Innes v. Pension Committee of Barclays Bank, PLC

Filing 44

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

clEM s OFFI U. . ST.
CE S DI COURT

ATCHARL
OTTESVI VA
LE,
FI ED
L

J !1 2 !
Ad
C7

I THE UN I
N
TED STA TES DI
STRI COU RT
CT
FO R THE W ESTERN D I
STRI OF V I GI I
CT
R N A

CHARLOTTESVI
LLE DI SI
VI UN

J
U
B

p

C. DL ,
.
EPUTY

CAROL F
ORESTER I
NN/S
,
J

Plitfs
anif

Ci lA c i N o.3: 5CV 0001
vi ton
1
8

AM ENDED M EM OM NDUM OPI ON
NI
By:Hon. e E Con a
Gln
rd
.. .

BM CLAY S BAN K PLC U SA STA FF
PEN SI PLAN COM M I
ON
TTEE,1

Chi fUnie St t D i t tJ
e
t d a es s dc udge

D ef
endant
.

Ca olFo e t rI
r r se nnesfl d t scvi a tonunde t Empl eRe ie e I o eSecl y
ie hi i l c i
r he
oye tr m nt nc m
t
dt

Ac of1 (ç SA',29U. C.jj 1 -461. Theca ei prs ntybéf et c ur on t
t 974 (
ER1 '
)
S.
0011
s s e e l or he o t he

pa t s moi n f r s mma y j d me t F rt e f lwig r a o ,t e c u twilg a tt
ri ' to s o u r u g n . o h ol n e s ns h o r l r n he
e
o
mùi n frs mmayj g ntfld b d fn a tBaca sBa k PLC USA S afPe in Pln
to o u r ud me ie y ee d n rly n
tf nso a
Co te (he ç an Admi sr or'or ç e nf), a de t moton f sl r
mmite t ç
pl
nitat '
E nda
def
nd ny he i or lmmay
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j
udgme fl byt pli if
nt ied he antf.
Backaround

lme wa e oyed by Baca Co ri Cor r ton (%CC',a s i ay of
l s s mpl
rlys mmecal po ai :
' ubsdir
)

Baca s rc n r o ain(%AC' a dBaca sBa kPLC t%a câ sl,r m Ap i 1 1 81
rly Ameia co p rto ç
' n r ly n
)
t rly ' fo
rl , 9
t M ac 1 1
o rh , 994. OnFe uar 28,1 BCC wa s dt a aflaeofTheCI Gr pCç T'.
br y
994,
s ol o n fiit
T où CI '
)
U pon t s l ofB CC t CI Im esbe a e a e pl e ofCI She r m ai d w ih C1 untl
he a e
o T, l
c m n m oye
T.
e ne t T i
June 28,1994.

lThe def
endanti i r cty named i t compli . The dockets lbe amended t r fectis
s ncor e l
n he
ant
hal
o el t
cor ectna e.
r
m

n
x.

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.

Att tm eo t s l,I ss r e ast c efEna i oK ce o BCC. I c
he i f he ae nne e v d he hi
ncal
rf
n onne ton
èi
.

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wi tes l, hea doh rsno e e uie (h S Ex c ieGr u 'rc ie ap y n
t l ae s n te e ir x c t s te S
hz
v
BCC e ut o p' e ev d a me t
v
)

fo as e il o l f si t ea ge aea u t f 35 40 0 w11idvd a s ae r n ig
rm p ca p o o imd n h g rg t mo n o $ ,0 ,0 , t n iiu lh r s a gn
1
âo $1 50 0t $ 8 ,0 . l n s s aeo tes e il o (h $ o P y n ) s$ 9 ,0 ,
m 0 ,0 o 6 50 0 n e ' h r fh p ca po lt e To 1 a me f'wa 3 00 0

Th o l p ee ustst e c me e' rc ito hso h rPo l y n wee()s c esu
e ny lrq ii o a h' mb rs e ep f i r e o Pa me t r 1 u c s' l
e
f
c mpeino t sl t CI a d()c niu de o me twi BCC tru htetmeo te
o lt f he ae o T, n 2 o t e mply n t
o
n
h
ho g h i fh
s l. Th diput i t sc s c t r o wheh t Pool yme ti pe i na eunde t tr
ae
e s e n hi a e en e s n t er he
Pa n s nso bl
r he e mg

o t a ia epe in pln.
f he pplc bl nso a
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As a me r of t BCC Exe utve Gr p, I s was a pa tcpa i t
mbe
he
c i
ou nne
rii nt n wo
Be c a - po or d
l ys s ns e

pe i n
ns p

Baca s rr n po ain
rly Ameim co rto

.

pl s
an :

t
he

Resa e
tt d

Re ie e
tr m nt

Pl n
a

f
or

ad
n

te
h

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(
t
he

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BAC

Reie n
trme t

Pln'
a'
)

Baca Ameimncomo ainReie n Retrto Plnthe% trme Re trtonPlt or
rlys rr
rto trme t soain a t ' ie nt so ai af'
Re

$ a '2 rhepe i plns cfc lka is hlt sc s i t Reie ntRetrto Pln.
T1n' f nson a peiial tsue hi a e ; he trme soain a
)
%

