmolhoa mssnchmthno uof`r td` kmws ne td` Poht`f Stmt`s. Ppno
hoenrjmthno mof b`kh`e, hts cnrpnrmt` d`mfqumrt`rs mr` kncmt`f ho O`w Xnrl, O`w Xnr
Ht jmhotmhos jukthpk` neehc`s ho td` Stmt` ne Cmkhenrohm mof sp`chehcmkky ho td` Chty ne
Kns Moa`k`s, enr td` purpns`s ne snkhchthoa mppkhcmthnos enr mof jmlhoa r`shf`othmk
jnrtama` knmos mof `oamahoa ho ntd r busho`ss mcthvhth`s. IWJnramo Bmol mksn
mcquhr`f IWJnramo Jmodmttmo Bmol PSM, O.M. (‛IWJnramo Jmodmttmo‚).
32. F`e`ofmot Cdms` Jmodmttmo Bmol PSM, O.M. hs d`mfqumrt`r`f ho O`w
Xnrl, O`w Xnrl. Ppno hoenrjmthno mof b kh`e, Wkmhothees mkk`a` tdmt IWJnramo
Jmodmttmo `oama`f ho r`shf`othmk jnrtama` k`ofhoa ho Cmkhenrohm mof ntd`r stmt`s
tdrnuadnut td` cnuotry.
33. Vd` F`e`ofmots ho tdhs mcthno mr`, nr w`r` mt mkk r`k`vmot thj`s, subi`ct tn
E`f`rmk kmws anv`rohoa emhr k`ofhoa, hockufhoa td` EDM mof td` r`aukmthnos prnjukamt`f uof`r `mcd ne tdns` kmws. Vd` EDM prndhbhts ehomochmk hosthtuthnos ernj
fhscrhjhomthoa no td` bmshs ne, hot`r mkhm, rmc`, cnknr, nr omthnomk nrhaho ho td`hr
r`shf`othmk r`mk stmt`-r`kmt`f k`ofhoa trmosmcthnos.
Cms` 29=6-cv-76=54-FJA-JRQ Fncuj`ot = Ehk`f 70/37/=6 Wma` =5 ne 05 Wma` HF #9=5
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CNJWKMHOV ENR UHNKMVHNO NE
VD@ E@F@RMK EMHR DNPSHOA MCV7=7365-== 58==51 U=
=
2
3
6
0
5
1
4
8
=7
==
=2
=3
=6
=0
=5
=1
=4
=8
27
2=
22
23
26
20
25
21
24
- = 6 -
36. Vd` F`e`ofmots ho tdhs mcthno mr` nr w`r` busho`ss`s tdmt `oama` ho
r`shf`othmk r`mk `stmt`-r`kmt`f trmosmcthnos ho td` Chty ne Kns Moa`k`s whtdho td`
j`mohoa ne td` EDM, 62 P.S.C. § 3570.
30. Bms`f no hoenrjmthno r`pnrt`f pursumot tn td` Dnj` Jnrtama`
Fhscknsur` Mct, ho mffhthno tn knmos tdmt IWJnramo nrhahomt`f fhr`ctky, F`e`ofmots mr
r`spnoshbk` enr r`shf`othmk dnj` knmos mcquhr`f ernj, mof/nr snkf by nr tdrnuad,
QmJu, IW@ Dnj` Ehomoc` KKC, Knoa B`mcd Jnrtama` Cn., @ocnr` Cr`fht Cnrp.,
B`mr St`mros R`shf`othmk Jnrtama`, W`renrjmoc` Cr`fht Cnrp., mof Brmvn Cr`fht
Cnrp.
35. Ppno hoenrjmthno mof b`kh`e, Wkmhothee mkk`a`s tdmt `mcd ne td` F`e`ofmot
wms mof hs mo ma`ot ne td` ntd`r F`e`ofmots. @mcd F`e`ofmot, ho mcthoa nr njhtthoa tn
mct ms mkk`a`f ho tdhs Cnjpkmhot, wms mcthoa ho td` cnurs` mof scnp` ne hts mctumk nr
mppmr`ot mutdnrhty pursumot tn sucd ma`och`s, mof/nr td` mkk`a`f mcts nr njhsshnos ne
`mcd F`e`ofmot ms ma`ot w`r` subs`qu`otky rmtheh`f mof mfnpt`f by `mcd ma`ot ms
prhochpmk. @mcd F`e`ofmot, ho mcthoa nr njhtthoa tn mct ms mkk`a`f ho tdhs Cnjpkmhot,
wms mcthoa tdrnuad hts ma`ots, mof hs khmbk` no td` bmshs ne td` mcts mof njhsshnos ne ht
ma`ots.
HHH. IPRHSFHCVHNO MOF U@OP@
31. Vdhs Cnurt dms iurhsfhcthno nv`r tdhs jmtt`r pursumot tn 62 P.S.C. § 35=3
mof 24 P.S.C. §§ =33=, =363, b`cmus` td` ckmhjs mkk`a`f d`r`ho mrhs` uof`r td` kmws
ne td` Poht`f Stmt`s.
34. U`ou` hs prnp`r ho tdhs fhstrhct uof`r 24 P.S.C. § =38=(b) b`cmus`
IWJnramo cnofucts busho`ss ho tdhs fhstrhct mof m substmothmk pmrt ne td` `v`ots mofnjhsshnos ahvhoa rhs` tn td` ckmhjs nccurr`f ho tdhs fhstrhct.
Cms` 29=6-cv-76=54-FJA-JRQ Fncuj`ot = Ehk`f 70/37/=6 Wma` =1 ne 05 Wma` HF #9=1
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CNJWKMHOV ENR UHNKMVHNO NE
VD@ E@F@RMK EMHR DNPSHOA MCV7=7365-== 58==51 U=
=
2
3
6
0
5
1
4
8
=7
==
=2
=3
=6
=0
=5
=1
=4
=8
27
2=
22
23
26
20
25
21
24
- = 1 -
c. Emhkhoa tn pruf`otky uof`rwrht` r`ehomoc` knmos, wd`r` bnrrnw`rs
substhtut` uomeenrfmbk` jnrtama` knmos enr `xhsthoa jnrtama`s tdmt td`y mr` w`kk-suht`
enr mof tdmt mkknw td`j tn buhkf `quhty. Sucd r`ehomoc`f knmos strhp jucd nr `v`o mkk
ne tdmt `quhty by cdmrahoa substmothmk o`w e``s, net`o dhfhoa td` emct tdmt td` dhad
s`ttk`j`ot cnsts ne td` o`w knmo mr` mksn b`hoa ehomoc`f. K`of`rs tdmt maar`sshv`ky
jmrl`t td` mbhkhty ne td` bnrrnw`r tn pmy nee `xhsthoa cr`fht cmrf mof ntd`r f`bts by
r`ehomochoa mkk ne td`hr f`bt hotn no` jnrtama` knmo jhsk`mf bnrrnw`rs hotn b`kh`vhoa
tdmt td`r` hs m b`o`eht tn f`bt cnosnkhfmthno, wdhk` nbscurhoa td` pr`fhctmbk` emct tdmt
td` bnrrnw`r whkk ont b` mbk` tn r`pmy td` o`w knmo. Vd` r`ehomoc`f knmos mr`
td`js`kv`s net`o r`ehomoc`f r`p`mt`fky whtd `v`r-hocr`mshoa e``s mof dhad`r hot`r`st
rmt`s, mof whtd `v`r-f`cr`mshoa `quhty, ms bnrrnw`rs s``l tn stmv` nee enr`cknsur`.
f. Mkknwhoa jnrtama` brnl`rs tn cdmra` ‛yh`kf spr`mf pr`jhujs‚ en
qumkheyhoa m bnrrnw`r enr mo hot`r`st rmt` tdmt hs dhad`r tdmo td` rmt` td` bnrrnw`r
qumkheh`s enr mof cmo mctumkky meenrf.
`. Emhkhoa tn uof`rwrht` knmos bms`f no trmfhthnomk uof`rwrhthoa
crht`rhm sucd ms f`bt-tn-hocnj` rmthn, knmo-tn-vmku` rmthn, EHCN scnr`, mof wnrl
dhstnry. Wrnp`rky mppkyhoa td`s` crht`rhm `osur` tdmt m bnrrnw r hs nbtmhohoa m knmo td
d` nr sd` dms td` r`snurc`s mof mss`ts tn r`pmy, mof haonrhoa td`j r`sukts ho jmoy
knmos tdmt b`mr on r`kmthno tn bnrrnw`rs‘ mbhkhty tn r`pmy td`j. Vdhs mkknws td` k`of`r
tn jml` m quhcl prneht ernj td` nrhahomthno, but s`ts td` bnrrnw`r up enr f`emukt mof
enr`cknsur`.
e. R`quhrhoa substmothmk pr`pmyj`ot p`omkth`s tdmt pr`v`ot bnrrnw`r
wdns` cr`fht dms hjprnv`f ernj r`ehomochoa td`hr subprhj` knmo tn m prhj` knmo.Wr`pmyj`ot p`omkth`s ont noky pr`ckuf` bnrrnw`rs ernj r`ehomochoa tn m jnr`
meenrfmbk` knmo, but r`fuc` td` bnrrnw`rs‘ `quhty wd`o m subprhj` k`of`r cnovhoc`s
bnrrnw`rs tn o``fk`ssky r`ehomoc` no` subprhj` knmo whtd montd`r.
Cms` 29=6-cv-76=54-FJA-JRQ Fncuj`ot = Ehk`f 70/37/=6 Wma` 27 ne 05 Wma` HF #927
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CNJWKMHOV ENR UHNKMVHNO NE
VD@ E@F@RMK EMHR DNPSHOA MCV7=7365-== 58==51 U=
=
2
3
6
0
5
1
4
8
=7
==
=2
=3
=6
=0
=5
=1
=4
=8
27
2=
22
23
26
20
25
21
24
- = 4 -
a. Cdmrahoa `xc`sshv` pnhots mof e``s tdmt mr` ont mssnchmt`f whtd mo
hocr`ms`f b`o`ehts enr td` bnrrnw`r.
66. Vd` prnbk`j ne pr`fmtnry prmcthc`s ho jnrtama` k`ofhoa hs pmrthcukmrky
mcut` ho jhonrhty cnjjuohth`s b`cmus` ne ‛r`v`rs` r`fkhohoa.‚ Ms us`f by Cnoar ss
mof td` cnurts, td` t`rj ‛r`v`rs` r`fkhohoa‚ r`e`rs tn td` prmcthc` ne tmra`thoa r`shf`ot
ho c`rtmho a`narmpdhc mr`ms enr cr`fht no uoemhr t`rjs fu` tn td` rmchmk nr `tdohc
cnjpnshthno ne td` mr`m. Vdhs hs ho cnotrmst tn ‛r`fkhohoa,‚ wdhcd hs td` prmcthc` ne
f`oyhoa `qumk mcc`ss tn cr`fht tn sp`chehc a`narmpdhc mr`ms b`cmus` ne td` rmchmk nr
`tdohc cnjpnshthno ne td` mr`m. Bntd prmcthc`s dmv` r`p`mt`fky b``o d`kf tn vhnkmt` td
E`f`rmk Emhr Dnushoa Mct.
60. Enkknwhoa td` nos`t ne td` subprhj` jnrtama` crhshs, mof met`r y`mrs ne
hssuhoa mbushv` dnj` knmos ho jhonrhty o`hadbnrdnnfs, td` bha bmol k`of`rs b`amo tn
khjht td` hssumoc` ne jnrtama` cr`fht tn jhonrhty bnrrnw`rs (h.`., r`eushoa tn r`ehomoc`
pr`fmtnry knmos). Mt td` smj` thj`, wd`o td` bha bmols fhf `xt`of cr`fht, td`y
cnothou`f tn fn sn no pr`fmtnry t`rjs.
U. IWJNRAMO @OAMA@F HO FHSCRHJHOMVNRX K@OFHOA
WRMCVHC@SM. IWJnramo‘s Cnofuct Dmf m Fhspmrmt` Hjpmct no Jhonrhty Bnrrnw`rs ho
Uhnkmthno ne td` Emhr Dnushoa Mct
=. Fhscrhjhomtnry k`ofhoa r`sukts ho m fhsprnpnrthnomt` oujb`r neenr`cknsur`s ho jhonrhty mr`ms.
65. Enr`cknsur`s mr` no td` rhs` ho jmoy ne td` omthno‘s jnst vuko`rmbk`
o`hadbnrdnnfs, pmrthcukmrky tdns` whtd substmothmk cnoc`otrmthnos ne jhonrhty
dnus`dnkfs. Vd` hocr`ms` mpp`mrs tn st`j ernj td` arnwhoa pr`s`oc` ne (=) ono-
cnov`othnomk k`ofhoa ho td`s` cnjjuohth`s mof (2) cnothouhoa fhscrhjhomtnry k`ofhoa
prmcthc`s (`.a., st``rhoa jhonrhth`s hotn knmo prnfucts whtd jnr` no`rnus t`rjs – wdhc
dmpp`o tn b` jnr` prnehtmbk` enr IWJnramo).
Cms` 29=6-cv-76=54-FJA-JRQ Fncuj`ot = Ehk`f 70/37/=6 Wma` 2= ne 05 Wma` HF #92=
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CNJWKMHOV ENR UHNKMVHNO NE
VD@ E@F@RMK EMHR DNPSHOA MCV7=7365-== 58==51 U=
=
2
3
6
0
5
1
4
8
=7
==
=2
=3
=6
=0
=5
=1
=4
=8
27
2=
22
23
26
20
25
21
24
- = 8 -
61. M s`jhomk r`pnrt no enr`cknsur` mcthvhty by Jmrl Fufm mof Qhkkhmj
Mpamr fncuj`ots td` o`amthv` hjpmct tdmt rhshoa enr`cknsur`s dmv` no knw-hocnj` mo
knw-w`mktd jhonrhty cnjjuohth`s, ushoa Cdhcman ms m cms` stufy. Jr. Mpamr hs m
S`ohnr Scdnkmr mt td` Inhot C`ot`r enr Dnushoa Stufh`s ne Dmrvmrf Pohv`rshty, mof m
K`ctur`r no Wubkhc Wnkhcy mt Dmrvmrf‘s Indo E. L`oo`fy Scdnnk ne Anv`roj`ot. D`
pr`vhnusky s`rv`f ms td` Msshstmot S`cr`tmry enr Dnushoa/E`f`rmk Dnushoa
Cnjjhsshno`r mt td` P.S. F`pmrtj`ot ne Dnushoa mof Prbmo F`v`knpj`ot, mof mksn
Cdmhr`f td` E`f`rmk Dnushoa Ehomoc` Bnmrf. Jr. Mpamr dnkfs m Wd.F. ho @cnonjhcs
ernj Dmrvmrf Pohv`rshty. Jr. Fufm hs m R`s`mrcd E`kknw mt td` Inhot C`ot`r enr
Dnushoa Stufh`s. Vd` Mpamr-Fufm r pnrt dms cnothoumkky b``o cht`f by subs`qu`ot
anv`roj`otmk, pubkhc s`ctnr, mof prhvmt` s`ctnr r`pnrts fu` tn hts ckmrhty mof
tdnrnuado`ss whtd r`sp`ct tn td` o`amthv` hjpmct enr`cknsur`s dmv` no knw`r-hocnj`
mof jhonrhty o`hadbnrdnnfs.=6
64. Vdhs shaohehcmot r`pnrt dhadkhadts td` enr`s``mbhkhty ne enr`cknsur`s mrhsho
ernj pr`fmtnry k`ofhoa prmcthc`s mof td`hr mtt`ofmot dmrj, f`jnostrmthoa tdmt sucd
enr`cknsur`s hjpns` shaohehcmot mof pr`fhctmbk` cnsts no bnrrnw`rs, juohchpmk
anv`roj`ots, mof o`hadbnrhoa dnj`nwo`rs.
