Securities Exchange, et al v. Mutual Benefits Corp, et al

Filing 3014

ORDER granting 2977 Expedited Motion to Stay Pending Appeal of Order 2967 . Signed by Judge Federico A. Moreno on 11/8/2021. See attached document for full details. (mmd)

UNI STATESDI CT COURT FOR TIE
TED
STRI
I
SOU TH EM D I
STRI O F FLORI A
CT
D
M i m iD i s on
a
vi i
C a e N um be 04s
r: 60573- 1 - O REN O
C V M
SECU RI ES AN D EX CH AN G E
TI
CO M M I ON ,e al,
SSI
t .

Pl n if
aitf ,
VS.

M UTUAL BENEFI CORP.e al,
TS
t .
Dee
f ndant .
s

ORDER GM NTI ACH ERON CAPI
NG
TAL,
LTD .S EXPEDI
'
TED M OTI TO STAY
ON
PENDI APPEAL OF ORDER ( E.2967)
NG
D.
A c r Ca t l Lt s e a s a pe ng a al of t Cour ' Or r A do i t
he on pia , d. e ks t y ndi ppe
he
ts de
ptng he

Re r a Re omme to a Grntng Tr te' M oton f l tuci ( E.2967) The
po t nd c
ndzin nd a i use s i or nsr tons D.
.
Co tfnds t s a r f a s a pe ng a a i m e a s a t Tr t s b l of K e p
ur i
he t nda d or t y ndi ppe l s t nd t ys he us ee' a e
e
Polc e i whi h A c r n Tr t low n f a tona i e e t . The Co tw il a l t Tnlt e t
ii s n
c
he o us s
r c i l nt r s s
ur l low he
se o
m ove f a bond r r m e .
or
equie nt
TH I CA U SE c m e be or t Coul u
S
a
f e he
' pon Expe t d M oto t St y Pe ng A ppea
t
die
in o a
ndi
l

( E.2977) fldonSe e r20.
D.
, ie
ptmbe 2021.
THE C OUR T ha cons de e t m o i t r pons , t pe tne pori ns of t
s
i r d he ton, he es
e he r i nt
to
he
r or a bei ot r i e f l a vi e i t pr m i e ,i i
ec d, nd ng he w s uly d s d n he e s s t s
A DJUD G ED t t m oton i GR AN TED .Pendi appelat revi ,t Cour st
hat he
i s
ng
le
ew he
t ays

t Or r A doptng t Re t a Rec m enda i a Gr n i t Tnlt e' M oton f
he de
i he por nd
om
ton nd a tng he
se s
i or

I tuci ( E.2967)t t e e i alwst Tr te t s l Ac r Tr t'facina
nsr tons D.
o he xtnt t lo he use o el heon uss r to l
1A c r n Ca t ,Lt i t i sm e ména rf A c on Porf i Tr t Avel usPorf i Tnlt Lornzo
he o pial d.s he nve t nt
ge or her
tolo us, m
tolo s, e

To t20 Trs, n S
n i 06 u ta d TYX Po oi Tr s (Ac e'nTr ss' (qlci l rfre t a C h r n'.
/flo ut s h t u t' c l t y eerd o s û eo '
t o
) e ve
Ac
)

i t r t i t K e p Polc e .
n e es s n he e
ii s
1.

Background

A c r Ca t ls eksa s a pe ng a aloft s Co ts Or rA doptng t Re t
he on pia e
t y ndi ppe
hi ur ' de
i he por

and Re omm e ton pr vi ng i tuctonson t wi do oft Tr ta s l oft
c
nda i
o di nsr i
he nd- wn he us nd a e he

Ti tspolç e by ye re 2021 Thebre si c t t tt Tr tlq da i i no de a d t
us' ii s
a nd
.
i f ndi ae ha he us i ui ton à w l ye o
ea l 2022.
ry
The El ve h Cic tgr nt d A c r Ca t ls m oton t e die t a
e nt r ui a e
he on pia '
i o xpe t he ppea .
l The
br e i i t El ve h Ci c tc l
i fng n he e nt r ui onc uded o Oc obe 22, 21.
n t r 20 The El ven h C ic tt no
e t r ui ook

poston on whehe t r wo d beor la gt nta i S r i o a a gum e whehe i wo d
ii
t r he e ul
a r une nd f he e s r l r
nt t r t ul
be e die TheTr t di no oppos Ac r sr que tt e diet bre i o t
xpe t d.
usee d t
e he on' e s o xpe t he ifng n he
a
ppeal
.