.

n eReie n Re trtonPlnwa de ipe t s e n t àAC Reie ntPln
tr me t soai a s sg d o upplme t he
trme a
a t pr vi ç r tr me i o e b yond t ma n m be stlmia ins s tby ERI
nd o o d eie nt nc m q
he xiw
ne i tto e
SA. Se
e

BRCLY00 0 3 W ihfs c t ei bii co ai a pa me o be ft,a vesig,
00 4. t eye t o lgi lT, mputtnn nd y nt f ne s nd tn

teReie n Retrto Plnic moae tec rlp n ijp o iin o teBACReie n
h trme t soain a n o rts h or o dn r vso s fh
t me t
r
Pl n. TheReie ntResorton Pln as i o o ae tz a m i sr tve s he oft BAC
a
tr me ' t ai a lo nc m r ts le d nita i c me he

Rei me t ln Ip o ie ta tePlni t b o e ae u d r h drcin o tePln
tr n P a . t r vd s h th J a s o e p rtd n e t e ieto f h a
e
.

2Thes plnsha snc mer i ot Ba oa Ba PLC USA St pe onPln a t Bar a
e a ve i e ged nt he r lys nk
e nsi a pd he clys

Bn kP Rei me t zo ai Pln fs e E l
n LC tr n Re trt a , ep c vey.
e
on

3ciainst '
tto o %RCLY'aet t a mi s tverc r s p idb ted fn a fm o k t 1 -)
' r o he d nikai e od u pl y h ee d n c e No. 2 1.
e

Ad ns tr rfre t teena t eReie n Co ie )na c r a c wihtea pl a l
miilao (eerd o h ri s h trme t mmite i c o d n e t h p i be
c
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.

.

a nika pr vii o t BAC Reieme Pl n, n t thePlnAfml sr t ' O e ii
dmi s ive o sons f he
tr nt a a d ha t a l nitaors c son
i a matri vi t e i e p e i a a plc ton oftlsPln s lbefna a bi ng.
n ny te nvol ng h nt r r uton nd p i ai
li a hal i l nd ndi '
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BRCLY0
00007. Adde nal t e j9. oft BAC Reie ntPln,whih i i or rtd
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y,
trme a
c s nc poae

it t e Re me t Retrto Pl te Pln Ad ns tr (eerd t teen a te
no h ee n so ain o h a miikao rfre o h ri s h
Pe in/
nso Thdq Commite i grne Rlee l i rg ,po ra dsrto t i eprta
te ) s a td tl xcusve iht we nd icein o ntr e éy
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a a1 pr vii o t Pln a t d tr i e i biiy f be ht u rt Pl a t
nd 1 o sons f he a nd o e em ne lgi lt or ne s nde he m nd o

d tr n 21 u sin o fc ta ma aiet eemd rl' BRCLY0 0 9 .
eemie q eto s f a th t y rs h rt e l '
00 3
'h p o iin g v r ig t e a t o b n ft p y be t p rli n s u d r t e
l e r vso s o e nn h momt f e eis a a l o nt pa t n e h
'
c
Reie ntRe t r ton Pln i o o ae by r f r nc pr vii r lt d t t c lulto o
tr me
so ai
a nc p r t
e e e e o sons ea e o he ac a in f
pe i be ft u rt BAC Re ie e Pln. Se BRCLY000 - I fln t be st
nson ne s nde he
trm nt a
e
005 6. n ar , he ne s

pa b eund r! BAC Reie r Pln a ec c ae w11 r f rhc t t tpln' d sniin o
ya l e he
tr mei a r alultd t1 e e ç e o ha a s e to f
t
Ecompe ai ' Tha de mii wa a nde i 1 2,t ye spro t t s e ofBCC t
s
ns ton.
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t f ton s me d n 99 wo ar ir o he al
o
CI T hea ndme pr vi d i pe tne tpa t a f l
T.
me
nt o de , n ri n r, s olows:
.

Compe a in me ns f a Empl ye t ba epa s lr o wa pai t hi
ns to
a , or ny
o e,he s y, aa y r ges d o m
b t Empl r pl ove tme c mmiso , nus spai t oug t e o t
y he
oye, us ri , o si ns bo e d hr h he nd f he
c lnda ye ri whih hi Ac r dBe l i dee mi d,M n ge ntl e
ae r a n c s c ue nek s t r ne
nn me nc nuve

P m et (x etsc py nsma edlig1 3,icu i slr rd cin
a ns e cp u h ame t d ' n 98) n ldnq aay e uto
r

an u t ma ep l tt S cin 4 11 S cin 1 5a d S cln 1 9 b s al
io ns d mspn o e to 0 4 e to 2 n e t 2 , ut h l
0,
o

n t icu e sv rq e pa,sa -a o rtnin icnie,drcos fe,
o n ld e ea c y typ y r ee to n e tv s ietr es

m a ge nt i e l pa nt whc we e de e r d purua t t a de er
na me nc ntve yme s
h r f re
s n o
fred
c mpe ai ee to by t Empl e or a a omt c hi t d t t
o ns ton lc in
hr
oye ,
ny m t s on bu e o he
Emplye pu sln t t s Pln o a o he be st pln or pr m o t
o e r lq t o hi a r ny t r ne
a
ova f he