68. Montd`r r`pnrt, by td` C`ot`r enr R`spnoshbk` K`ofhoa, us`s m omthnomk
fmtms`t tn sdnw tdmt td` enr`cknsur` rmt` enr knw- mof jnf`rmt`-hocnj` Merhcmo-
Mj`rhcmos hs mpprnxhjmt`ky =.4 thj`s dhad`r tdmo ht hs enr knw- mof jnf`rmt`-hocnj`
ono-Dhspmohc wdht`s. Vd` amp hs sjmkk`r enr Kmthons, `sp`chmkky mjnoa knw-hocnj`
dnus`dnkfs, but `v`o mjnoa knw-hocnj` Kmthons td` enr`cknsur` rmt` hs =.2 thj`s tdmt
ne knw-hocnj` wdht`s. Rmchmk mof `tdohc fhspmrhth`s ho enr cknsur` rmt`s cmoont b``xpkmho`f by hocnj`, shoc` fhspmrhth`s p`rshst `v`o mjnoa dhad`r-hocnj` arnups. En
=6 S`` Q. Mpamr, J. Fufm & R. Anr`y, Vd` Juohchpmk Cnsts ne Enr`cknsur`s9 MCdhcman Cms` Stufy (2770) (mvmhkmbk` mt dttp9//www.ow.nra/o`twnrl/o`hadbnrwnrlsWrnas/enr`cknsur`snkuthnos/fncuj`ots/27Mpamr-FufmStufy- EukkU`rshno.pfe).
Cms` 29=6-cv-76=54-FJA-JRQ Fncuj`ot = Ehk`f 70/37/=6 Wma` 22 ne 05 Wma` HF #922
8/12/2019 City of Los Angeles v JPMorgan Chase & Co. Re: JPMorgan Chase sued by the City of Los Angeles for Violations of…
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CNJWKMHOV ENR UHNKMVHNO NE
VD@ E@F@RMK EMHR DNPSHOA MCV7=7365-== 58==51 U=
=
2
3
6
0
5
1
4
8
=7
==
=2
=3
=6
=0
=5
=1
=4
=8
27
2=
22
23
26
20
25
21
24
- 2 7 -
`xmjpk`9 mpprnxhjmt`ky =7 p`rc`ot ne dhad`r-hocnj` Merhcmo-Mj`rhcmo bnrrnw`rs
mof =0 p`rc`ot ne dhad`r-hocnj` Kmthon bnrrnw`rs dmv` knst td`hr dnj` tn enr`cknsur`
cnjpmr`f whtd 6.5 p`rc`ot ne dhad`r hocnj` ono-Dhspmohc wdht` bnrrnw rs. Nv`rmkk,
knw- mof jnf`rmt`-hocnj` Merhcmo-Mj`rhcmos mof jhffk`- mof dhad`r-hocnj`
Kmthons dmv` `xp`rh`oc`f td` dhad`st enr`cknsur` rmt`s.=0
07. O`mrky 27 p`rc`ot ne knmos ho dhad-jhonrhty o`hadbnrdnnfs dmv` b``o
enr`ckns`f upno nr mr` s`rhnusky f`khoqu`ot, whtd shaohehcmot hjpkhcmthnos enr td` knoa
t`rj cnonjhc vhmbhkhty ne td`s` cnjjuohth`s.=5
2. Jhonrhty o`hadbnrdnnfs mr` fhsprnpnrthnomt` r`chph`ots ne pr`fmtnrknmos.
0=. Vd`r` hs m substmothmk bnfy ne `jphrhcmk `vhf`oc` f`jnostrmthoa td`
pr`vmk`oc` ne r v`rs` r`fkhohoa ho td` subprhj` jnrtama` jmrl`t. Vd`s` stufh`s sdnw
tdmt, v`o met`r cnotrnkkhoa enr cr`fhtwnrtdho`ss mof ntd`r k`ahthjmt` uof`rwrhthoa
emctnrs, subprhj` knmos mof td` pr`fmtnry prmcthc`s net`o mssnchmt`f whtd subprhj`
k`ofhoa mr` fhsprnpnrthnomt`ky tmra`t`f mt jhonrhty o`hadbnrdnnfs.=1
=0 C`ot`r enr R`spnoshbk` K`ofhoa, Knst Arnuof, 27==9 Fhspmrhth`s ho Jnrtama` K`ofhoa mof Enr`cknsur`s (27==) (mvmhkmbk` mt www.r`spnoshbk`k`ofhoa.nra/-jnrtama`-k`ofhoa/r`s`mrcd-momkyshs/ Knst-Arnuof-27==.pfe).
=5 Hf.
=1 S`` Mbt Mssnchmt`s, Pshoa Cr`fht Scnr`s tn Momkyz` Dhad-Cnst K`ofhoa hoC`otrmk Chty O`hadbnrdnnfs (2774)< C`ot`r enr R`spnoshbk` K`ofhoa, Knst Arnuof,27==9 Fhspmrhth`s ho Jnrtama` K`ofhoa mof Enr`cknsur`s (27==) (mvmhkmbk` mt wwwr`spnoshbk`k`ofhoa.nra/jnrtama -k`ofhoa/r`s`mrcd-momkyshs/ Knst-Arnuof-27==.pfe )<C`ot`r enr R`spnoshbk` K`ofhoa, Poemhr K`ofhoa9 Vd` @ee`ct ne Rmc` mof @tdohchty notd` Wrhc` ne Subprhj` Jnrtama`s (2775) (mvmhkmbk` mt
dttp9//www.r`spnoshbk`k`ofhoa.nra/jnrtama`-k`ofhoa/r`s`mrcd-momkyshs/rr7==-Poemhr^K`ofhoa-7075.pfe)< Ehomoc` mof @cnonjhcs Fhscusshno S`rh`s Fhvhshnos neR`s`mrcd & Stmthsthcs mof Jno`tmry Meemhrs E`f`rmk R`s`rv` Bnmrf, Qmsdhoatno, F.CSubprhj` Jnrtama`s9 Qdmt, Qd`r`, mof tn Qdnj> (2774) (mvmhkmbk` mt dttp9//www.ob`r.nra/pmp`rs/w=6743.pfe>o`w^whofnw:= )< C. R`hf mof @. Kmf`rjmoE`f`rmk R`s`rv` Bmol ne Smo Ermochscn, Vd` Potnkf Cnsts ne Subprhj` K`ofhoa9
@xmjhohoa td` Khols mjnoa Dhad`r-Wrhc`f K`ofhoa, Enr`cknsur`s mof Rmc` hoCmkhenrohm, Wr`s`ot`f mt Brmof`hs Pohv`rshty (2778) (mvmhkmbk` mt dttp9//hmsp.brmof`hs.`fu/pfes/Mutdnr/r`hf-cmrnkho/Vd`%27Potnkf%27Cnsts%27ne%27Subprhj`%27K`ofhoa%273.pfe ).
Cms` 29=6-cv-76=54-FJA-JRQ Fncuj`ot = Ehk`f 70/37/=6 Wma` 23 ne 05 Wma` HF #923
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CNJWKMHOV ENR UHNKMVHNO NE
VD@ E@F@RMK EMHR DNPSHOA MCV7=7365-== 58==51 U=
=
2
3
6
0
5
1
4
8
=7
==
=2
=3
=6
=0
=5
=1
=4
=8
27
2=
22
23
26
20
25
21
24
- 2 = -
02. Ho a`o`rmk, ms r`c`otky nbs`rv`f by td` E`f`rmk R`s`rv` ho F`c`jb`r
27=2, bntd Merhcmo-Mj`rhcmo mof Dhspmohc bnrrnw`rs w`r` emr jnr` khl`ky (ho emct,
o`mrky twhc` ms khl`ky) tn nbtmho dhad`r-prhc`f knmos tdmo w`r` wdht` bnrrnw`rs. Vd`s
r`kmthnosdhps dnkf bntd enr dnj`-purcdms` mof r`ehomoc` k`ofhoa mof enr ono-
cnov`othnomk knmos. Vd`s` fhee`r`oc`s mr r`fuc`f, but ont `khjhomt`f, met`r
cnotrnkkhoa enr k`of`r mof bnrrnw`r cdmrmct rhsthcs. ‛Nv`r td` y`mrs, momkys`s ne
DJFM fmtm dmv` cnoshst`otky enuof substmothmk fhee`r`oc`s ho td` hochf`oc` ne dhad`
prhc`f k`ofhoa \Z mcrnss rmchmk mof tdohc kho`s, fhee r`oc`s tdmt cmoont b` eukky
`xpkmho`f by emctnrs hockuf`f ho td` DJFM fmtm.‚=4
03. Merhcmo-Mj`rhcmos mof Dhspmohcs w`r` jucd jnr` khl`ky tn r`c`hv`
subprhj` knmos mof knmos whtd e`mtur`s tdmt mr` mssnchmt`f whtd dhad`r enr`cknsur`s,
sp`chehcmkky pr`pmyj`ot p`omkth`s mof dybrhf nr npthno MRJs. Vd`s` fhspmrhth`s w`r
`vhf`ot `v`o cnjpmrhoa bnrrnw`rs whtdho td` smj` cr`fht scnr` rmoa`s. Ho emct, td`
fhspmrhth`s w`r` `sp`chmkky prnonuoc`f enr bnrrnw`rs whtd dhad`r cr`fht scnr s. Enr
`xmjpk`, mjnoa bnrrnw`rs whtd m EHCN scnr` ne nv`r 557 (hofhcmthoa annf cr`fht),
Merhcmo-Mj`rhcmos mof Kmthons r`c`hv`f m dhad hot`r`st rmt` knmo jnr` tdmo tdr``
thj`s ms net`o ms wdht` bnrrnw`rs.=8
06. Ho mffhthno tn r`c`hvhoa m dhad`r prnpnrthno ne dhad`r-rmt` knmos, Merhcmo
Mj`rhcmos mof Kmthons mksn w`r` jucd jnr` khl`ky tn r`c`hv` knmos whtd ntd`r rhsly
e`mtur`s, sucd ms dybrhf mof npthno MRJs mof pr`pmyj`ot p`omkth`s. Fhspmrhth`s ho
td` hochf`oc` ne td`s` e`mtur`s mr` `vhf`ot mcrnss mkk s`aj`ots ne td` cr`fht sp`ctruj.
=4 E`f`rmk R`s`rv` Bukk`tho, Vd` Jnrtama` Jmrl`t ho 27==9 Dhadkhadts ernj td`
Fmtm R`pnrt`f uof`r td` Dnj` Jnrtama` Fhscknsur` Mct (F`c. 27=2) (mvmhkmbk` mt dttp9//www.e`f`rmkr`s`rv`.anv/pubs/bukk`tho/27=2/WFE/27==^DJFM.pfe ).
=8 C`ot`r enr R`spnoshbk` K`ofhoa, Knst Arnuof, 27==9 Fhspmrhth`s ho Jnrtama` K`ofhoa mof Enr`cknsur`s (27==) (mvmhkmbk` mt www.r`spnoshbk`k`ofhoa.nra/-jnrtama`-k`ofhoa/r`s`mrcd-momkyshs/ Knst-Arnuof-27==.pfe).
27 Hf.
Cms` 29=6-cv-76=54-FJA-JRQ Fncuj`ot = Ehk`f 70/37/=6 Wma` 26 ne 05 Wma` HF #926
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CNJWKMHOV ENR UHNKMVHNO NE
VD@ E@F@RMK EMHR DNPSHOA MCV7=7365-== 58==51 U=
=
2
3
6
0
5
1
4
8
=7
==
=2
=3
=6
=0
=5
=1
=4
=8
27
2=
22
23
26
20
25
21
24
- 2 3 -
(e) @v`o tdnuad dhad-cnst k`ofhoa b`amo tn f`cr`ms`shaohehcmotky by 2774, wd`o ht nccurr`f, ht wms sthkkjnr` khl`ky tn nccur ho jhonrhty o`hadbnrdnnfs mscnjpmr`f tn wdht` o`hadbnrdnnfs. Vd` bha bmolk`of`rs sthkk w`r` jnr` tdmo twhc` ms khl`ky tn s`kksubprhj` knmos ho jhonrhty o`hadbnrdnnfs ho Kns
Moa`k`s, ms cnjpmr`f tn wdht` o`hadbnrdnnfs.
(a) Ho jmoy cms`s, jhonrhty bnrrnw`rs w`r` nv`rburf`o`font noky by subprhj` k`ofhoa but by ntd`r no`rnusknmo t`rjs, sucd ms pr`pmyj`ot p`omkth`s, yh`kf spr`mf
pr`jhujs, npthno MRJs, mof D@KNCs, mkk ne wdhcddmv` b``o cnofuchv` tn enr`cknsur`s.
(d) Ho m Jmrcd 2778 surv`y, twn-tdhrfs ne dnushoacnuos`knrs r`pnrt`f tdmt td`y b`kh`v`f bnrrnw`rs necnknr w`r` r`c`hvhoa wnrs` enr`cknsur` pr`v`othnonutcnj`s tdmo wdht` bnrrnw`rs.
(h) Ho td` wml` ne td` subprhj` j`ktfnwo, msuof`rwrhthoa thadt`o`f enr mkk knmos, dhad`r cnst EDMjnrtama` knmos w`r` td` ‛noky amj` ho tnwo‚ k`et enrjmoy o`w dnj`buy`rs.
05. Shoc` 2774, ms td` fmtm fhscuss`f b`knw jml`s ck`mr, td`r` dms b``o m
sdhet ho td` typ`s ne knmos hssu`f – mof ont hssu`f – by td` Bmol. Enr `xmjpk`, td`
Bmol sdhet`f ernj nee`rhoa o`w subprhj` knmos tnwmrf hssuhoa jnr` Dnj` @quhty
Kho`s ne Cr`fht (‛D@KNCs‚) mof dhad`r cnst EDM/UM knmos.22 EDM mof UM
anv`roj`ot knmos mr` cdmrmct`rhz`f ms dhad`r rhsl knmos b`cmus` (=) td`y mr` typhcmkky
jnr` `xp`oshv` enr m bnrrnw`r tdmo cnov`othnomk knmos mof hockuf` e``s mof cnsts on
mssnchmt`f whtd cnov`othnomk knmos, mof (2) s`v`rmk ne td` anv`roj`ot knmo prnarmjs
p`rjht o`amthv` mjnrthzmthno.23 Mt td` smj` thj`, ho td` kmst s`v`rmk y`mrs, td` Bmol
thadt`o`f k`ofhoa r`quhr`j`ots ho m jmoo`r tdmt frmsthcmkky khjht`f td` mbhkhty ne
22 Qdhk` EDM/UM knmos mr` ont hod`r`otky pr`fmtnry, td`s` knmos dmv` dhad`r rhsle`mtur`s sucd ms dhad`r e``s mof dhad`r hot`r`st rmt`s. Qd`o bmols tmra`t jhonrhth`s eEDM/UM knmos mof hssu` jnr` ne td`j tn jhonrhth`s, td`y mr` mcthoa ho mfhscrhjhomtnry jmoo`r.
23 Cmkhenrohm R`hov`stj`ot Cnmkhthno, `t mk., Wmyhoa Jnr` enr td` Mj`rhcmo Fr`mjUH, Rmchmk Fhspmrhth`s ho EDM/UM K`ofhoa (Iuky 27=2)< www.edm.cnj/edm^knmo^typ`www.b`o`ehts.vm.anv/dnj`knmos.
Cms` 29=6-cv-76=54-FJA-JRQ Fncuj`ot = Ehk`f 70/37/=6 Wma` 25 ne 05 Wma` HF #925
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CNJWKMHOV ENR UHNKMVHNO NE
VD@ E@F@RMK EMHR DNPSHOA MCV7=7365-== 58==51 U=
=
2
3
6
0
5
1
4
8
=7
==
=2
=3
=6
=0
=5
=1
=4
=8
27
2=
22
23
26
20
25
21
24
- 2 6 -
jhonrhty bnrrnw`rs tn r`ehomoc` nr ntd`rwhs` jnfhey td` subprhj` knmos pr`vhnusky
hssu`f by td` Bmol.