The Cour ' or r a i s i t u e t tt Tr t e co d s l t K ee Polc e on a
ts de t s ue ns r ct d ha he us e ul e l he
p i is
po i y- polc bas s a pa toft w i down a lq lda i oft Tr t no hw ihs a ng
lc by- i y i s r he nd
nd i ti ton he us , t t t ndi
Ache on Tr t f a tonali e e t i m a oft polc es A c r n Ca t lf l a a
r
us s' r c i
nt r s s n ny he i i . he o
pia ied n ppea of
l
t sO r rA do i t Re ta Re m m e to i is e i e y on Se e be 7,2021 a on
hi de
ptng he por nd co
nda i n n t ntr t
pt m r
nd
Se e be 20,2021 A c r f l d t pe ng m oto t s a w hi h t Tr t o
pt m r
, he on ie he ndi
i n o t y, c he us ee ppos s The
e.
i s on q a a e t Tr t e' a t iy t ac unde t t rnsoft 201 Tr tA gr m ent
s ues
ppe l r he us e s u hort o t
r he e f
he 5 us
ee

a da s cae a r e n s Sp cfc l , h r h o j cst tefn i t a teTr se c ud
n s o itd g e me t. e i al Ac e o be t o h idng h t h u te o l
i y
s lt K e p Polc eson apolcy- y- i y ba i ,i l ng A c r n Tr t f a tona i e e t .
el he e
ii
i b polc s s nc udi
he o us s' r c i l nt r s s
1
I.

L ezalSt
andard and Anal s
vsi

1( spa toft ta to le pme frt adl nitai ofj tc afdea co (A1 r he rdiina qui nt o he ni srton usie, e r l ul
t
c nsa t e ore nto aj
a ty he nf c me f udgmentpe ngt outomeofa a al'Nk v Hol r 5
ndi he c
n ppe . en . de , 56
'

U. 41 , 21( 0 9 ( u tn S rp -l wa dRa i,I c v FCC, 6U. 4 9 1 ( 9 29.
S. 8 4 2 0 ) q o ig c ipslb r do n . .
31 S. , - 0 1 4 (
A c r t A ppe l n ,s e t pr s l t s a usquo w ih a s a pe ng a a o t
he on, he
la t e ks o e e we he t t
t t y ndi ppe l f he
Cour ' l t uc i Or r o t lqui ton a w i do n oft Tr s . A c r c a m st ti
ts ns r tons de n he i da i nd nd- w
he u t he on l i ha f
2

t Tr t s lsisf c i li e e t i t Ke p Polces i wilbeir r bl ha m e (
he usee el t p tona ntr ss n he e
i i , t l repa a y r d. G
A
s a doe no m q tm e s a s il butd shol a nli i a ya t alo a a la e c t
ty
s t ke i t nd tl ,
oe
d
lng n be nce o l w n ppe l t our
t etm ene es a y t r vi w i. Nk n,556 U. a 421.
h i
c s r o e e t' e
'
S. t
.

Thepa tesdiput t a oprat l ga sa r t sa t sCour' or r TheTr see
ri s e he ppr i e e l t nda d o t y hi
ts de .
ut

a gue t Co tsl tuci nsOr r whi h i anon- o tr o de ,ma onl besa
r s he ur ' nsr to
de , c s
m nea y r r y y
t yed
pe nga ali t sa r f rpa tt s i s tsi d. sa r f urpa t e tsa e c 's
ndi ppe f he t nda d ou - r e t s aife The t nda d o - r t s tt s oul
t

d cdn wheh rt sa a o d ro a p a c nsd r ( )wh t rt sa a pl a t sma ea
e i ig te o ty n r e n p e l o i e : 1 ehe he ty p i n ha d
c
sr n s wigt a hei lk l t s c e d o t emeis ( ) eh rt ea pl a twil e
to g ho n h t s i ey o u c e n h rt; 2 wh te h p i n lb
c
irpaa l ij r da s n asa ()wh t e is a c o t esa wils bsa tal ij r te
re rby nu e b e t ty; 3 eh r su n e f h ty l u tnil nu e h
y
ohe pate itrse i t ep o e d n ; nd()wh r t ep b i i tr s le .d, 5 U. a
t r ris ne etd n h r c e i g a 4 ee à u lc ne et is 1 .5 6 S. t
4 4( u tn Hi o v Br u s il4 U. 7 , 76( 9 7 ) Ga caM i v M e s , 1F.d
3 q oi g l n . a n kl, 81 S. 70 7 1 8 ); r i- r . e e 78 2
t
1 ( 1h Ci.1 . tbl t Gar i Mi ca ecaiist taG va ma aloha hi
450 1 t r 986)Noa y,he ca- r s 'lrfe ha t nt y s ve s
mo
m oton gr nt d upon al s e s
i
a e
e s r howi ofa ûubsanta c e o t m e is whe She baanc of
ng
s t i l as n he rt' n t
l e