01. M 27== R`pnrt ernj td` Cmkhenrohm R`hov`stj`ot Cnmkhthno enuof tdmt,
b`tw``o 2774 mof 2778, ho Kns Moa`k`s, td` oujb`r ne cnov`othnomk r ehomoc` knmos
jmf` ho pr`fnjhomotky wdht` o`hadbnrdnnfs jnr` tdmo fnubk`f (hocr`mshoa by mbnut
277%), wdhk` cnov`othnomk r`ehomoc` knmos f`ckho`f ho td` Chty‘s jhonrhty
o`hadbnrdnnfs, wd`r` sucd r`ehomochoa wms jnst f`sp`rmt`ky o``f`f.26
04. Mt td` smj` thj` tdmt cnov`othnomk cr`fht dms cnotrmct`f nv`r td` pmst ehv
y`mrs, EDM k`ofhoa dms `xpmof`f frmjmthcmkky. Furhoa td` subprhj` bnnj, EDM
k`ofhoa e`kk ms subprhj` k`of`rs tmra`t`f jhonrhty cnjjuohth`s. Onw, whtd khttk` nr o
subprhj` k`ofhoa, mof cnov`othnomk cr`fht r`strhct`f, EDM k`ofhoa dms sdnt up.
Nv`rmkk, td` sdmr` ne knmos whtd anv`roj`ot bmclhoa w`ot ernj 0% ho 2770 tn 25.5%
ho 27=7.20
08. Enr Merhcmo-Mj`rhcmos, td` sdmr` ne jnrtama`s us`f tn purcdms` m dnj`
mof bmcl`f by m anv`roj`ot prnarmj hocr`ms`f tn mkjnst 47% ho 27=7< enr Kmthons
td` sdmr` hocr`ms`f tn 13%. But enr wdht`s, td` sdmr` hocr`ms`f tn noky 68%. Mt
pr`s`ot, jnst jhonrhty bnrrnw rs cmoont amho mcc`ss tn td` cnov`othnomk jnrtama`
jmrl`t, mof host`mf, mr` r`k`amt`f tn jnr` `xp`oshv` EDM knmos.25
57. M 27=2 R`pnrt ernj td` Cmkhenrohm R`hov`stj`ot Cnmkhthno ‛sdnws tdmt
bkmcl mof Kmthon bnrrnw`rs mof bnrrnw`rs ho cnjjuohth`s ne cnknr r`c`hv`f
anv`roj`ot-bmcl`f knmos – hosur`f by td` E`f`rmk Dnushoa Mfjhohstrmthno (EDM) nr
26 Cmkhenrohm R`hov`stj`ot Cnmkhthno, `t mk., Wmyhoa Jnr` enr td` Mj`rhcmo Fr`mj
U9 Vd` W`rshst`oc` mof @vnkuthno ne td` Fumk Jmrl`t (27==) (mvmhkmbk` mt dttp9//www.cnjjuohty-w`mktd.nra/sht`s/ckno`.cnjjuohty-w`mktd.nra/ehk`s/fnwoknmfs/r`pnrt-crc-`t-mk.pfe).
20 C`ot`r enr R`spnoshbk` K`ofhoa, Vd` Stmt` ne K`ofhoa ho Mj`rhcm & hts Hjpmctno P.S. Dnus`dnkfs (27=2) (mvmhkmbk` mt dttp9//www.r`spnoshbk`k`ofhoa.nra/stmt`-ne-k`ofhoa/Stmt`-ne-K`ofhoa-r`pnrt-=.pfe).
25 C`ot`r enr R`spnoshbk` K`ofhoa, Vd` Stmt` ne K`ofhoa ho Mj`rhcm & hts Hjpmct
no P.S. Dnus`dnkfs (27=2) (mvmhkmbk` mt dttp9//www.r`spnoshbk`k`ofhoa.nra/stmt`-ne-k`ofhoa/Stmt`-ne-K`ofhoa-r`pnrt-=.pfe).
Cms` 29=6-cv-76=54-FJA-JRQ Fncuj`ot = Ehk`f 70/37/=6 Wma` 21 ne 05 Wma` HF #921
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CNJWKMHOV ENR UHNKMVHNO NE
VD@ E@F@RMK EMHR DNPSHOA MCV7=7365-== 58==51 U=
=
2
3
6
0
5
1
4
8
=7
==
=2
=3
=6
=0
=5
=1
=4
=8
27
2=
22
23
26
20
25
21
24
- 2 0 -
aumrmot``f by td` F`pmrtj`ot ne U`t`rmos Meemhrs (UM) – shaohehcmotky jnr` net`o
tdmo fhf wdht` bnrrnw rs. Vd` ehofhoas hofhcmt` p`rshst`ot jnrtama` r`fkhohoa mof
rmhs` s`rhnus cnoc`ros mbnut hkk`amk mof fhscrhjhomtnry knmo st``rhoa.… \VZd` r`pnrt
sdnws m pmtt`ro ne twn-th`r`f k`ofhoa, ho wdhcd bnrrnw`rs mof cnjjuohth`s ne cnknr
r`c`hv`f fhsprnpnrthnomt`ky e`w`r cnov`othnomk jnrtama`s mof fhsprnpnrthnomt`ky
jnr` anv`roj`ot-bmcl`f knmos tdmo fhf wdht` bnrrnw`rs mof cnjjuohth`s…. \VZd`
fhsprnpnrthnomt pr`vmk`oc` ne EDM knmos ho cnjjuohth`s ne cnknr rmhs`s emhr k`ofhoa
ekmas.‚ Ho pmrthcukmr, td` 27=2 R`pnrt nbs`rv`s tdmt9 ‛Ho Kns Moa`k`s, dnj`buy`rs ho
o`hadbnrdnnfs ne cnknr r`c`hv`f anv`roj`ot-bmcl`f knmos ehv` thj`s jnr` net`o tdmo
fhf tdns` ho pr`fnjhomotky wdht` o`hadbnrdnnfs…. \DZnj`nwo`rs ho cnjjuohth`s n
cnknr r`c`hv`f EDM nr UM r`ehomoc` knmos 5.0 thj`s jnr` net`o tdmo fhf dnj`nwo`r
ho pr`fnjhomotky wdht` o`hadbnrdnnfs.‚21
B. IWJnramo Hot`othnomkky Fhscrhjhomt`f Mamhost Jhonrhty Bnrrnw`rs hoUhnkmthno ne td` Emhr Dnushoa Mct, ms F`jnostrmt`f by Enrj`r Bmol@jpkny``s
5=. Cnoehf`othmk Qhto`ss`s (‛CQs‚) mr` enrj`r jpkny``s ne IWJnramo mof
QmJu. Vd` CQs w`r` r`spnoshbk` enr jmlhoa, prnc`sshoa, mof/nr uof`rwrhthoa knmo
ho td` ar`mt`r Kns Moa`k`s r`ahno. CQs f`scrhb` dnw IWJnramo mof QmJu tmra`t`f
jhonrhth`s mof r`shf`ots ne jhonrhty o`hadbnrdnnfs ho mof mrnuof Kns Moa`k`s enr
pr`fmtnry k`ofhoa prmcthc`s.
52. CQ= wnrl`f enr IWJnramo ho twn brmocd`s ho Kns Moa`k`s Cnuoty ms m
jnrtama` knmo neehc`r. CQ= wnrl`f enr IWJnramo enr mpprnxhjmt`ky twn y`mrs ho td
2774-27=7 thj`ermj`. Sd` wms pr`vhnusky `jpkny`f ms m jnrtama` knmo neehc`r mt
QmJu enr mbnut m y`mr b`enr` IWJnramo purcdms`f QmJu. Sd` wnrl`f mkjnst
21 Cmkhenrohm R`hov`stj`ot Cnmkhthno, Wmyhoa Jnr` enr td` Mj`rhcmo Fr`mj UH9 Rmchmk Fhspmrhth`s ho EDM/UM K`ofhoa (27=2) (mvmhkmbk` mt dttp9//cmkr`hov`st.nra/syst`j/r`snurc`s/Q=shYhHsHiHwJVHvJFcvJVavJVYeJzUeJ
OeJU8wXTkpbjftb3IkUlkebTUsfAkzfAE7YU8qfQx0JiMxJk8ASP0BVC0wYAhTU7/pmyhoajnr`UH^jukthstmt` iuky27=2-%27EHOMK.pfe).
Cms` 29=6-cv-76=54-FJA-JRQ Fncuj`ot = Ehk`f 70/37/=6 Wma` 24 ne 05 Wma` HF #924
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CNJWKMHOV ENR UHNKMVHNO NE
VD@ E@F@RMK EMHR DNPSHOA MCV7=7365-== 58==51 U=
=
2
3
6
0
5
1
4
8
=7
==
=2
=3
=6
=0
=5
=1
=4
=8
27
2=
22
23
26
20
25
21
24
- 2 5 -
`othr`ky whtd jhonrhty (kmra`ky Dhspmohc) custnj`rs, mkjnst mkk ne wdnj snuadt
r`ehomochoa nr knmo jnfhehcmthnos.
53. CQ2 wnrl`f ho td` jnrtama` hofustry enr mbnut `hadt y`mrs< d` wnrl`f
enr IWJnramo mt jukthpk` brmocd kncmthnos ho td` ar`mt`r Kns Moa`k`s r`ahno ms m
jnrtama` knmo nrhahomtnr ho td` 27==-27=2 thj`ermj`.
56. CQ3 wnrl`f ms mo uof`rwrht`r mt td` Bmol‘s cnrpnrmt` neehc` ho Kns
Moa`k`s furhoa td` 2778-27== thj`ermj`. Sd` wms pr`vhnusky `jpkny`f mt QmJu,
wd`r` sd` wms dhr`f ho 2772. Sd` wnrl`f mt QmJu tdrnuad td` p`rhnf wd`o
IWJnramo purcdms`f ht ho 2778, mof td`o sd` b`cmj` m IWJnramo `jpkny` . Sd`
wnrl`f ms m knmo jnfhehcmthno uof`rwrht r whtd custnj`rs wdn w`r` b`dhof no td`hr
jnrtama` pmyj`ots.
50. CQ6 wnrl`f ms m knss jhthamthno o`anthmtnr mof uof`rwrht`r mt m
IWJnramo brmocd ho Kns Moa`k`s furhoa td` 2778-27=7 thj`ermj`. D` wnrl`f whtd
custnj`rs wdn dmf jhss`f jnrtama` pmyj`ots, mof d` wms r`spnoshbk` enr jmlhoa
knmo jnfhehcmthnos enr custnj`rs ho td` f`emukt prnc`ss.
55. CQ0 wnrl`f ms m s`ohnr knmo neehc`r enr QmJu ho td` 2773 tn 2771 thj`
ermj`, nrhahomthoa knmos tdrnuadnut td` Kns Moa`k`s mr`m. Furhoa td` cnurs` ne dhs
wnrl, CQ0 nbs`rv`f tdmt QmJu tmra`t`f jmrl`thoa jmt`rhmks mof dhad-cnst knmo
prnfucts enr knw-hocnj` jhonrhth`s, mof QmJu hoc`othvhz`f td` smk`s enrc` tn jml`
dhad-cnst knmos.
51. Vd` CQs cnoehrj tdmt IWJnramo dms `oama`f ho pr`fmtnry mof ntd`rwhs
fhscrhjhomtnry k`ofhoa prmcthc`s fhr`ctky mof tdrnuad mcquhr`f k`of`rs (hockufhoa
QmJu).=. IWJnramo tmra`ts jhonrhth`s enr pr`fmtnry knmo t`rjs (mof pmys hts
`jpkny``s jnr` enr fnhoa sn).
54. CQ0 nbs`rv`f tdmt QmJu tmhknr`f jmrl`thoa jmt`rhmks enr c`rtmho
jhonrhth`s. ‛He ynu wmot`f tn tmra`t td` Dhspmohc cnjjuohty ynu dmf tn dmv` c`rtmho
Cms` 29=6-cv-76=54-FJA-JRQ Fncuj`ot = Ehk`f 70/37/=6 Wma` 28 ne 05 Wma` HF #928
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CNJWKMHOV ENR UHNKMVHNO NE
VD@ E@F@RMK EMHR DNPSHOA MCV7=7365-== 58==51 U=
=
2
3
6
0
5
1
4
8
=7
==
=2
=3
=6
=0
=5
=1
=4
=8
27
2=
22
23
26
20
25
21
24
- 2 1 -
wnrfs ho td`r` tdmt ynu‘f wmot tn us` tn mttrmct (td` bnrrnw`rs),‚ d` smhf. CQ0
uof`rstnnf tdmt c`rtmho jnrtama` knmo prnfucts, khl` o`amthv` mjnrthzmthno knmos, w`r
tmhknr`f tnwmrf knw-hocnj` jhonrhth`s. ‛Ht wms tmhknr`f enr jhonrhth`s, but ht wms ont
sp`chehcmkky iust enr td`j,‚ d` mff`f.
58. Mccnrfhoa tn CQ0, QmJu hoc`othvhz`f smk`sp`npk` tdrnuad
cnjjhsshnos mof bnous`s tn pusd mppkhcmots hotn o`amthv` mjnrthzmthno mof ntd`r ono
cnov`othnomk knmos.
2. IWJnramo uof`rwrht`s mfiustmbk` rmt` knmos tdmt bnrrnw`rs cmoontmeenrf.
17. CQ3, wdn wnrl`f whtd custnj`rs wdn w`r` b`dhof no td`hr jnrtama`
pmyj`ots, `xpkmho`f tdmt jnst ne td`s` custnj`rs dmf r`c`hv`f vmrhmbk`-rmt` knmos tdm
td`y cnukf on knoa`r meenrf met`r td` rmt`s mfiust`f upwmrf.
1=. Mccnrfhoa tn CQ0, ‛m knt ne \jhonrhth`sZ dnkf notn td`hr cmsd host`mf ne
putthoa ht ho td` bmol. Vdmt‘s td` ckh`ot< w` dmf m prnarmj enr td`j. Q` wnukf tml`
ono-trmfhthnomk cr`fht.‚ QmJu wnukf qumkhey td`s` jhonrhty bnrrnw`rs enr jucd jn
`xp`oshv` subprhj` knmos mof kmra` o`amthv` mjnrthzmthno knmos whtd `xtr`j`ky knw
hotrnfuctnry jnotdky pmyj`ots. ‛Mt no` pnhot QmJu fhf ont dmv` m cr`fht scnr`r`quhr`j`ot,‚ d` smhf. ‛Ht wms `msy tn tdrnw td`j hotn tdmt prnarmj mof a`t td`j
mpprnv`f enr tdmt prnarmj mt td` no` p`rc`ot rmt`‚ – mof knmo neehc`rs mof uof`rwrht`
noky dmf tn qumkhey td` bnrrnw`rs enr td` knw`st jnotdky pmyj`ot r`quhr`f furhoa td`
hotrnfuctnry p`rhnf. CQ0 `xpkmho`f tdmt knmo neehc`rs fhf ont mkwmys eukky `xpkmho td
no`rnus r`p`rcusshnos ne sucd knmos. ‛Vdmt‘s wd`r` m knt ne ckh`ots w`r` jhsk`f,‚ d`
smhf. ‛Vd`y tdnuadt ht wms m = p`rc`ot ehx`f (rmt`).‚
12. Ho CQ0‘s `xp`rh`oc`, knmo neehc`rs t`of`f tn pusd o`amthv` mjnrthzmthno
knmos no knw-hocnj` jhonrhth`s. D` nbs`rv`f tdmt jmoy bnrrnw`rs ant hotn f``p
ehomochmk trnubk` met r tmlhoa nut td`s` typ`s ne knmos. ‛Vd` (hohthmk jnotdky) cnst wms
bmr` jhohjuj‚ enr td` bnrrnw`r, d` smhf. ‛But td` pnsshbhkhth`s w`r` td`r tdmt ht cnu
Cms` 29=6-cv-76=54-FJA-JRQ Fncuj`ot = Ehk`f 70/37/=6 Wma` 37 ne 05 Wma` HF #937
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CNJWKMHOV ENR UHNKMVHNO NE
VD@ E@F@RMK EMHR DNPSHOA MCV7=7365-== 58==51 U=
=
2
3
6
0
5
1
4
8
=7
==
=2
=3
=6
=0
=5
=1
=4
=8
27
2=
22
23
26
20
25
21
24
- 2 4 -
turo nut tn b` td` wnrst cms` (sc`omrhn) enr td` bnrrnw`rs, mof tdmt‘s `xmctky wdmt
dmpp`o`f.‚
13. IWJnramo (fhr`ctky mof tdrnuad mcquhr`f k`of`rs) fn`s ont prnp`rky
uof`rwrht` td`s` knmos wd`o jmf` tn jhonrhth`s mof ho jhonrhty o`hadbnrdnnfs.
IWJnramo fn`s ont mf`qumt`ky cnoshf`r td` bnrrnw`rs‘ mbhkhty tn r`pmy td`s` knmos,
`sp`chmkky met`r td` t`ms`r rmt` `xphr`s mof td` hot`r`st rmt` hocr`ms`s. Vd` emct tdmt
td`s` knmos wnukf r`sukt ho f`khoqu`ocy, f`emukt, mof enr`cknsur` enr jmoy bnrrnw`rs
wms, nr sdnukf dmv` b``o, ck`mrky enr`s``mbk` tn IWJnramo mt td` thj` td` knmos w`r`
jmf`.
3. IWJnramo t`ofs tn r`quhr` pr`pmyj`ot p`omkth`s jnr` net`o ernjjhonrhty bnrrnw`rs.
16. Wr`pmyj`ot p`omkth`s typhcmkky jml` ht jnr` fheehcukt enr bnrrnw`rs tn
r`ehomoc` hotn o`w mof b`tt`r knmos.
10. CQ3 nbs`rv`f tdmt IWJnramo t`of`f tn r`quhr` pr`pmyj`ot p`omkth`s
jnr` net`o ernj jhonrhty bnrrnw`rs.
15. CQ0 `xpkmho`f tdmt QmJu hoc`othvhz`f smk`s p`npk` whtd bha bnous`s
enr knclhoa bnrrnw`rs hotn knmos whtd pr`pmyj`ot p`omkth`s.6. IWJnramo hofuc`f enr`cknsur`s by emhkhoa tn nee`r r`ehomochoa nr
knmo jnfhehcmthnos tn jhonrhty custnj`rs no emhr t`rjs, mofntd`rwhs` khjhthoa `qumk mcc`ss tn emhr cr`fht.
11. Vd` CQ stmt`j`ots sdnw tdmt IWJnramo hofuc`f enr`cknsur`s by emhkhoa
tn nee`r r`ehomochoa nr knmo jnfhehcmthnos tn jhonrhty custnj`rs no emhr t`rjs – wdhcd
cnosthtut`s m pmrthcukmrky ar`ahnus enrj ne r`fkhohoa, ahv`o tdmt jhonrhty bnrrnw`rs
snuadt r`ehomochoa nr knmo jnfhehcmthnos whtd r`sp`ct tn bmf knmos tdmt td` Bmol
pr`vhnusky jmf` tn td`j.
14. CQ= b`kh`v`s tdmt IWJnramo mfnpt`f nv`rky-strhoa`ot knmo qumkhehcmthno
r`quhr`j`ots tdmt r`sukt`f ho mo uoo`c`ssmrhky dhad rmt` ne r`ehomochoa r`i`cthnos enr
jhonrhty bnrrnw`rs. Sd` `ocnuot`r`f jnotds-knoa f`kmys mof v`ry e`w succ`ss`s
Cms` 29=6-cv-76=54-FJA-JRQ Fncuj`ot = Ehk`f 70/37/=6 Wma` 3= ne 05 Wma` HF #93=
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CNJWKMHOV ENR UHNKMVHNO NE
VD@ E@F@RMK EMHR DNPSHOA MCV7=7365-== 58==51 U=
=
2
3
6
0
5
1
4
8
=7
==
=2
=3
=6
=0
=5
=1
=4
=8
27
2=
22
23
26
20
25
21
24
- 2 8 -
wd`o mtt`jpthoa tn r`ehomoc` jhonrhty custnj`rs. Sd` `sthjmt`s tdmt 87% ne td`
jhonrhty bnrrnw`rs wdn cmj` tn d`r brmocd`s f`sp`rmt` enr r`ehomochoa wnukf ont
qumkhey. Vd`y usumkky fhf ont dmv` `onuad hocnj` nr `onuad `quhty ho td`hr dnj`s,
sd` smhf.
18. CQ= `xpkmho`f tdmt jmoy jhonrhty bnrrnw`rs wdn dmf pr`vhnusky
r`c`hv`f ‛on fnc‚ knmos w`r` onw msl`f tn prnvhf` fncuj`otmthno ne hocnj` mof
ntd`r mss`ts, mof cnukf ont. Sd` f`scrhb`f s``hoa custnj`rs wdn noky nw`f ‛$07,777
tn $57,777‚ no m prnp`rty wnrtd $207,777 wdn cnukf ont r`ehomoc` b`cmus` td`y `htd`
fhfo‘t dmv` m inb nr fhf dmv` m inb but dmf hosueehch`ot fncuj`otmthno. Jmoy ntd`rs
dmf hocnj` but tnn khttk` `quhty ho td`hr dnj`s b`cmus` ne emkkhoa r`mk `stmt` vmku`s.
47. CQ= smhf snj` ne td`s` custnj`rs w`r` r`i`ct`f `v`o tdnuad sd`
b`kh`v`f td`y sdnukf ont dmv` b``o r`i`ct`f. Mccnrfhoa tn CQ=, IWJnramo‘s
r`ehomochoa qumkhehcmthno auhf`kho`s b`cmj` ‛jucd jnr` cnos`rvmthv`‚ tdmo tdns` s`t
by e`f`rmk auhf`kho`s. ‛Vdmt wms r`mkky d`mrtbr`mlhoa,‚ sd` smhf. ‛S``hoa p`npk`
shtthoa td`r` cryhoa. … Vdns` w`r` lhof ne dmrf.‚
4=. Mccnrfhoa tn CQ=, bnrrnw`rs wdn fhf ont qumkhey enr r`ehomochoa, mof
tdus snuadt knmo jnfhehcmthnos, w`r` `ss`othmkky `ocnurma`f ont tn jml` pmyj`ots no
td`hr dnj`s mt mkk. Sd` smhf td` Bmol hoenrj`f td`j tdmt m pr`r`quhsht` enr knmo
jnfhehcmthno wms jhsshoa pmyj`ots. Vdhs cr`mt`f jnr` prnbk`js, sd` `xpkmho`f,
b`cmus` snj` ne td`s` smj` bnrrnw`rs wnukf enkknw td` auhfmoc`, slhp pmyj`ots, bu
td`o ont r`c`hv` knmo jnfhehcmthnos. Met`r tdmt, ‛td`y w`r` iust wmhthoa enr td` sd`rhe
tn cnj` mrnuof‚ mof enr`ckns`, sd` smhf.
42. CQ= smhf tdmt, wd`o r`ehomochoa fhf tml` pkmc` ho d`r jhonrhtyo`hadbnrdnnf brmocd`s, ht usumkky cmj` whtd dhad`r-tdmo-usumk hot`r`st rmt`s tdmt
cnrr`spnof`f whtd rhshoa KVU rmthns.
43. Furhoa CQ=‘s `jpknyj`ot, IWJnramo whtdfr`w jnrtama` neehc`rs ernj
bntd jhonrhty o`hadbnrdnnf brmocd`s wd`r` sd` wnrl`f b`cmus` ‛ht iust wmso‘t
Cms` 29=6-cv-76=54-FJA-JRQ Fncuj`ot = Ehk`f 70/37/=6 Wma` 32 ne 05 Wma` HF #932
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CNJWKMHOV ENR UHNKMVHNO NE
VD@ E@F@RMK EMHR DNPSHOA MCV7=7365-== 58==51 U=
=
2
3
6
0
5
1
4
8
=7
==
=2
=3
=6
=0
=5
=1
=4
=8
27
2=
22
23
26
20
25
21
24
- 3 7 -
e`mshbk` tn dmv` m knmo neehc`r td`r ,‚ sd` smhf. ‛Vd` knmos iust w`r`o‘t anhoa tdrnuad
ho tdmt mr`m,‚ sd` smhf. ‛Ht wmso‘t wnrtd ht tn dmv` snj`no` td`r`.‚
46. CQ2 smhf tdmt IWJnramo dms thadt`o`f hts k`ofhoa r`quhr`j`ots shoc`
2774, jmlhoa mkjnst mkk knmos ‛eukky-fnc‘f‚ knmos, s`tthoa dhad`r stmofmrfs
(‛nv`rkmys‚) enr r`ehomochoa tdmo tdns` `stmbkhsd`f uof`r DMJW. ‛Vd` bmols smhf,
—w`‘r` ont anhoa tn r`ehomoc` ynu,‘‚ d` smhf. ‛Vd` purpns` ne td` \DMJWZ prnarmj
wms tn a`t p`npk` nut ne td`s` bmf knmos, mof td` bmols r eus`f tn fn ht. Mof tdhs hs
sthkk anhoa no tnfmy.‚
40. Vd` Bmol np`rmt`f e`w, he moy, brmocd`s ho jhonrhty o`hadbnrdnnfs ne
Kns Moa`k`s< CQ2 strnoaky b`kh`v`s tdmt tdhs `vhf`oc`f mo hot`othnomk enrj ne
jhonrhty ‛fhscrhjhomthno.‚ Ho td` kmst e`w y`mrs, ht b`cmj` hocr`mshoaky fheehcukt tn
s`rv` jhonrhty custnj`rs ahv`o wd`r` td` Bmol cdns` tn kncmt` hts brmocd`s, d`
`xpkmho`f. Vn ehof nut ‛dnw td`y mr` fhscrhjhomthoa, knnl mt td` pnshthno ne td`
brmocd`s,‚ d` smhf. ‛Vdmt‘s anhoa tn sdnw ynu.‚
45. IWJnramo hs np`ohoa ‛dua` oujb`rs‚ ne brmocd`s mkk mcrnss Cmkhenrohm,
ono` ne wdhcd mr` kncmt`f ho td` hoo r chty, mccnrfhoa tn CQ2. Ho td` upp`r-jhffk`-
ckmss o`hadbnrdnnf wd`r` d` khv`s, IWJnramo hs np`ohoa wdmt d` smhf mpp`mr`f tn b`
ms jmoy ms s`v`o brmocd`s, jmyb` jnr`. Montd`r 377 mr` skmt`f tn np`o ho Snutd`ro
Cmkhenrohm, pmrt ne 2,777 tdmt whkk b` np`ohoa mcrnss td` stmt`, d` smhf. ‛But ono` ne
tdhs hs dmpp`ohoa ho jhonrhty o`hadbnrdnnfs,‚ d` mff`f. ‛Vdmt, ho hts`ke, hs td` bhaa`s
hofhcmthno ne fhscrhjhomthno tdmt ynu cmo ehof.‚
41. CQ2 cnoehrj`f tdmt IWJnramo r`cnrf`f jhonrhty stmtus hoenrjmthno ho
td` knmo mppkhcmthno prnc`ss. CQ2 b`kh`v`f tdmt snj` ne td` jhonrhty bnrrnw`rs d`smw mt IWJnramo sdnukf dmv` qumkheh`f enr r`ehomochoa, but td`y fhf ont qumkhey enr
r`msnos tdmt w`r` uock`mr tn dhj. D` susp`ct`f tdmt jhonrhty stmtus pkmy`f m rnk` ho
f`chshno-jmlhoa by IWJnramo no wdn tn ehomoc`. ‛Vd` r`fkhohoa mof stuee khl` tdmt,
tdmt sthkk an`s no.‚
Cms` 29=6-cv-76=54-FJA-JRQ Fncuj`ot = Ehk`f 70/37/=6 Wma` 33 ne 05 Wma` HF #933
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CNJWKMHOV ENR UHNKMVHNO NE
VD@ E@F@RMK EMHR DNPSHOA MCV7=7365-== 58==51 U=
=
2
3
6
0
5
1
4
8
=7
==
=2
=3
=6
=0
=5
=1
=4
=8
27
2=
22
23
26
20
25
21
24
- 3 2 -
C. Jhonrhth`s ho Emct R`c`hv` Wr`fmtnry Knmo V`rjs ernj IWJnramo
86. Ms fhscuss`f d`r`ho, IWJnramo‘s pr`fmtnry knmos hockuf`9 dhad-cnst
knmos (h.`., knmos whtd mo hot`r`st rmt` tdmt wms mt k`mst tdr`` p`rc`otma` pnhots mbnv` m
e`f`rmkky-`stmbkhsd`f b`ocdjmrl), subprhj` knmos, hot`r`st-noky knmos, bmkknno
pmyj`ot knmos, knmos whtd pr`pmyj`ot p`omkth`s, o`amthv` mjnrthzmthno knmos, on
fncuj`otmthno knmos, mof/nr MRJ knmos whtd t`ms`r rmt`s (h.`., khe`thj` jmxhjuj rmt
? hohthmk rmt` + 5%).
80. Fmtm r`pnrt`f by td` Bmol mof mvmhkmbk` tdrnuad pubkhc fmtmbms`s sdnws
tdmt ho 2776-27==, 25.3% ne knmos jmf` by IWJnramo tn Merhcmo-Mj`rhcmo mof
Kmthon custnj`rs ho Kns Moa`k`s w`r` dhad cnst, but noky 1.6% ne knmos jmf` tn wdh
custnj`rs ho Kns Moa`k`s w`r` dhad cnst. Vdhs fmtm f`jnostrmt`s m pmtt`ro ne
stmthsthcmkky shaohehcmot24 fhee`r`oc`s ho td` prnfuct pkmc`j`ot enr dhad cnst knmos
b`tw``o jhonrhty mof wdht` bnrrnw`rs.
85. Vd` enkknwhoa jmp ne IWJnramo pr`fmtnry knmos nrhahomt`f ho Kns
Moa`k`s b`tw``o 2776-27== hkkustrmt`s td` a`narmpdhc fhstrhbuthno ne pr`fmtnry knmos
ho Merhcmo-Mj`rhcmo mof Kmthon o`hadbnrdnnfs mof wdht` o`hadbnrdnnfs ho Kns
Moa`k`s. Vdhs jmp f`jnostrmt`s tdmt IWJnramo‘s pr`fmtnry knmos mr`
fhsprnpnrthnomt`ky kncmt`f ho jhonrhty o`hadbnrdnnfs.
24 Stmthsthcmk shaohehcmoc` hs m j`msur` ne prnbmbhkhty tdmt mo nbs`rv`f nutcnj`
wnukf ont dmv` nccurr`f by cdmoc`. Ms us`f ho tdhs Cnjpkmhot, mo nutcnj` hsstmthsthcmkky shaohehcmot he td` prnbmbhkhty tdmt ht cnukf dmv` nccurr`f by cdmoc` hs k`sstdmo 0%.