t e te gde iidi fco s2,3,a 4)weg he viy i fvo ofgrntngt sa 'I a
he quiis i ntfe n a tr
nd
ihs a l n a r a i he ty. d t
'
1
453.

A c r n a gue t f r pa tt s doe nota y bec us t Cour ' O r ri no
he o r s he ou - f e t s
ppl
a e he
ts de s t

ij n tv b nau e Th Or e meeyalwsteTr se t s lt ep lce o ap lc b nu cie y tr . e d r rl l
o h u te o el h o iis n o iy-y

poiybai, u i d e n t r e t Tr se t d s Ac eo r l so Ct.o I dvd a
l ss b t t o s o o d r he u te o o b. h r n ei n rf r n iiu l
c
e
Ri t v Ch v l na No 1 - 9 5 201 WL 7 7 41 ( D. a Oc. , 9 t a g eta
ghs . e adi , . 620 0 , 9
3 0 2 S. Fl. t29 201 ) o r u h t
t Gar i Mi ts i lmie t ij tveor r. Tr te' posto i t tt t ta is
he ca- r et s i td o nunci des The use s iin s ha he es pple
t a lnon- one a y or r ,i l ng t sor r
o l
m t r de s nc udi hi de .
A cl e l a Rul 62 i w a
os r ook t e s nunt Fe r lRul o Ci lPr e e 6 tted
ed. de a
e f vi oc dur 2, il

g n r l ,ctyo P o e dn st En o c aJ d me , a d e s smo e j d me t a d
e eal d a f r c ç ig o f r e u g nt' d r s e n y u g n s n
y s
'

3

ij n to s b ti sln a t d caao yj g n s . lt iiey, sd fo t g pi Rul
nu cin , u s ie t s o e lrtr ud me t. .n utv l a ie rm he a n e
6 i i n tce r yac u t a n tsa iso d caao yj d me t'UntdSttsv
2,t s o la wh o r c n o ty t wn e lrtr u g n . ie ae ,
'
S # h u e 4 8F. u p. d 6 7, 9 ( D. . u e2 , 20 . eOr e a is eh r p o ie
a o s , 6 S p 3 8 6 0 E. Pa J n 4 20 ) Th d r t su e e r vd s
de lr t y r i - asa e e toft c r cualoblga i a rght oft pari si t e nt
ca aor elef
ttm n
he onta t
i tons nd i s he te n he ve
ofTr tlqui ton.
us i da i

Rul 62( ,s tntvey a ndedi 201 pr de i pe tne pa t
e b) ubsa i l me
n 8, ovi s n ri nt r;

S a b Bo do Ot e S c rt At n tmea trj d me t se tr d a
ty y n r h r e u iy. a y i fe u g n i ne e ,
pa t m a ob a n a s a by pr vi ng a bo orot rs c iy.
ry y t i ty
o di
nd
he e ur t The s a
ty
t kesefe twhe t c ul a ovest bond orot rs urt a
a
fc
n he o ' ppr
t
he
he ec iy nd
r m a ns i e f tf rt tm e s ii i t bond oro hers urt
e i n f ec o he i pec fed n he
t
ec iy.