Cms` 29=6-cv-76=54-FJA-JRQ Fncuj`ot = Ehk`f 70/37/=6 Wma` 30 ne 05 Wma` HF #930
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CNJWKMHOV ENR UHNKMVHNO NE
VD@ E@F@RMK EMHR DNPSHOA MCV7=7365-== 58==51 U=
=
2
3
6
0
5
1
4
8
=7
==
=2
=3
=6
=0
=5
=1
=4
=8
27
2=
22
23
26
20
25
21
24
- 3 3 -
81. Vd` emct tdmt pr`fmtnry knmos hovnkvhoa mkk ne IWJnramo‘s knmo prnfucts
mr` jnr` d`mvhky cnoc`otrmt`f ho jhonrhty o`hadbnrdnnfs ho Kns Moa`k`s hs cnoshst`o
whtd td` prmcthc` ne r`v`rs` r`fkhohoa mof, upno hoenrjmthno mof b`kh`e, dms cnotrhbut`
shaohehcmotky tn td` fhsprnpnrthnomt`ky dhad rmt`s ne enr`cknsur` ho jhonrhty
cnjjuohth`s ho Kns Moa`k`s.
F. Jhonrhth`s ho Kns Moa`k`s R`c`hv` Sucd Wr`fmtnry Knmo V`rjs ernjIWJnramo R`amrfk`ss ne Cr`fhtwnrtdho`ss
84. Mccnrfhoa tn Fhscr`thnomry Wrhchoa, Jnrtama` Fhscrhjhomthno, mof td`
Emhr Dnushoa Mct , 60 DMRUMRF CHUHK R HADVS-CHUHK KHB@RVH@S KMQ R @U. 310, 384
(27=7), s`v`rmk stufh`s fmthoa bmcl tn 2777 dmv` `stmbkhsd`f tdmt jhonrhty bnrrnw`rs
w`r` cdmra`f dhad`r hot`r`st rmt`s/e``s tdmo shjhkmr cr`fhtwnrtdy wdht` bnrrnw`rs.
Cms` 29=6-cv-76=54-FJA-JRQ Fncuj`ot = Ehk`f 70/37/=6 Wma` 35 ne 05 Wma` HF #935
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CNJWKMHOV ENR UHNKMVHNO NE
VD@ E@F@RMK EMHR DNPSHOA MCV7=7365-== 58==51 U=
=
2
3
6
0
5
1
4
8
=7
==
=2
=3
=6
=0
=5
=1
=4
=8
27
2=
22
23
26
20
25
21
24
- 3 6 -
88. Khl`whs`, mccnrfhoa tn M Rmchmk Ehomochmk Crhshs, 43 V@JWK@ KMQ R @U.
86=, 861, 868 (27==), no` stufy cnockuf`f tdmt ‛`v`o met`r cnotrnkkhoa enr
uof`rwrhthoa vmrhmbk`s, Merhcmo-Mj rhcmo bnrrnw`rs w`r` 5.=% tn 36.3% jnr` khl`ky
tdmo wdht`s tn r`c`hv` m dhad`r rmt` subprhj` jnrtama` furhoa td` subprhj` bnnj.‚
Mof montd`r stufy enuof tdmt shaohehcmot knmo prhchoa fhspmrhty `xhsts mjnoa knw rhsl
bnrrnw`rs – Merhcmo-Mj`rhcmo bnrrnw`rs w`r 50% jnr` khl`ky tn r`c`hv` m subprhj
dnj` purcdms` knmo tdmo shjhkmr cr`fhtwnrtdy wdht` bnrrnw`rs, mof =26% jnr` khl`k
tn r`c`hv` m subprhj` r`ehomoc` knmo.
=77. Shjhkmrky, td` C`ot r enr R`spnoshbk` K`ofhoa‘s Onv`jb`r 27== R`pnrt
Knst Arnuof, 27==9 Fhspmrhth`s ho Jnrtama` K`ofhoa mof Enr`cknsur`s, stmt`f tdmt
‛rmchmk mof `tdohc fhee`r`oc`s ho enr`cknsur` rmt`s p`rshst `v`o met`r mccnuothoa enr
fhee`r`oc`s ho bnrrnw`r hocnj`s.‚ Eurtd`r, td` C`ot`r stmt`f ht hs ‛pmrthcukmrky
trnubk`snj`‚ tdmt jhonrhth`s r`c`hv`f rhslh`r knmos ‛`v`o whtdho \shjhkmrZ cr`fht
rmoa`s.‚ Enr `xmjpk`, mjnoa bnrrnw`rs dmvhoa EHCN scnr`s mbnv` 557, td` hochf`oc
ne dhad`r rmt` knmos mjnoa vmrhnus arnups wms ms enkknws9 wdht`s – 5.2%< Merhcmo-
Mj`rhcmo – 2=.6%< mof Kmthon – =8.3%.
=7=. Jnr`nv`r, fmtm r`pnrt`f by td` Bmol mof mvmhkmbk` tdrnuad pubkhc
fmtmbms`s sdnws tdmt jhonrhth`s ho Kns Moa`k`s r`c`hv`f pr`fmtnry knmo t`rjs ernj
IWJnramo jnr` er`qu`otky tdmo wdht` bnrrnw`rs, r`amrfk`ss ne cr`fhtwnrtdho`ss.
=72. M r`ar`sshno momkyshs ne tdhs fmtm cnotrnkkhoa enr bnrrnw`r rmc` mof
nbi`cthv` rhsl cdmrmct`rhsthcs sucd ms cr`fht dhstnry, knmo tn vmku` rmthn, mof td` rmthn n
knmo mjnuot tn hocnj` f`jnostrmt`s tdmt, ernj 2776-27==, mo Merhcmo-Mj`rhcmo
bnrrnw`r ho Kns Moa`k`s wms =.180 thj`s jnr` khl`ky tn r`c`hv` m pr`fmtnry knmo tdmowms m wdht` bnrrnw`r pnss`sshoa shjhkmr uof`rwrhthoa mof bnrrnw`r cdmrmct`rhsthcs.
Vd` r`ar`sshno momkyshs eurtd`r f`jnostrmt`s tdmt td` nffs tdmt m Kmthon bnrrnw`r ho
Kns Moa`k`s wnukf r`c`hv` m pr`fmtnry knmo w`r` =.015 thj`s td` nffs tdmt m wdht`
bnrrnw`r pnss`sshoa shjhkmr uof`rwrhthoa mof bnrrnw`r cdmrmct`rhsthcs wnukf r`c`hv`
Cms` 29=6-cv-76=54-FJA-JRQ Fncuj`ot = Ehk`f 70/37/=6 Wma` 31 ne 05 Wma` HF #931
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CNJWKMHOV ENR UHNKMVHNO NE
VD@ E@F@RMK EMHR DNPSHOA MCV7=7365-== 58==51 U=
=
2
3
6
0
5
1
4
8
=7
==
=2
=3
=6
=0
=5
=1
=4
=8
27
2=
22
23
26
20
25
21
24
- 3 0 -
pr`fmtnry knmo. Vd`s` nffs rmthns f`jnostrmt` m pmtt`ro ne stmthsthcmkky shaohehcmot
fhee`r`oc`s b`tw``o Merhcmo-Mj`rhcmo mof wdht` bnrrnw`rs mof b`tw``o Kmthon mof
wdht` bnrrnw`rs.28
=73. Vd` r`ar sshno momkyshs mksn sdnws tdmt td`s` fhspmrhth`s p`rshst wd`o
cnjpmrhoa noky Kns Moa`k`s-bms`f bnrrnw`rs whtd EHCN scnr`s mbnv` 557. Mo
Merhcmo-Mj`rhcmo bnrrnw`r whtd m EHCN scnr` mbnv` 557 wms 2.725 thj`s jnr` khl`
tn r`c`hv` m pr`fmtnry knmo tdmo wms m wdht` bnrrnw`r whtd shjhkmr uof`rwrhthoa mof
bnrrnw`r cdmrmct`rhsthcs. M Kmthon bnrrnw r whtd m EHCN scnr` mbnv` 557 wms =.185
thj`s jnr` khl`ky tn r`c`hv` m pr`fmtnry knmo tdmo wms m wdht` bnrrnw`r whtd shjhkmr
uof`rwrhthoa mof bnrrnw`r cdmrmct`rhsthcs. Vd`s` nffs rmthns f`jnostrmt` m pmtt`ro n
stmthsthcmkky shaohehcmot fhee`r`oc`s b`tw``o Merhcmo-Mj`rhcmo mof wdht` bnrrnw`rs
mof b`tw``o Kmthon mof wdht` bnrrnw`rs.
=76. M shjhkmr r`ar`sshno momkyshs tmlhoa hotn mccnuot td` rmchmk jml`up ne td
bnrrnw`r‘s o`hadbnrdnnf rmtd r tdmo td` hofhvhfumk bnrrnw`r‘s rmc` sdnws tdmt
bnrrnw`rs ho d`mvhky jhonrhty o`hadbnrdnnfs ho Kns Moa`k`s w`r` jnr khl`ky tn
r`c`hv` pr`fmtnry knmos tdmo bnrrnw`rs ho d`mvhky wdht` o`hadbnrdnnfs. Enr `xmjpk`
m bnrrnw`r ho m d`mvhky jhonrhty c`osus trmct (c`osus trmct cnoshsthoa ne mt k`mst 47%
Merhcmo-Mj`rhcmo nr Kmthon dnus`dnkfs) wms 2.25= thj`s jnr` khl`ky tdmo wms m
bnrrnw`r whtd shjhkmr cdmrmct`rhsthcs ho m d`mvhky wdht` o`hadbnrdnnf (c`osus trmct
whtd mt k`mst 47% wdht` dnus`dnkfs) tn r`c`hv` m pr`fmtnry knmo. Vd`s` nffs rmthns
f`jnostrmt` m pmtt`ro ne stmthsthcmkky shaohehcmot fhee`r`oc`s b`tw``o Merhcmo-
Mj`rhcmo mof wdht` bnrrnw`rs mof b`tw``o Kmthon mof wdht` bnrrnw`rs.
=70. Vdhs fmtm mksn stmbkhsd`s tdmt IWJnramo fhsprnpnrthnomt ky hssu`fanv`roj`ot knmos whtd dhad`r rhsl e`mtur`s (EDM/UM) tn Merhcmo-Mj`rhcmo mof
Kmthon bnrrnw`rs ho Kns Moa`k`s ernj 2778-27==. M r`ar`sshno momkyshs cnotrnkkhoa
28 Ms mkk`a`f tdrnuadnut td` Cnjpkmhot, mkk r`e`r`oc`s tn td` fmt` rmoa` 2776-27==
mr` hot`of`f tn hockuf` td` thj` p`rhnf up tn mof hockufhoa F`c`jb`r 3=, 27==.
Cms` 29=6-cv-76=54-FJA-JRQ Fncuj`ot = Ehk`f 70/37/=6 Wma` 34 ne 05 Wma` HF #934
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CNJWKMHOV ENR UHNKMVHNO NE
VD@ E@F@RMK EMHR DNPSHOA MCV7=7365-== 58==51 U=
=
2
3
6
0
5
1
4
8
=7
==
=2
=3
=6
=0
=5
=1
=4
=8
27
2=
22
23
26
20
25
21
24
- 3 5 -
enr bnrrnw`r rmc` mof nbi`cthv` rhsl cdmrmct`rhsthcs sucd ms rmthn ne knmo mjnuot tn
hocnj` f`jnostrmt`s tdmt mo Merhcmo-Mj`rhcmo bnrrnw`r wms 2.557 thj`s jnr` khl`ky
tn r`c`hv` m dhad`r rhsl anv`roj`ot knmo tdmo wms m wdht` bnrrnw`r pnss`sshoa shjhkm
bnrrnw`r mof uof`rwrhthoa cdmrmct`rhsthcs. Vd` r`ar`sshno momkyshs eurtd`r
f`jnostrmt`s tdmt m Kmthon bnrrnw`r wms 2.401 thj`s jnr` khl`ky tn r`c`hv` m dhad`r
rhsl anv`roj`ot knmo tdmo wms m wdht` bnrrnw`r pnss`sshoa shjhkmr bnrrnw`r mof
uof`rwrhthoa cdmrmct`rhsthcs. Vd`s` nffs rmthns f`jnostrmt` m pmtt ro ne stmthsthcmkky
shaohehcmot fhee`r`oc`s b`tw``o Merhcmo-Mj`rhcmo mof wdht` bnrrnw`rs mof b`tw``o
Kmthon mof wdht` bnrrnw`rs ho td` Chty.
=75. Vdus, td` fhspmrhth`s mr ont td` r`sukt ne, nr ntd`rwhs` `xpkmho`f by,
k`ahthjmt` ono-rmchmk uof`rwrhthoa crht`rhm.
@. IWJnramo‘s Vmra`thoa ne Jhonrhth`s wdn ho Emct R`c`hv` Wr`fmtnry KnmoV`rjs R`amrfk`ss ne Cr`fhtwnrtdho`ss Cmus`s Enr`cknsur`s
=. Fmtm sdnws tdmt IWJnramo‘s enr`cknsur`s mr` fhsprnpnrthnomt`kykncmt`f ho jhonrhty o`hadbnrdnnfs ho Kns Moa`k`s.
=71. IWJnramo dms hot`othnomkky tmra`t`f pr`fmtnry prmcthc`s mt Merhcmo-
Mj`rhcmo mof Kmthon o`hadbnrdnnfs mof r`shf`ots. Emr ernj b`hoa m r`spnoshbk`
prnvhf`r ne jucd-o``f`f cr`fht ho jhonrhty cnjjuohth`s, IWJnramo hs m k`mfhoa cmus
ne stmaomthno mof f`ckho` ho Merhcmo-Mj`rhcmo mof Kmthon o`hadbnrdnnfs wd`r` hts
enr`cknsur`s mr` cnoc`otrmt`f. Sp`chehcmkky, shoc` mt k`mst 2777, hts enr`cknsur`s dmv`
b``o cnoc`otrmt`f ho o`hadbnrdnnfs whtd Merhcmo-Mj`rhcmo nr Kmthon pnpukmthnos
`xc``fhoa 47%.
=74. Mktdnuad noky 27.6% ne IWJnramo‘s knmo nrhahomthnos ho Kns Moa`k`s
ernj 2776 tn 27== w`r` ho c`osus trmcts tdmt mr` mt k`mst 47% Merhcmo-Mj`rhcmo nrKmthon, 26.0% ne knmo nrhahomthnos tdmt dmf `ot`r`f enr`cknsur` by E`brumry 27=3 w`r
ho tdns` c`osus trmcts. Shjhkmrky, wdhk` noky 35.7% ne IWJnramo‘s knmo nrhahomthnos h
Kns Moa`k`s ernj 2776 tn 27== nccurr`f ho c`osus trmcts tdmt mr` mt k`mst 07%
Merhcmo-Mj`rhcmo nr Kmthon, 63.3% ne IWJnramo‘s knmo nrhahomthnos tdmt dmf `ot`r`f
Cms` 29=6-cv-76=54-FJA-JRQ Fncuj`ot = Ehk`f 70/37/=6 Wma` 38 ne 05 Wma` HF #938
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CNJWKMHOV ENR UHNKMVHNO NE
VD@ E@F@RMK EMHR DNPSHOA MCV7=7365-== 58==51 U=
=
2
3
6
0
5
1
4
8
=7
==
=2
=3
=6
=0
=5
=1
=4
=8
27
2=
22
23
26
20
25
21
24
- 3 1 -
enr`cknsur` by E`brumry 27=3 w`r` ho tdns` c`osus trmcts. Jnr`nv`r, wdhk` 38.6% ne
IWJnramo‘s knmo nrhahomthnos ho Kns Moa`k`s ernj 2776 tn 27== nccurr`f ho c`osus
trmcts tdmt w`r` k`ss tdmo 27% Merhcmo-Mj`rhcmo nr Kmthon, noky 37.2% ne IWJnramo
knmo nrhahomthnos tdmt dmf `ot`r`f enr`cknsur` by E`brumry 27=3 w`r` ho tdns` c`osus
trmcts. Vdhs fmtm f`jnostrmt`s m pmtt`ro ne stmthsthcmkky shaohehcmot fhee r`oc`s b`tw``
Merhcmo-Mj`rhcmo mof wdht` bnrrnw`rs mof b`tw``o Kmthon mof wdht` bnrrnw`rs.
=78. Vd` enkknwhoa jmp r pr`s`ots td` cnoc`otrmthno ne IWJnramo‘s knmo
nrhahomthnos ernj 2776 tdrnuad 27== tdmt dmf `ot`r`f enr`cknsur` by E`brumry 27=3 h
Merhcmo-Mj`rhcmo mof Kmthon o`hadbnrdnnfs. Ho mffhthno tn td` fhsprnpnrthnomt`
fhstrhbuthno ne IWJnramo enr`cknsur`s ho Merhcmo-Mj`rhcmo mof Kmthon o`hadbnrdnnf
fhspmrmt` rmt`s ne enr`cknsur` bms`f no rmc` eurtd`r f`jnostrmt` IWJnramo‘s emhkur` tn
enkknw r`spnoshbk` uof rwrhthoa prmcthc`s ho jhonrhty o`hadbnrdnnfs. Qdhk` =8.2% n
IWJnramo‘s knmos ho pr`fnjhomotky (ar`mt`r tdmo 47%) Merhcmo-Mj`rhcmo nr Kmthon
o`hadbnrdnnfs r`sukt ho enr`cknsur`, td` smj` hs tru` enr noky 8.4% ne hts knmos ho
pr`fnjhomotky (ar`mt`r tdmo 47%) wdht` o`hadbnrdnnfs. Ho ntd`r wnrfs, m IWJnramo
knmo ho m pr`fnjhomotky Merhcmo-Mj`rhcmo nr Kmthon o`hadbnrdnnf hs 2.=87 thj`s
jnr` khl`ky tn r`sukt ho enr`cknsur` ms hs m IWJnramo knmo ho m pr`fnjhomotky wdht`
o`hadbnrdnnf. Vd`s` nffs rmthns f`jnostrmt` m pmtt`ro ne stmthsthcmkky shaohehcmot
fhee`r`oc`s b`tw``o Merhcmo-Mj`rhcmo mof wdht` bnrrnw`rs mof b`tw``o Kmthon mof
wdht` bnrrnw`rs.
Cms` 29=6-cv-76=54-FJA-JRQ Fncuj`ot = Ehk`f 70/37/=6 Wma` 67 ne 05 Wma` HF #967
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CNJWKMHOV ENR UHNKMVHNO NE
VD@ E@F@RMK EMHR DNPSHOA MCV7=7365-== 58==51 U=
=
2
3
6
0
5
1
4
8
=7
==
=2
=3
=6
=0
=5
=1
=4
=8
27
2=
22
23
26
20
25
21
24
- 3 4 -
==7. Vdus, IWJnramo‘s fhscr`thnomry k`ofhoa pnkhch`s mof pmtt`ro nr prmcthc`
ne tmra`thoa ne jhonrhth`s, wdn ho emct r`c`hv` pr`fmtnry knmo t`rjs r`amrfk`ss ne
cr`fhtwnrtdho`ss, dmv` cmus`f mof cnothou` tn cmus` enr`cknsur`s ho Kns Moa`k`s.
2. Fmtm sdnws tdmt IWJnramo‘s knmos tn jhonrhth`s r`sukt ho `sp`chmkkyquhcl enr`cknsur`s.
===. M cnjpmrhsno ne td` thj` ernj nrhahomthno tn enr`cknsur` ne IWJnramo‘s
knmos nrhahomt`f ho Kns Moa`k`s sdnws m jmrl`f fhspmrhty whtd r`sp`ct tn td` sp``f
whtd wdhcd knmos tn Merhcmo-Mj`rhcmos mof Kmthons mof wdht`s jnv` hotn enr`cknsur`
Vd` mv`rma` thj` tn enr`cknsur` enr Merhcmo-Mj rhcmo bnrrnw`rs hs 2.875 y`mrs, mof
enr Kmthon bnrrnw`rs hs 2.138 y`mrs. By cnjpmrhsno, td` mv`rma` thj` tn enr`cknsur`enr wdht` bnrrnw`rs hs 3.207 y`mrs. Vd`s` stmthsthcmkky shaohehcmot fhspmrhth`s
f`jnostrmt` tdmt IWJnramo maar`sshv`ky jnv`f jhonrhty bnrrnw`rs hotn enr`cknsur`
ms cnjpmr`f whtd dnw td` Bmol dmofk`f enr`cknsur`s enr wdht` bnrrnw`rs.
Cms` 29=6-cv-76=54-FJA-JRQ Fncuj`ot = Ehk`f 70/37/=6 Wma` 6= ne 05 Wma` HF #96=
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CNJWKMHOV ENR UHNKMVHNO NE
VD@ E@F@RMK EMHR DNPSHOA MCV7=7365-== 58==51 U=
=
2
3
6
0
5
1
4
8
=7
==
=2
=3
=6
=0
=5
=1
=4
=8
27
2=
22
23
26
20
25
21
24
- 3 8 -
==2. Vdhs fhspmrhty ho thj` tn enr`cknsur` hs eurtd`r `vhf`oc` tdmt IWJnramo hs
`oama`f ho k`ofhoa prmcthc`s cnoshst`ot whtd r`v`rs` r`fkhohoa. Vd` fhspmrhty ho thj`
tn enr`cknsur` f`jnostrmt`s tdmt IWJnramo hs `oama`f ho hrr`spnoshbk` uof`rwrhthoa h
Merhcmo-Mj`rhcmo mof Kmthon cnjjuohth`s tdmt fn`s ont s`rv` td` b`st hot`r`sts ne
bnrrnw`rs. He IWJnramo w`r mppkyhoa td` smj` uof`rwrhthoa prmcthc`s ho Merhcmo-
Mj`rhcmo mof Kmthon o`hadbnrdnnfs mof wdht` o`hadbnrdnnfs ho Kns Moa`k`s, td`r`
wnukf ont b` m shaohehcmot fhee`r`oc` ho thj` tn enr`cknsur . Q`r` IWJnramo
uof`rwrhthoa bnrrnw`rs ho bntd cnjjuohth`s whtd `qumk cmr` mof mtt`othno tn prnp`r
uof`rwrhthoa prmcthc`s, bnrrnw`rs ho Merhcmo-Mj`rhcmo mof Kmthon cnjjuohth`s
wnukf ont ehof td`js`kv`s ho ehomochmk strmhts shaohehcmotky snno`r furhoa td` khv`s ne
td`hr knmos tdmo bnrrnw`rs ho wdht` cnjjuohth`s. Vd` emst`r thj` tn enr`cknsur ho
Merhcmo-Mj`rhcmo mof Kmthon o`hadbnrdnnfs hs cnoshst`ot whtd uof`rwrhthoa prmcthc`
ho jhonrhty cnjjuohth`s tdmt mr` k`ss cnoc`ro`f whtd f`t`rjhohoa m bnrrnw`r‘s mbhkht
tn pmy mof qumkhehcmthnos enr td` knmo tdmo td`y mr` ho jmxhjhzhoa sdnrt-t`rj prneht.
==3. Vd` DPF/Vr`msury R`pnrt cnoehrjs tdmt thj` tn enr cknsur` hs mo
hjpnrtmot hofhcmtnr ne pr`fmtnry prmcthc`s9 ‛\tZd` sp``f whtd wdhcd td` subprhj`
knmos ho td`s` cnjjuohth`s dmv` ano` tn enr`cknsur` suaa`sts tdmt snj` k`of`rs jmy
b` jmlhoa jnrtama` knmos tn bnrrnw`rs wdn fhf ont dmv` td` mbhkhty tn r`pmy tdns`
knmos mt td` thj` ne nrhahomthno.‚37
3. Fmtm sdnws tdmt td` fhscrhjhomtnry knmo t`rjs cmus` td` enr`cknsur`
==6. IWJnramo‘s fhscrhjhomtnry k`ofhoa prmcthc`s cmus` enr`cknsur`s mof
vmcmoch`s ho jhonrhty cnjjuohth`s ho Kns Moa`k`s.
==0. St``rhoa bnrrnw`rs hotn knmos tdmt mr` k`ss mfvmotma`nus tdmo knmos enrwdhcd td`y qumkhey, hockufhoa st``rhoa bnrrnw`rs wdn qumkhey enr prhj` knmos hotn
subprhj` knmos, cmo cmus` enr`cknsur`s b`cmus` td` bnrrnw`rs mr` r`quhr`f tn jml`
dhad`r knmo pmyj`ots. Vd` fhee`r`oc` b`tw``o wdmt m bnrrnw`r wdn hs st``r`f ho tdh
37 DPF/Vr`msury R`pnrt mt 20.
Cms` 29=6-cv-76=54-FJA-JRQ Fncuj`ot = Ehk`f 70/37/=6 Wma` 62 ne 05 Wma` HF #962
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CNJWKMHOV ENR UHNKMVHNO NE
VD@ E@F@RMK EMHR DNPSHOA MCV7=7365-== 58==51 U=
=
2
3
6
0
5
1
4
8
=7
==
=2
=3
=6
=0
=5
=1
=4
=8
27
2=
22
23
26
20
25
21
24
- 6 = -
vmku` rmthn, mof td` rmthn ne knmo mjnuot tn hocnj` f`jnostrmt`s tdmt m pr`fmtnry knmo
hs =.125 thj`s jnr` khl`ky tn r`sukt ho enr`cknsur` tdmo hs m ono-pr`fmtnry knmo.
==4. Vd` r`ar`sshno momkyshs eurtd`r f`jnostrmt`s tdmt m pr`fmtnry knmo ho m
d`mvhky jhonrhty o`hadbnrdnnf (c`osus trmct cnoshsthoa ne mt k`mst 47% Merhcmo-
Mj`rhcmo mof Kmthon dnus`dnkfs) hs 2.865 thj`s jnr` khl`ky tn r`sukt ho enr`cknsur` m
hs m ono-pr`fmtnry knmo whtd shjhkmr rhsl cdmrmct`rhsthcs ho m d`mvhky wdht`
o`hadbnrdnnf (c`osus trmct whtd mt k`mst 47% wdht` dnus`dnkfs). Vd`s` nffs rmthns
f`jnostrmt` m pmtt`ro ne stmthsthcmkky shaohehcmot fhee`r`oc`s b`tw``o Merhcmo-
Mj`rhcmo mof wdht` bnrrnw`rs mof b`tw``o Kmthon mof wdht` bnrrnw`rs.
==8. Vd` r`ar sshno momkyshs mksn f`jnostrmt`s tdmt m pr`fmtnry knmo jmf` tn
mo Merhcmo-Mj`rhcmo bnrrnw`r wms =.501 thj`s jnr` khl`ky tn r`sukt ho enr`cknsur` m
wms m ono-pr`fmtnry knmo jmf` tn m wdht` bnrrnw`r whtd shjhkmr bnrrnw`r mof
uof`rwrhthoa cdmrmct`rhsthcs. M pr`fmtnry knmo jmf` tn m Kmthon bnrrnw`r wms 2.232
thj`s ms khl`ky tn r`sukt ho enr`cknsur` ms wms m ono-pr`fmtnry knmo jmf` tn m wdht`
bnrrnw`r whtd shjhkmr rhsl cdmrmct`rhsthcs. Vd`s` nffs rmthns f`jnostrmt` m pmtt`ro ne
stmthsthcmkky shaohehcmot fhee`r`oc`s b`tw``o Merhcmo-Mj`rhcmo mof wdht` bnrrnw`rs,
mof b`tw``o Kmthon mof wdht` bnrrnw`rs.
=27. M r`ar`sshno momkyshs ne anv`roj`ot knmos (EDM/UM) hssu`f by
IWJnramo ho Kns Moa`k`s ernj 2778-27==, cnotrnkkhoa enr bnrrnw`r rmc` mof
nbi`cthv` rhsl cdmrmct`rhsthcs sucd ms rmthn ne knmo mjnuot tn hocnj`, f`jnostrmt`s tdm
m anv`roj`ot knmo hs 0.008 thj`s jnr` khl`ky tn r`sukt ho enr`cknsur` ms hs m ono-
anv`roj`ot knmo. Vd`s` nffs rmthns f`jnostrmt` m pmtt`ro ne stmthsthcmkky shaohehcmot
fhee`r`oc`s b`tw``o Merhcmo-Mj`rhcmo mof wdht` bnrrnw`rs mof b`tw``o Kmthon mofwdht` bnrrnw`rs.
Cms` 29=6-cv-76=54-FJA-JRQ Fncuj`ot = Ehk`f 70/37/=6 Wma` 66 ne 05 Wma` HF #966
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CNJWKMHOV ENR UHNKMVHNO NE
VD@ E@F@RMK EMHR DNPSHOA MCV7=7365-== 58==51 U=
=
2
3
6
0
5
1
4
8
=7
==
=2
=3
=6
=0
=5
=1
=4
=8
27
2=
22
23
26
20
25
21
24
- 6 2 -
UH. HOIPRX VN KNS MOA@K@S CMPS@F BX IWJNRAMO‘SFHSCRHJHOMVNRX KNMO WRMCVHC@S
=2=. Kns Moa`k`s dms suee r`f ehomochmk hoiurh`s ms m fhr`ct r`sukt ne
IWJnramo‘s pmtt`ro nr prmcthc` ne r`v`rs` r`fkhohoa mof td` r`sukthoa
fhsprnpnrthnomt ky dhad rmt` ne enr`cknsur` no IWJnramo knmos tn Merhcmo-Mj`rhcmos
mof Kmthons ho jhonrhty o`hadbnrdnnfs ho Kns Moa`k`s. Kns Moa`k`s s``ls r`fr`ss en
td`s` hoiurh`s. Vd` Chty fn`s ont s``l r`fr`ss ho tdhs mcthno enr hoiurh`s r`sukthoa ernj
enr`cknsur`s no jnrtama`s nrhahomt`f by k`of`rs ntd`r tdmo IWJnramo.
=22. IWJnramo cnothou`s tn `oama` ho td` fhscrhjhomtnry pmtt`ro nr prmcthc`
f`scrhb`f d`r`ho whtd shjhkmr mof cnothouhoa f`k`t`rhnus cnos`qu`oc`s tn td` Chty.
=23. Vd` Chty s``ls fmjma`s bms`f no r`fuc`f prnp`rty tmx r`v`ou`s bms`f n
(m) td` f`cr`ms`f vmku` ne td` enr`ckns`f prnp`rth`s td`js`kv`s, mof (b) td` f`cr`ms`f
vmku` ne prnp`rth`s surrnuofhoa td` enr`ckns`f prnp`rth`s. Ho mffhthno, td` Chty s``ls
fmjma`s bms`f no juohchpmk s`rvhc`s tdmt ht sthkk just prnvhf` tn r`j`fy bkhadt mof
uosme` mof fmoa`rnus cnofhthnos wdhcd `xhst mt vmcmot prnp`rth`s tdmt `ot`r`f
enr`cknsur` ms m r`sukt ne IWJnramo‘s hkk`amk k`ofhoa prmcthc`s.
M.
Kns Moa`k`s dms b``o Hoiur`f by m R`fucthno ho Wrnp`rty Vmx R`v`ou`sernj Enr`cknsur`s Cmus`f by Fhscrhjhomtnry Knmos Hssu`f by IWJnramo
=26. Ms stmt`f ho m S`pt`jb`r 27== R`pnrt by td` Mkkhmoc` ne Cmkhenrohmos en
Cnjjuohty @jpnw`rj`ot mof td` Cmkhenrohm R`hov`stj`ot Cnmkhthno, othtk`f Vd`
Qmkk Str``t Qr`clhoa Bmkk9 Qdmt Enr`cknsur`s mr` Cnsthoa Kns Moa`k`s
O`hadbnrdnnfs (‛Cnst tn Kns Moa`k`s R`pnrt‚), ‛\wZd`o m dnj` emkks hotn enr`cknsur
ht mee`cts td` prnp`rty vmku` ne td` enr`ckns`f dnj` ms w`kk ms td` vmku`s ne ntd`r
dnj`s ho td` o`hadbnrdnnf.‚ Vd`s` f`cr`ms`f prnp`rty vmku`s ho turo r fuc` prnp`rttmx r`v`ou`s tn td` Chty.