Fe . Ci P. 2 b ( 0 ) Th 201 a n me t oRu e6 C k se p ii t o p ru iyt
d R. v. 6 ( ) 2 21 . e 8 me d n t l 2 l e x lcthe p o tnt o
ma
pos s c iy i t f m ot rt nt bond.' d. Ci P.6 b)( 1 c
t e urt n he or he ha a
'Fe R. v. 2( 20 8 ommitenoe ;
te tl

De tc eBa kNa 'Tr Co a T .o GS Ho A /. F .20 6 1 v Co ns , 5 F.
us h n t1 . . s rf r AA me kzl r, 0 - 8 . r ih 7 9
fp '
Ap x 5 3 51 (t Ci. 1 )(oi ga nd nt r vd sg e trSe i ii i g a tn sa s
p' 0 , 0 7 h r 20 9 n tn me me p o ie r ae x blt n rni g ty
y
p n i ga pe le p cal i c ne to j d me t ta aeno p rl mo eay .
e d n p a, s e ily n o tx f u g n s h t r t u ey n tr )
Rue6 ( ) o d st fa wokf rsa n ij n tv o d r .tsae :
l 2 d prvie he rme r o tyig n u cie r e s l tts
W hie a a
l n ppea i pe i f om a i e l ut r o de ortna
l s nd ng r
n nt r oc o y r r i l

j
udgme t tgrnt,c i s modii ,rf e ,dis ve ,o
nt ha a s ontnue , fes eus s sol s r
r us t dis l ormodiya ijunci t c 'ma s pe
ef es o s ove
f n n ton,he oul y us nd,
t
modiy,r t e,o grntanij to ontr f bondorot r
f esor r a
nuncin ems or
he
t nns t ts c e t opposng pa t sr ght .
e
ha e ur he
i
r y' i s

Th Tr se ag e t a s b e to ( )a p isi t sc n e t e nt o g t eo d ri no pe s
e u te r u s h t u s cin d p le n hi o tx, ve h u h h r e s t r e
ij n tv a i meey sae t theTr se c nlq i aet ep lce i apa c lrwa u d r
nu cie s t r l tts ha t u t e a iu d t h o iis n diu a y n e
t tr o t 201 Tr tAgr me .Byistr ,Rul 62( a ist inuncins' ndt
he ems f he 5 us ee nt t ems e d) pple o i j to 'a he
i

Tr se r q e t teCo l te th so d ra s c . eCo l ds g e swiht Yr se ta Rue
u te e u ss h u' ra ti r e s u h Th u' ia r e t he u te h t l
t
t
62()a ist t sodera t sor ri notij tve
d pple o hi r s hi de s nunci .

4

Asr c g ie i Sae o s ,heei ltl p e e e t d r si teis o sa i a
e o nz d n f h u e t r s it r c d n a d e sng h sue f tyng
e
d caaoyj g n . i Co r,ieSae o s , l lo t tep a tc l fe to asa i t i
e lrtr ud me t Th s u tl f h u e wilo k o h r cia ef c f ty n hs
k
ca e. d Her ,t e f toft Coud' Or rwa t a l t Tr t e,s d hec os t s l
s l
e he fec he
s de s o low he use houl
ho e, o el
whol polcis whih i l Ac r Tr s s faci na i e ess l pr tc tr s t Or r
e i e , c ncude he on u t ' r to l nt r t . n ac ial e m , he de
ha co eq nc t A c r s d t Tr t e pr e wih t s l a lqui to A lhough
s ns ue es o he on houl he us e oc ed t he a e nd i da i n. t

t eCo r d e no a rewi t eTr se t a Rue6 d a le t asa o t sOr e ,h
h u t o s t g e t h u te h t l 2() ppis o ty f hi d r t e
h
Co tfndst pr pe fa e r f rdee mi ng asa oft snonur i he o r r m wo k o tr ni
t y hi
mone a y de l r t r or r
t r c a a o y de
i t e pl y t Nke f - r t t l t f - l t ti s ts i t n t Cour w ila l
s o m o he
n our pa t es . f he our pa ' es s a i fed, he he
t
t l na yze

t es f in y o t es c rt u e F d rl e6 ( ) S j h u e 4 8F. p . da 6 ;
h u fce c f h e u i nd r e ea Rul 2 b . a è o s , 6 Su p 3 t 91
y
Ge r aRe b ia pl /, n . . c o ae o Ge r a No. -47 -G , 0 0W L
o gi pu lc n rz J c v Se . fsttf r o gi, 20 1 411 2 2
74881 1 *1( 1hCi. c.21 2020 (ppl ngf - r ts t moto t sa a or rtndi
8 , 1 t r De , ) a yi ourpa tet o in o ty n de i ng
plitfslc dsa ng)
anif a ke tndi .
FourpartTe
st

TheEl ve h Cic thasr ogni d t tt a i a sa t tsmpl mai ai t sat s
e nt r ui
ec ze ha E ntng t y ha i y nt ns he t '
gr
u
q pendi a a (sa pr it whe as rouslgalque to i pr s nt d,whe ltl i a
uo
ng ppe l i p opra e
n ei e
si n s e e e
n i e f ny
l

ham wil eal t ritrse pes nso tepu lca dwh nd nil ftegty wo di lc
r l b fl ohe n ee td ro r h bi n e e a o h sa ) ul nfit

irp r beij r o t emo n .' a MD, n . . d T a eCo ',6 F. p' 81 ,8 9
re a a l'nu y n h va t' L b I c v Fe r d mm n 78 Ap x 6 1
'
( 1hCi. 01 )(uoigRuzv Esel, 5 F.d 5 5 5 5(t Ci. 98 ).
1 t r 2 6 q tn i . lle 6 0 2 5 , 6 5h r 1 1)
l. co l Su sa t l ieio do c e s
.Fa tr . b t ni L k l o fsu c s
a
h
Gar a- i a l sa m ova f a s a t s
ci M r low
nt or t y o how a çs t n i lca e on t m e is' he
subs a t a s
he r t ' w n

t ham f t stp i fvo o asa ( i t c ehe e . ca- i 781F. a 1 . r C.
he r acor i n a r f ty as s he as r ) Gar i M r,
2d t 453,A
v Maisr am .f/ Se v . nc,345F. 850,852( 0t Ci.2003)(l ihr s c t t sa
. n te &lg. r s l .
3d
1h r
GW t epe t o he ty
f c or ,whe e t m ovi pa t hasesabls d t tt t e û r 'f t s tp de i dl i is
at s
r he
ng ry
t i he ha he hr e ha m ac or i c de y n t

fvo ,heS oba lt ofs c s rquie nti s me tr lxe ' . t
a r t pr biiy uc es' e r me s o wha ea d.) Alhought Cour s e
'
he
tes

none d t r c i risOr rAdo i t Re ta Re m m e ton,t Cour r c ze
e o e onsde t de
ptng he por nd co
nda i he
t e ogni s
t tt or rde l wih s sia e l ga q si a con r ct is sse i f o a
ha he de a s t ophitc t d e l ue tons nd ta ual s ue t mm ng r m

c
omplcae busnes r a i hi Spe ii aly,t is ofwhehe t As e Pur ha e
i td i s eltops p. c tc l he s ue
t r he s t c s
Ag ee nt pr c udet Tr se f om s li polc e t ti l Ac r Tnlt fa tona
r me s e l he u te r
elng ii s ha nc ude he on ss' r c i l
i e e t i t s r ng ofmor dei r t i s i ton.' ansv Ut 21F.
nt r ss s ' e vi
de
e lbe a e nve tga i 'Ev
. ah,
Supp.3d 11
92,

1 2( Ut 201 .M orove,t Elve h Cic tprvi l hed i t sca et ti wil
21 D. ah 4) e r hr e nt rui e ousy l n hi s ha t l

e o d n v rviw o e t s po t u g n d cso s a o p s dt bengs b e t oa
mply e o o e e v r he e s- d me t e iin , , p o e o i u j c t
j
s

mo ed frn ilsa d r o r ve S eS. C. . uu l nht,8 0F. p' 7 0 7 2 7 5
r eee ta tn a d f e iw. e E. v M ta Be e s 1 Ap x 7 , 7 - 7
( 1hCi. 20 . rf e at
1 t r 20 ) Thee or, lhought Co tfndst 201 Tr tAgreme govenshow t
he ur i he 5 us e nt r
he
Tr t lqui t and wi down t Tr t t Cour fndst tA c r pr s nt a s t nta
us ee i da es
nds
he us , he
ti
ha he on e e s ubs a i l
c s on t m e is.
ae
he r t

2.Fact r 2- . H ar Fac or
o s 4.The
m
t s
A c r a guest ti w ilbe ir pa a y ha m ed i no s a i i pos A f iur t s a
he on r
ha t l
r e r bl r
f
t y s m ed. a l e o t y
.