=20. ‛Ms prnp rty vmku`s frnp mo `sthjmt f $14.4 bhkkhno, Kns Moa`k`s
cnjjuohth`s cnukf kns` ms jucd ms $64= jhkkhno ho prnp`rty tmx r`v`ou`‚ ernj td`
Cms` 29=6-cv-76=54-FJA-JRQ Fncuj`ot = Ehk`f 70/37/=6 Wma` 60 ne 05 Wma` HF #960
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CNJWKMHOV ENR UHNKMVHNO NE
VD@ E@F@RMK EMHR DNPSHOA MCV7=7365-== 58==51 U=
=
2
3
6
0
5
1
4
8
=7
==
=2
=3
=6
=0
=5
=1
=4
=8
27
2=
22
23
26
20
25
21
24
- 6 3 -
f`cr`ms`f vmku` ne td` enr`ckns`f dnj`s td`js`kv`s mof tdns` ho td` surrnuofhoa
o`hadbnrdnnfs.3=
=25. Vn b` ck`mr, vmcmoch`s mof sdnrt smk`s `v`o prhnr tn cnjpk`thno ne
enr`cknsur` mksn r`sukt ho fhjhohsd`f dnj` vmku`s. Hof``f, ‛\hZo =2 stmt`s, hockufhoa
Cmkhenrohm, Eknrhfm, Mrhznom, O`w Xnrl mof O`w I`rs`y, pr`-enr`cknsur` smk`s mctumkk
nutoujb`r`f R@N smk`s.‚32 Sucd fhstr ss`f smk`s r fuc` prnp rty vmku`s.33
=. Vd` f`cr`ms`f vmku` ne td` prnp`rth`s enr`ckns`f by IWJnramo r`sukho r`fuc`f prnp`rty tmx r`v`ou`s.
=21. Vd` Cnst tn Kns Moa`k`s R`pnrt stmt`s tdmt ‛\hZt hs `sthjmt`f tdmt dnj`s h
enr`cknsur` `xp`rh`oc` m 22% f`ckho` ho vmku`.‚36
=24. Enr `xmjpk`, ‛\tZdmt j`mos td` hjpmct ne td` 277,777 enr`cknsur`s
`sthjmt`f enr td` p`rhnf 2774 tdrnuad 27== whkk b` jnr` tdmo $25 bhkkhno ho knst dnj
vmku` ho cnjjuohth`s mcrnss Kns Moa`k`s.‚30
M pnrthno ne tdhs knst dnj` vmku` hs
mttrhbutmbk` tn dnj`s enr`ckns`f ms m r`sukt ne IWJnramo‘s fhscrhjhomtnry knmo
prmcthc`s.
=28. Vd` f`cr`ms`f prnp`rty vmku`s ne enr`ckns`f dnj`s ho turo r fuc`
prnp`rty tmx r v`ou`s tn td` Chty mof cnosthtut` fmjma`s suee`r`f by Kns Moa`k`s.2. Vd` f`cr`ms`f vmku` ne prnp`rth`s ho td` o`hadbnrdnnfs surrnuofhoa
enr`ckns`f prnp`rth`s r`sukts ho r`fuc`f prnp`rty tmx r`v`ou`s.
=37. IWJnramo enr`cknsur` prnp`rth`s mof td` prnbk`js mssnchmt`f whtd td`j
khl`whs` cmus` `sp`chmkky shaohehcmot f`ckho`s ho surrnuofhoa prnp`rty vmku`s b`cmus`
td` o`hadbnrdnnfs b`cnj` k`ss f`shrmbk`. Vdhs ho turo r`fuc`s td` prnp`rty tmx
r`v`ou`s cnkk`ct`f by Kns Moa`k`s.
3= Cnst tn Kns Moa`k`s R`pnrt mt 3.32 S`` dttp9//www.r`mktytrmc.cnj/cnot`ot/o`ws-mof-nphohno/sdnrt-smk`s-hocr`mshoa
ho-27=2--sdnrt-smk`-prnc`ss----r`mktytrmc-1276. 33 S`` dttp9//www.r`mktytrmc.cnj/cnot`ot/enr`cknsur`-jmrl`t-r`pnrt/us-enr`cknsur`
smk`s-mof-sdnrt-smk`s-r`pnrt-q=-27=3-1132. 36 Hf .30
Hf .
Cms` 29=6-cv-76=54-FJA-JRQ Fncuj`ot = Ehk`f 70/37/=6 Wma` 65 ne 05 Wma` HF #965
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CNJWKMHOV ENR UHNKMVHNO NE
VD@ E@F@RMK EMHR DNPSHOA MCV7=7365-== 58==51 U=
=
2
3
6
0
5
1
4
8
=7
==
=2
=3
=6
=0
=5
=1
=4
=8
27
2=
22
23
26
20
25
21
24
- 6 6 -
=3=. Wrnp`rty tmx knss`s suee`r`f by Kns Moa`k`s ms m r`sukt ne IWJnramo‘s
enr`cknsur`s mr` eukky cmpmbk` ne jphrhcmk qumothehcmthno.
=32. Rnutho`ky jmhotmho`f prnp`rty tmx mof ntd`r fmtm mkknw enr td` pr`chs`
cmkcukmthno ne td` prnp`rty tmx r`v`ou`s knst by td` Chty ms m fhr`ct r`sukt ne pmrthcukmr
IWJnramo enr`cknsur`s. Pshoa m w`kk-`stmbkhsd`f stmthsthcmk r`ar`sshno t`cdohqu` tdmt
encus`s no `ee`cts no o`hadbnrhoa prnp`rth`s, td` Chty cmo hsnkmt` td` knst prnp`rty
vmku` mttrhbutmbk` tn IWJnramo enr`cknsur`s ernj knss`s mttrhbutmbk` tn ntd`r cmus`s,
sucd ms o`hadbnrdnnf cnofhthnos. Vdhs t`cdohqu`, lonwo ms d`fnohc r`ar`sshno, wd`
mppkh`f tn dnushoa jmrl`ts, hsnkmt`s td` emctnrs tdmt cnotrhbut` tn td` vmku` ne m
prnp`rty by stufyhoa tdnusmofs ne dnushoa trmosmcthnos. Vdns` emctnrs hockuf` td` shz
ne m dnj`, td` oujb`r ne b`frnnjs mof bmtdrnnjs, wd`td`r td` o`hadbnrdnnf hs sme`
wd`td`r o`hadbnrhoa prnp`rth`s mr` w`kk-jmhotmho`f, mof jnr`. D`fnohc momkyshs
f`t`rjho`s td` cnotrhbuthno ne `mcd ne td`s` dnus` mof o`hadbnrdnnf cdmrmct`rhsthcs t
td` vmku` ne m dnj`.
=33. Vd` oujb`r ne enr`cknsur`s ho m o`hadbnrdnnf hs no` ne td` o`hadbnrdnn
trmhts tdmt d`fnohc momkyshs cmo `xmjho`. D`fnohc momkyshs mkknws enr td` cmkcukmthno
ne td` hjpmct no m prnp`rty‘s vmku` ne td` ehrst enr`cknsur` ho ckns` prnxhjhty (`.a., ⅜
nr » ne m jhk`), td` mv`rma` hjpmct ne subs`qu`ot enr`cknsur`s, mof td` hjpmct ne td`
kmst enr`cknsur`.
=36. Enr`cknsur`s mttrhbutmbk` tn IWJnramo ho jhonrhty o`hadbnrdnnfs ho Kns
Moa`k`s cmo b` momkyz`f tdrnuad d`fnohc r`ar`sshno tn cmkcukmt` td` r`sukthoa knss ho
td` prnp`rty vmku`s ne o`mrby dnj`s. Vdhs knss cmo b` fhsthoauhsd`f ernj moy knss
mttrhbutmbk` tn ono-IWJnramo enr`cknsur s nr ntd`r cmus`s. Vd` knss ho prnp`rty vmkuho jhonrhty o`hadbnrdnnfs ho Kns Moa`k`s mttrhbutmbk` tn IWJnramo‘s uokmweuk mcts
mof cnos`qu`ot enr`cknsur`s cmo b` us`f tn cmkcukmt` td` Chty‘s cnrr`spnofhoa knss ho
prnp`rty tmx r v`ou`s.
Cms` 29=6-cv-76=54-FJA-JRQ Fncuj`ot = Ehk`f 70/37/=6 Wma` 61 ne 05 Wma` HF #961
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CNJWKMHOV ENR UHNKMVHNO NE
VD@ E@F@RMK EMHR DNPSHOA MCV7=7365-== 58==51 U=
=
2
3
6
0
5
1
4
8
=7
==
=2
=3
=6
=0
=5
=1
=4
=8
27
2=
22
23
26
20
25
21
24
- 6 0 -
=30. Umrhnus stufh`s `stmbkhsd tdmt d`fnohc r`ar sshno cmo b` us`f enr tdhs
purpns`. M stufy pubkhsd`f by td` Emooh` Jm` Enuofmthno, ushoa Cdhcman ms mo
`xmjpk`, f`t`rjho`f tdmt `mcd enr`cknsur` hs r`spnoshbk` enr mo mv`rma` f`ckho` ne
mpprnxhjmt`ky =.=% ho td` vmku` ne `mcd shoak`-emjhky dnj` whtdho mo `hadtd ne m
jhk`.35
=35. Ntd`r stufh`s dmv` encus`f no td` hjpmct ne mbmofno`f dnj`s no
surrnuofhoa prnp rty vmku`s. M stufy ho Wdhkmf`kpdhm, enr `xmjpk`, enuof tdmt `mcd
dnj` whtdho =07 e``t ne mo mbmofno`f dnj` f`ckho`f ho vmku` by mo mv`rma` ne
$1,521< dnj`s whtdho =07 tn 288 e``t f`ckho`f ho vmku` by $5,4=7< mof dnj`s whtdho
377 tn 668 e``t f`ckho`f ho vmku` by $3,062.31
=31. Vd`s` stufh`s dhadkhadt td` enr`s``mbhkhty ne tmx r`kmt`f dmrj tn td` Chty
ms td` r`sukt ne enr`cknsur`s mrhshoa ernj fhscrhjhomtnry knmos.
=34. Mof jnst r`c`otky, td` Cnst tn Kns Moa`k`s R`pnrt stmt`f, ‛\hZt hs
cnos`rvmthv`ky `sthjmt`f tdmt `mcd enr`ckns`f prnp`rty whkk cmus` td` vmku` ne
o`hadbnrhoa dnj`s whtdho mo `hadtd ne m jhk` tn frnp 7.8%.‚ Vdus, ‛\hZo Kns Moa`k`
hjpmct`f dnj`nwo`rs cnukf `xp`rh`oc` prnp`rty f`vmkumthno ne $03 bhkkhno.‚ Vdhs
f`cr`ms`f prnp`rty vmku` ne o`hadbnrhoa dnj`s ho turo r`fuc`s prnp`rty tmx r`v`ou`s
tn td` Chty.
=38. Mppkhcmthno ne sucd D`fnohc r ar`sshno j`tdnfnknay tn fmtm r`aukmrky
jmhotmho`f by Kns Moa`k`s cmo b` us`f tn qumothey pr`chs`ky td` prnp`rty tmx hoiury t
td` Chty cmus`f by IWJnramo‘s fhscrhjhomtnry k`ofhoa prmcthc`s mof r`sukthoa
enr`cknsur`s ho jhonrhty o`hadbnrdnnfs.
35 S`` Fmo Hjj`rakucl & A`nee Sjhtd, Vd` @xt`romk Cnsts ne Enr`cknsur`9 Vd`
Hjpmct ne Shoak`-Emjhky Jnrtama` Enr`cknsur`s no Wrnp`rty Umku`s, =1 DNPSHOAWNKHCX F@BMV@ 01 (2775) mt 58.
31 S`` Moo` B. Sdkmy & Anrfno Qdhtjmo, R`s`mrcd enr F`jncrmcy9 KholhoaCnjjuohty Nramohzhoa mof R`s`mrcd tn K`v`rma` Bkhadt Wnkhcy, mt 2= (2776).
Cms` 29=6-cv-76=54-FJA-JRQ Fncuj`ot = Ehk`f 70/37/=6 Wma` 64 ne 05 Wma` HF #964
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CNJWKMHOV ENR UHNKMVHNO NE
VD@ E@F@RMK EMHR DNPSHOA MCV7=7365-== 58==51 U=
=
2
3
6
0
5
1
4
8
=7
==
=2
=3
=6
=0
=5
=1
=4
=8
27
2=
22
23
26
20
25
21
24
- 6 5 -
B. Kns Moa`k`s Hs Hoiur`f B`cmus` Ht Sthkk Just Wrnvhf` Cnstky JuohchpmkS`rvhc`s enr Wrnp`rth`s ho Jhonrhty O`hadbnrdnnfs tdmt Dmv` B`cnj`Umcmot ms m Fhr`ct R`sukt ne Fhscrhjhomtnry Knmos Nrhahomt`f nrWurcdms`f by IWJnramo
=67. Umcmot IWJnramo enr`cknsur` prnp`rth`s cmus` fhr ct cnsts tn td` Chty
b`cmus` td` Chty hs r quhr`f tn prnvhf` hocr`ms`f juohchpmk s`rvhc`s mt td`s`
prnp`rth`s. @v`o prhnr tn cnjpk`thno ne td` enr`cknsur` prnc`ss, fmtm sdnws tdmt 27%
ne dnj`s mr` vmcmt`f.34
Vd`s` hocr`ms`f juohchpmk s`rvhc`s wnukf ont dmv` b``o
o`c`ssmry he td` prnp`rth`s w`r` nccuph`f.
=6=. Enr `xmjpk`, td` Chty‘s Wnkhc` F`pmrtj`ot just s`of p`rsnoo`k mof
pnkhc` v`dhck`s tn vmcmot IWJnramo enr`cknsur` prnp`rth s tn r`spnof tn pubkhc d`mktd
mof sme`ty tdr`mts tdmt mrhs` mt td`s` prnp`rth`s b`cmus` td` prnp`rth`s mr` vmcmot.
B`cmus` vhnk`ot crhj` dms b``o enuof tn hocr`ms` 2.33% enr `v`ry =% hocr`ms` ho
enr`cknsur`s, mjnoa ntd`r s`rvhc`s, KMWF just r`spnof tn cmkks r`pnrthoa susphchnus
mcthvhty mt vmcmot prnp`rth`s, p`renrj noanhoa hov`sthamthnos hovnkvhoa crhjhomk
mcthvhty, hockufhoa amoa mcthvhty, mt vmcmot prnp`rth`s.