'

wilm oott i s s o a al The Tr t e' s l w o d a f tA c r si er s s i 731
l
he s ue n ppe .
us e s a e ul f ec he on' nt e t n
polci be or t El ven h Ci c td i st i s ofA c r s co r c ualrght a t
i es f e he e t r ui ec de he s ue
he on' nt a t i s nd he

Tnlte so lg to s Se U S v Cè ti Re l: Pes Prp.9 3F.d 1 2 1 9 ( 1h Ci.
se ' b iain . e . . ran a ( r. o , 4 2 29 , 2 6 1 t r
b
1 91 ( lig a e l smo t e a s te ewa n sa a ( th s l o t ep o b t t a
9 ) hodn pp a wa o b c u e h r s o ty nd s l e ae f h r p ry o
g
t r pa t pur has rha t nni t d t s Co t s a lt t gr ntt c z m a he r que t d
hid- r y c e s e na e hi uf ' biiy o a he l i nt r e s e

r med '
e y.)
'

Th Tr se a g st e i n irpaa l ij r be a s t ea s re h r i ta
e u te rue h m s o re rb e nu y c u e h se td am s h t
A c r s c r t lr g sw ilbe br a hed,a a br c of c r tc a m doe no s
he on' ontac ua i ht l
ec
nd
ea h
ontac l i
s t uppo '
l
t
ir
r eparabl hal .H i posii i t m oot
e '
m
s
ton s hat
nessal does nots
one
upporta s ay.U nf unat y,t s
t
ort el hi

6

i nots sr i -o a d.The Cou tr cog z st tt si no a st ton whe eAche on c
s
o taghtf m r
r e nie ha hi s t iuà i
r
r an
s m pl s t r c r f br ac ofc r c w he e t r i a Cour o de au hor z ng t s l
i y ue o e ove or e h
ont a t r he e s
t r r t i i he a e.
Ra he ,Ac r c a m sis r s ofl s i t val oft polc eson m a urt a r m e y t t
t r he on l i t i k os s he ue he i i
t iy- e d ha

wo d beuna ia e s dt polc e bes d be or t Cour ofAppea sr viwst i s
ul
valbl houl he ii s ol f e he
t
l e e he s ue.

Th Co r mu the a ay et eij l t t eoh rpa t s Th Tr se ag e t tt
e u t s t n n lz h n u' o l t e ri . e u te r u s ha i
y t
e
woul r ou off
d un t unds i t s l w oul no t kepl e i l t 2021 orea l 20 The Tr t e'
f he a e
d ta
ac n a e
ry 22.
us e s

Se e be l 2021sa' r por c i
pt m r 7,
tt e t onfnuedt tia addii na a o ma el $1. milon i
us
ha sn
to l ppr xi t y 5 li n
r siu i n f
e tt to undsha be n m a a ia eby t U. Ator y' Ofi t t Re eve a a e
ve e
de va lbl
he S. t ne s fce o he c i r nd r

i t pr e sofbengf nde '( E.2976a 4) TheTr te' Re pons t t M oton
n he oc s
i ' d.'D.
u
t .
use s s e o he i
i caest tt $15 milo i r siuto fmdse bl t Tnlt t de e t Tr s '
ndi t ha he . li n n e tt i n t
na es he see o f r he u ts
lqui to f abre perod by a yil s
i dai n or if i
ppl tg ome oft e f ndst r a i sr tvef esc r d
hog '
u
owa d dm nitai e ha ge

t teh l eso t eKe p Poiis ( . s a 2 n 1 Th Tr se as rpo t t a h C l b
o h o d r f h e l e . Tr Re p. t , .) e u te lo e rs h t e ç l e
c
wi
e rii gh sa to iyu d rS cin3.()x)o t eTnlt r e n t drc t c le to
xecsn i uh rt n e e to 1b ( i f h
s Age me t o ie t he o lcin
ofaddii na f sne es a y t f t ope a i nsoft Tr ti lghtoft i uf i e y o t
to l ee c s r o und he r to
he us n i
he ns fci nc f he

a ia l Ov r a me tBaa c t pa al x ns s'( E. 9 6a 3 4 . us i s e t a t
valbe ep y n ln e o y le pe e . D. 2 7 t - ) Th ,t e ms h the
'
ur nc t s l t polcisby ye rend i no l rt ca ea t .da a f rt co i
ge y o el he i e
a - s onge he s nd he m ges o he ntnued
ope a i oft Tr twoul bec t t t i t r i t f ' ofaddii f es Thesa wil
r ton he us
d
oss o he nveso s n he ol
m
tonal e .
ty l
notc us t Tr t t l et val oft polces Se D e s heBank,759 F.
a e he usee o os he ue he i i . e utc
App' a 508
x t

(ttn ln e ddn tls itr s i tepoiyfo asa o t ef r cos r)
saig e d r i o o e n ee tn h l r m ty f h o e l u e .
c
M o e r Ac o a ee i isbreft tt ç1 da s l spr e sis fc go
r ove , her n gr s n t i ha he C 80- y a e oc s tel an
f wa d w ihoutdit bi t s a us q bec us onl t a uals l m us be s a
or r t
s ur ng he t t uo a e y he ct a e
t t yed.I t
f he
El ve h Cic ta fnnst or r o a a ,t a t ls l ca s iloc ur be or t e o
e nt r ui f i
he de n ppe l he c ua a e n tl c
f e he nd f

2021. ( E.
' D. 2997a 1 .Ac r doe no s kasa oft s eof250poi e ,i whih
'
t 3) heoh s t ee ty he al
lcis n c

7

Ac r Tr t own no i e e ta t , heTr t e c n alo gp f wa d wih t bul s e p
he on uss
nt r s nd hus t
use a s
or r t he k al f
t epolcis whi h s d alo al vit t c t ofope atng t Tr t I Fi ly,t Tr t
hos
i e , c houl s le a e he oss
r i he us. d na l he us
wilno beg n a cnzng addii na cossuntl20 i t a a r m anspe i t n. ti onl
l t i c i
to l t i 22 f he ppe l e i
ndng he I s y
t n t tt Tr tma ne d addii lf ndi t ope ae a mait n t polces 1L
he ha he us y e
tona u ng o r t nd n ai he i i . 6
l no s a i or r i co r s ,A c r Tr t 'i t r t w oul be s d,w hi h w pul
f
t y s de ed, n nt a t he on us s n e es s
d
ol
c
d
pr ve t m f om hol ng t f ac i na i e es si t po i i s t m a ur t A c r n c ai s t t
e nt he r
di he r to l nt r t n he lc e o t iy. he o l m ha

i isc r cua rg a t quesi ofwhehe t Tr t ehast a lt unde t
s t onta t l i ht nd he
ton
t r he use
he biiy
r he
a e m e st s l t e i e e t pr ma u ey i be or t Cour ofAppea s TheTr t edoe
gr e nt o e l hos ntr ss e t r l s f e he
t
l.
use
s
notl e t va ue oft polc esa a r ul oft s a m uc lke t l nde i D et sc Bank,
os he l
he i i s es t he t y,
h i he e r n
t he
t
di no l e t i e e ti t pr r y a a r s toft s a oft f r cl u e. F.App' at
d t os he nt r s n he ope t s e ul he t y he o e os r 759
x

509- 0.Ac or ngl t ba a e o eq te f vor asa
51
c di y, he l nc f uii s a s ty,
The fna f c o i t publci e e t Ac r c am st tfe do Ufc r c i am atr
i l a t r s he
i ntr s. he on l i ha r e m
onta t s
te

o g e t u lcc n en. n l v fo i, 8 So 2 4 , 4 ( a 4h DCA 1 91. t o g
f r a p bi o c r Bahed . us 5 9 . d 41 4 6 F1. t
9 ) Alh u h
t pa te dia eea
he ris s gr bouthow t c r c sgove n t sis t is i One ofpublcc ez
he onta t
r hi s ue,he s ue s
i onc '
n
gi n how t Cout' i e r t ton i pa t t Tr t Ac r a t ot ri sor .
ve
he
s ntp ea i m c s he us, he on nd he he nve t s The
Tr t ear st tt pu i i e e tc utonsa ns as a be us t r i apublci e e ti
use gue ha he blc ntr s a i
gai t ty ca e he e s
i nt r s n
t Cq te or i t Tr tAg e mentr uli fom al ceve s p.The Cour' Or r
he ur nf c ng he us r e
es tng r
' i r hi
e
ts de
e or est tAgr e e ,bu a sa t alow a la er vi w i a c s whe et El nt
nf c ha
e m nt t t y o l ppe lt e e n a e
r he eve h
Cic talow e e
r ui l d xpedie bre
t d i fng i pr nt
s ude .
H a ng f
vi ound t f ct s f vora s ay pe ng a al t Coul ne t s t t i s of
he a or a
t
ndi ppe , he
' xt unz o he s ue
t

s c iyt rRul 62( .
e urt mde e b)