=62. Khl`whs`, td` Cnf` @oenrc`j`ot Bur`mu ne td` Kns Moa`k`s Buhkfhoa mo
Sme`ty F`pmrtj`ot (‛Buhkfhoa mof Sme`ty F`pmrtj`ot‚) just f`vnt` p`rsnoo`k thj`mof nut-ne-pncl`t euofs tn hosp`ct vmcmot prnp`rth`s mof hssu` nrf`rs enr vhnkmthnos ne
td` juohchpmk cnf` tn b` ehx`f. Qd`o td` juohchpmk cnf` vhnkmthnos mr` ont ehx`f, td`
Buhkfhoa mof Sme`ty F`pmrtj`ot hs r`quhr`f tn p`renrj c`rtmho s`rvhc`s, hockufhoa, bu
ont khjht`f tn, r`jnvhoa `xc`ss v`a`tmthno mt vmcmot prnp`rth`s, dmukhoa mwmy trmsd
mof f`brhs mt vmcmot prnp`rth`s, bnmrfhoa vmcmot prnp`rty ernj cmsumk `otry, putthoa u
e`ochoa tn s`cur` vmcmot prnp`rth`s, putthoa up e`ochoa tn pr`v`ot mcc`ss tn swhjjhoa
pnnks by ynuoa cdhkfr`o mt vmcmot prnp`rth`s, cnnrfhomthoa whtd td` Kns Moa`k`s
Cnuoty D`mktd F`pmrtj`ot tn cd`jhcmkky tr`mt td` pnnks mt vmcmot prnp`rth`s tn pr`v`
jnsquhtns ernj br``fhoa, pmhothoa mof r`jnvhoa armeehth mt vmcmot prnp`rth`s,
34 S`` dttp9//www.r`mktytrmc.cnj/cnot`ot/enr`cknsur`-jmrl`t-r`pnrt/nwo`r-vmcmt`f
enr`cknsur`-upfmt`-111=.
Cms` 29=6-cv-76=54-FJA-JRQ Fncuj`ot = Ehk`f 70/37/=6 Wma` 68 ne 05 Wma` HF #968
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CNJWKMHOV ENR UHNKMVHNO NE
VD@ E@F@RMK EMHR DNPSHOA MCV7=7365-== 58==51 U=
=
2
3
6
0
5
1
4
8
=7
==
=2
=3
=6
=0
=5
=1
=4
=8
27
2=
22
23
26
20
25
21
24
- 6 4 -
=60= @. 06td St. 877==
0=71 Mkdmjbrm Mv`., 87732
234 @. C`otury Bkvf., 87773
6850 Q`stdmv`o St., 877=5
=06=3 S. Nrcdmrf Mv`., 87261
=2=1 Bmy Uh`w Mv`., 87166
27=5 @. ==2td St., 87708
UHHH. SVMVPV@ NE KHJHVMVHNOS MOF CNOVHOPHOA UHNKMVHNOSFNCVRHO@
=65. Ms mkk`a`f d`r`ho, F`e`ofmot IWJnramo dms `oama`f ho m cnothounus
pmtt`ro mof prmcthc` ne jnrtama` fhscrhjhomthno ho Kns Moa`k`s shoc` mt k`mst 2776 by
hjpnshoa fhee`r`ot t`rjs nr cnofhthnos no m fhscrhjhomtnry mof k`amkky prndhbht`f
bmshs. Ho nrf`r tn jmxhjhz` prnehts mt td` `xp`os` ne td` Chty ne Kns Moa`k`s mof
jhonrhty bnrrnw`rs, IWJnramo mfmpt`f hts uokmweuk fhscrhjhomthno tn cdmoahoa jmrl
cnofhthnos. Vdhs uokmweuk pmtt`ro mof prmcthc` cnofuct hs cnothouhoa tdrnuad td`
pr`s`ot mof dms ont t`rjhomt`f. Vd`r`enr`, td` np`rmthv` stmtut` ne khjhtmthnos
anv`rohoa mcthnos brnuadt pursumot tn td` E`f`rmk Emhr Dnushoa Mct dms ont
cnjj`oc`f tn ruo.
HT. CKMHJS ENR R@KH@E
EHRSV CKMHJ ENR R@KH@E
(Uhnkmthno ne td` E`f`rmk Emhr Dnushoa Mct, 62 P.S.C. §§ 357=, `t s`q.)=61. Wkmhothee r`p`mts mof hocnrpnrmt`s by r`e`r`oc` mkk mkk`amthnos cnotmho`f h
td` pr`c`fhoa pmrmarmpds ms he eukky s`t enrtd d`r`ho.
=64. Vd` Emhr Dnushoa Mct‘s stmt`f purpns` hs tn prnvhf`, ‛whtdho
cnosthtuthnomk khjhtmthnos, enr emhr dnushoa tdrnuadnut td` Poht`f Stmt`s.‚
Cms` 29=6-cv-76=54-FJA-JRQ Fncuj`ot = Ehk`f 70/37/=6 Wma` 0= ne 05 Wma` HF #90=
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CNJWKMHOV ENR UHNKMVHNO NE
VD@ E@F@RMK EMHR DNPSHOA MCV7=7365-== 58==51 U=
=
2
3
6
0
5
1
4
8
=7
==
=2
=3
=6
=0
=5
=1
=4
=8
27
2=
22
23
26
20
25
21
24
- 6 8 -
=68. Ho cnotrmv`othno ne tdmt purpns`, IWJnramo‘s mcts, pnkhch`s, mof prmcthc`
ms f`scrhb`f cnosthtut` hot`othnomk k`ofhoa fhscrhjhomthno no td` bmshs ne rmc`.
IWJnramo dms hot`othnomkky tmra`t`f r`shf`ots ne pr`fnjhomotky Merhcmo-Mj`rhcmo mo
Kmthon o`hadbnrdnnfs ho Kns Moa`k`s enr fhee`r`ot tr`mtj`ot tdmo r`shf`ots ne
pr`fnjhomotky wdht` o`hadbnrdnnfs ho Kns Moa`k`s whtd r`sp`ct tn jnrtama` k`ofhoa
IWJnramo dms hot`othnomkky tmra`t`f r`shf`ots ne td`s` o`hadbnrdnnfs enr dhad-cnst
knmos whtdnut r`amrf tn td`hr cr`fht qumkhehcmthnos mof whtdnut r`amrf tn wd`td`r td`y
qumkhey enr jnr` mfvmotma`nus knmos, hockufhoa prhj` knmos. IWJnramo dms
hot`othnomkky tmra`t`f r`shf`ots ne td`s` o`hadbnrdnnfs enr hocr`ms`f hot`r`st rmt`s,
pnhots, mof e``s, mof enr ntd`r fhsmfvmotma`nus knmo t`rjs hockufhoa, but ont khjht`f
tn, mfiustmbk` rmt`s, pr`pmyj`ot p`omkth`s, mof bmkknno pmyj`ots. IWJnramo dms
hot`othnomkky tmra`t`f r`shf`ots ne td`s` o`hadbnrdnnfs enr uoemhr mof f`c`pthv`
k`ofhoa prmcthc`s ho cnoo`cthno whtd jmrl`thoa mof uof`rwrhthoa jnrtama` knmos.
=07. IWJnramo‘s mcts, pnkhch`s, mof prmcthc`s dmv` dmf mo mfv`rs` mof
fhsprnpnrthnomt hjpmct no Merhcmo-Mj`rhcmos mof Kmthons mof r`shf`ots ne
pr`fnjhomotky Merhcmo-Mj`rhcmo mof Kmthon o`hadbnrdnnfs ho Kns Moa`k`s ms
cnjpmr`f tn shjhkmrky shtumt`f wdht`s mof r`shf`ots ne pr`fnjhomotky wdht`
o`hadbnrdnnfs ho Kns Moa`k`s. Vdhs mfv`rs` mof fhsprnpnrthnomt` hjpmct hs td` fhr`c
r`sukt ne IWJnramo‘s pnkhch`s ne prnvhfhoa fhscr`thno tn knmo neehc`rs mof ntd`rs
r`spnoshbk` enr jnrtama` k`ofhoa< emhkhoa tn jnohtnr tdhs fhscr`thno tn `osur` tdmt
bnrrnw`rs w`r b`hoa pkmc`f ho knmo prnfucts no m onofhscrhjhomtnry bmshs wd`o
IWJnramo dmf onthc` ne whf`spr`mf prnfuct pkmc`j`ot fhspmrhth`s bms`f no rmc` mof
omthnomk nrhaho< ahvhoa knmo neehc`rs mof ntd`rs r`spnoshbk` enr jnrtama` k`ofhoa kmra`ehomochmk hoc`othv`s tn hssu` knmos tn Merhcmo-Mj rhcmos mof Kmthons tdmt mr` cnstkh`r
tdmo b`tt`r knmos enr wdhcd td`y qumkhey< ntd`rwhs` `ocnurmahoa mof fhr`cthoa knmo
neehc`rs mof ntd`rs r`spnoshbk` enr jnrtama` k`ofhoa tn st``r bnrrnw`rs hotn dhad-cnst
knmos nr knmos whtd mfiustmbk` rmt`s, pr`pmyj`ot p`omkth`s, nr bmkknno pmyj`ots
Cms` 29=6-cv-76=54-FJA-JRQ Fncuj`ot = Ehk`f 70/37/=6 Wma` 02 ne 05 Wma` HF #902
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CNJWKMHOV ENR UHNKMVHNO NE
VD@ E@F@RMK EMHR DNPSHOA MCV7=7365-== 58==51 U=
=
2
3
6
0
5
1
4
8
=7
==
=2
=3
=6
=0
=5
=1
=4
=8
27
2=
22
23
26
20
25
21
24
- 0 7 -
whtdnut r`amrf enr wd`td`r td`y qumkhey enr b`tt`r knmos< mof s`tthoa hot`r`st rmt` cmps
Vd`s` pnkhch`s dmv` cmus`f Merhcmo-Mj`rhcmos mof Kmthons mof r`shf`ots ne
pr`fnjhomotky Merhcmo-Mj`rhcmo mof Kmthon o`hadbnrdnnfs ho Kns Moa`k`s tn r`c`hv
jnrtama` knmos ernj IWJnramo tdmt dmv` jmt`rhmkky k`ss emvnrmbk` t`rjs tdmo
jnrtama` knmos ahv`o by IWJnramo tn shjhkmrky shtumt`f wdht`s mof r`shf`ots ne
pr`fnjhomotky wdht` o`hadbnrdnnfs ho Kns Moa`k`s, mof tdmt mr` jmt`rhmkky jnr`
khl`ky tn r`sukt ho enr`cknsur`.
=0=. IWJnramo‘s r`shf`othmk k`ofhoa-r`kmt`f mcts, pnkhch`s, mof prmcthc`s
cnosthtut` r`v`rs` r`fkhohoa mof vhnkmt` td` Emhr Dnushoa Mct ms9
(m) Fhscrhjhomthno no td` bmshs ne rmc` mof omthnomk nrhaho ho jmlhoa
mvmhkmbk`, nr ho td` t`rjs mof cnofhthnos ne, r`shf`othmk r`mk `stmt`-r`kmt`f trmosmcthnos
ho vhnkmthno ne 62 P.S.C. § 3570(m)< mof
(b) Fhscrhjhomthno no td` bmshs ne rmc` mof omthnomk nrhaho ho td` t`rj
cnofhthnos, nr prhvhk`a`s ne smk` ne m fw`kkhoa, ho vhnkmthno ne 62 P.S.C. § 3576(b).
=02. IWJnramo‘s pnkhch`s nr prmcthc`s mr` ont iustheh`f by busho`ss o`c`sshty n
k`ahthjmt` busho`ss hot`r`sts.
=03. IWJnramo‘s pnkhch`s mof prmcthc`s mr` cnothouhoa.
=06. Vd` Chty hs mo ‛maarh`v`f p`rsno‚ ms f`eho`f by 62 P.S.C. § 3572(h) mof
dms suee`r`f fmjma`s ms m r`sukt ne IWJnramo‘s cnofuct.
=00. Vd` Chty‘s fmjma`s hockuf` knst tmx r`v`ou`s mof td` o``f tn prnvhf`
hocr`ms`f juohchpmk s`rvhc`s. Vd` knss ne tmx r v`ou`s mt sp`chehc enr cknsur` sht`s mo
mt ckns`ky o`hadbnrhoa prnp`rth`s ho pr`fnjhomotky jhonrhty o`hadbnrdnnfs ne td` Cht
wms m enr`s``mbk` cnos`qu`oc` tdmt wms emhrky trmc`mbk` tn IWJnramo‘s fhscrhjhomtnryk`ofhoa. Khl`whs`, td` o``f tn prnvhf` hocr`ms`f juohchpmk s`rvhc`s mt bkhadt`f
enr`cknsur` sht`s ho pr`fnjhomotky jhonrhty o`hadbnrdnnfs ne td` Chty wms m
enr`s``mbk` cnos`qu`oc` tdmt wms emhrky trmc`mbk` tn IWJnramo‘s fhscrhjhomtnry
k`ofhoa.
Cms` 29=6-cv-76=54-FJA-JRQ Fncuj`ot = Ehk`f 70/37/=6 Wma` 03 ne 05 Wma` HF #903
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CNJWKMHOV ENR UHNKMVHNO NE
VD@ E@F@RMK EMHR DNPSHOA MCV7=7365-== 58==51 U=
=
2
3
6
0
5
1
4
8
=7
==
=2
=3
=6
=0
=5
=1
=4
=8
27
2=
22
23
26
20
25
21
24
- 0 2 -
F@JMOF ENR IPRX VRHMK
Wursumot tn E`f. R. Chv. W. 34(b), td` Chty f`jmofs m trhmk by iury no mkk hssu`s
sn trhmbk`.
WRMX@R ENR R@KH@E
QD@R@ENR@, td` Chty r`sp`cteukky prmys tdmt td` Cnurt armot ht td` enkknwhoa
r`kh`e9
M. @ot`r m f`ckmrmtnry iufaj`ot tdmt td` enr`anhoa mcts, pnkhch`s, mof
prmcthc`s ne IWJnramo vhnkmt` 62 P.S.C. §§ 3576 mof 3570<
B. @ot`r m p`rjmo`ot hoiuocthno oinhohoa IWJnramo mof hts fhr`ctnrs,
neehc`rs, ma`ots, mof `jpkny``s ernj cnothouhoa td` fhscrhjhomtnry cnofuct f`scrhb`f
d`r`ho, mof fhr`cthoa IWJnramo mof hts fhr`ctnrs, neehc`rs, ma`ots, mof `jpkny``s tn
tml` mkk meehrjmthv` st`ps o`c`ssmry tn r`j`fy td` `ee`cts ne td` fhscrhjhomtnry cnofu
f`scrhb`f d`r`ho, mof tn pr`v`ot mffhthnomk hostmoc`s ne sucd cnofuct nr shjhkmr
cnofuct ernj nccurrhoa ho td` eutur`, pursumot tn 62 P.S.C. § 35=3(c)(=)<
C. Mwmrf cnjp`osmtnry fmjma`s tn td` Chty ho mo mjnuot tn b` f`t`rjho`f
by td` iury tdmt wnukf eukky cnjp`osmt` td` Chty ne Kns Moa`k`s enr hts hoiurh`s cmus`
by td` cnofuct ne IWJnramo mkk`a`f d`r`ho, pursumot tn 62 P.S.C. § 35=3(c)(=)<
F. Nrf`r IWJnramo tn fhsanra` hts wrnoaeukky nbtmho`f prnehts mof tn
prnvhf` r`sthtuthno tn td` Chty ms mkk`a`f d`r`ho<
@. Mwmrf puohthv` fmjma`s tn td` Chty ho mo mjnuot tn b` f`t`rjho`f by td
iury tdmt wnukf puohsd IWJnramo enr td` whkkeuk, wmotno, mof r`clk`ss cnofuct mkk`a`
d`r`ho, mof tdmt wnukf `ee`cthv`ky f`t`r shjhkmr cnofuct ho td` eutur`, pursumot tn 62
P.S.C. § 35=3(c)(=)<E. Mwmrf td` Chty hts r`msnombk` mttnro`ys‘ e``s mof cnsts, pursumot tn 62
P.S.C. § 35=3(c)(2)<
A. R`quhr` pmyj`ot ne pr`-iufaj`ot hot`r`st no jno`tmry fmjma`s< mof
D. Nrf`r sucd ntd`r r`kh`e ms tdhs Cnurt f``js iust mof `quhtmbk`.
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8/12/2019 City of Los Angeles v JPMorgan Chase & Co. Re: JPMorgan Chase sued by the City of Los Angeles for Violations of…
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