B. e u i u de Fe e a WrEo vl o e u e6 +),
S c rt n r d r l / 'fciiPr c d r 2
y
/

F d rl l o Ci iPr c d r 6 ( )alwsamo i gpa t s e igasa o a od r
e ea Rue f vl o e u e 2 b lo
v n ry e kn ty f n r e
ona alt pos s c iy,naf m ot rt n abond.s w Rul 62( per t fe biiyi t
ppe o t e urt i or he ha
E
Ne
e b) mis lxi lt n he
t ofs urt r quied t obt i a sa whi h alowst Cour t te tt pr te a
ype ec iy e r o an ty, c l
he
t o r a he operi s s
s fc e s c iy. Unie St e v Bi d ong, o. - 7- M - W M , 9 W L 1 277,a
uf i i nt ç ur t ' t d at s . r s
'
N CV 1 72- D
201
026
t

* ( Mo t Ma . 201 )(idngp o risc n t ue s c rt a do d rngsa o
2 D. n . r4, 9 fn i r pe t o si td e u i n r ei ty f
e
t
y
f r l ur or pe ngappe )
oecos e der ndi
al.
Ac r n s ksa or ri
he o ee n de mposng no i medit c tonson t sa a a guest tt
i
m
a e ondii
he ty nd r
ha he
r si ar d he d i t Tr t Le. ha t polc e w ilbe a ia ef s es d t Elve h
e s lea y l n he us- t t he i i s l
va lbl or al houl he e nt
Cic tafim t sCo tsOr r Ac r a ee t ti t Or ri a fr e o a al t
r ui fr hi ur ' de . he on gr s ha f he de s fim d n ppe , he
Tnl t e c n a y A c r s s l pr ee t t e r c t i ur e f om a de a d s l
s e a ppl he on' a e oc ds o he xt a os s nc r d r
l ye a e.

Acheona ee t tt Tr tema s e t Cour a es t is ofc to oft sa i
r gr s ha he use y e k he
t ddr s he sue ondiins he ty f
t i pac t t Tr ti m ag fed due t t l ng h oft a al Se D onge v USA. Fc
he m t o he us s
pii
o he e t
he ppe . e
s .
A J

S v Ba k CV- 8 0 0 3 TUC- , 01 W L 3 8 7 , t* ( Arz J l 1 , 01 )( rn ig
a. n
1 -0 9 RM 2 9
20 0 6 a 3 D. i. uy 6 2 9 g a tn
m oto f rsa wihouti
i n o ty t
mposngabo buta l ng l i pa t t s k a bo s d
i
nd,
lowi osng ry o ee
nd houl

cru tn e s c rngt ej g n c a g d rn t epe d n y o a p a) I p hc me t
ic msa c s e u i h ud me t h n e u i g h n e c f p e l.f us o s o
s
hove, heCour c n r vii t i s ofs c iy t pr t c t Tr tagans aha m . now,t
t
t a e st he s ue e urt o o e t he us
i t r For
he

Coul fndst r i ade t s c iy. Pe r e de Ve z l S. v M UFG Uni n Bank
' i he e s qua e e urt See t olos
t
ne uea A. .
o

NL ,No.1 CI 10023( ,2020W L 7 1 22,*2( D. . Dec 29,2020) l s holi
W.
9- VKPF)
71 5
S. N Y. .
.n o dng,

.

t Cour i cognia t tt r c dbeal sofval t t Tr ti t Tr s e ca
he
ts
z nt ha he e oul
os
ue o he us f he u t e nnot
lqui t i tm e The Tr t e m a r ue ta bond a a tm e durng t pe nc o t s a t
i da e n i .
us e
y eq s
t ny i
i he nde y f he t y o
a e st s c
ddr s hi once n.
r

9

Ac r ngl t Cour g a sasa bu al t Tr t et s k a ii ly urt o
co di y, he
t r nt ty, t lows he use o ee dd tona ec iy r
a bond.The Cour onl s a t s l o w hol polc esw he e Ac r Tr t own a y f a tona
t y t ys he a e f
e ii
r he on us s
n rci l
i er s .
nt e t
DON E AN D ORD ERED i Cha ber a M i m i Fl i t s
n
m s t a , orda, hi

of N o m be
ve r

2021.

FEDERI' . REN O
UN I
TED STA TES DI
STRJCT J G E
UD
Copi sf ni hed t
e ur s
o:
C o e o R e or
uns l f c d