Empo e (x e tv a h ri a o s p ltd .
ly r e c pi: s een b ve i uae )

BRCLY0 0 4 . I Jl o 19 ,h BAC Reie n Pa wa frh ra n e t maecer
0 2 5 n uy f 9 4 te
t met ln s ute med d o k la
r
t a te P o Pa me t wee n tp n in be S e BRCLY0 0 2 CEfe tv a o J l 2 ,
h t h o l y ns r o e so a l. e
0 0 4 fcié s f uy 6
1 4, a o tr c i b aPa tcpa ass c a pa s a pa ors ve a epa i cl i b
99 no m un e e ved y
ri i nt pe i l y, t y y e r nc y, n ud ng, ut

3

no lmie t a a
t i td o, ny mountpad fo a poo o f s c e td i c ci wih t s e o
i r m ny l f und r ae n onne ton t he al f

Baca Commecal porton,s lbeicu di t de tc cfAn lCo ps to '
rlys
ri Cor ai hal n lde n he gniin
nua mpe ain.
).
I M a of1 4, o n Am't , Ba c a ' ns o a i s t r s ntI sa ot rf m e
n y 99 J b
ao r l ys pe i n dm nika o , e nne nd he or r
BCC e c i s lte s r ga di t i de er d ve t d pe i n be st t r t Resae
xe utve etr e r ng her f re
se nso ne s mde he
ttd

Reie ntPln a dt Reie ntResor donPl n, l ngwih s e n sc f i ngt be st
tr me a n he tr me
ta
a ao
t tt me t on nni he ne
c lultonsf re c pln, The a t oft oalc
ac ai o a h a
mo ml ' t ompe ai 'on whih t Re t ai n Pln
t
ns tpn'
c he sor to a

be ft wee c lult d hcud t Pool Pa n s r ceved by t e c i .
ne s
r a c ae
l ed he
yme t e i
he xe utves

BRCLY0 8 l es wa a vip t t s wo d r ceve a m o hl be st of $1 5 84
001 4. nn
s d s d ha he ul e i
nt y ne
, 85.
pa bl fo t Re t r tonPln,i a ton t a$2 8 5 mo hl be ûtunde t Re tt d
ya e r m he so a i a n ddii o , 04.8 nt y ne
r he sae
'

.

Reie ntPln.
tz me a

Ahe i wasds ovee t tt Poo Pa nt ha br n i l d i t pe in be ft
rt
ic r d ha he l yme s d e ncude n he nso ne

c lu ain ,h Bcc e e ui e weesn Re le 'ltesc re t gteer r Ine 'çe ie '
ac lto st e
x c tv s r e t rvs d'etr or ci h ro . n s G vs d'
n
r
lte ,dav Aug t8,1 4,o te t mon hl be stt e t Re t r ton Pl n,a i t a
etr t d
us
99 mitd he
t y ne md r he so ai
a nd nse d

idc tdta Rth c re t leo ge) so ainPlnb n f i tea t o $ 012 wil
n ae h t l e u rn vau f h r Re trto a e e t n h momt f 1 .0 l
l
bepad i t ef r ofatt lll s diti
i n h om
o a lmp um srbuionca h- l ' BRCLY0001 5- 8
s oi'
8 ' 6.
1

I 1 6,tn me r oft BCC Exe utve Gr up sld s ti t Unie S a e Ditit
n 99 e mbe s he
c i
o
e ui n he t d t t s src

Co r f rteW e tm bitito No t Caoi a c aln igt ed ti n to ta t erP o
u t o h se src f rh r ln , h le gn h eemiain h t h i o l
Pa n s we e no pe i bl.
yme t
r
t nsona e

See Bo
yd v. Resa e Re ie e Pl n f r
tt d
tr m nt a
o
-

Baca s rc n r o ain No 3:6 CV-0 41 X . N . 1 9 ) (h G v c s n.
tly Ameia co p rto , . 9 - 0 3
D. C. 9 6 te ' d a e )
Bo
Alho l swasnotapa t t t l ws t s wa d pos ddurngt c ur eoft ltga n
t ugh nne
ry o he a ui he s e e
i he o s
he ii io
i J of1
n une 997. Du i he d po ii I st sK e t ts wa a ke t beapli tf nt e
rng r e ston, nne e t d ha he s s d o
a n ifi h
lws t tma t ti n a de ii ' tt dos BRCLY000
a uibu de he i na cil c son'no o o.
f
200. I nese anedt ts
n
xpli ha he

4

wasy mg rt ma o tz ot rBCC e c i s a t tRheprs n vaueofa a diina
ot e h% n# f le he
xe utve, nd ha t e e t l
ny d to l

b n f t (ei in'warn teiv sme t ftelg le sfrtes i' J
e eks o h r dd t ra t h n et n o h ç a fe o l ut' #.
l
On'
Aùgus 3t, 3,heBaca Pe inSe vc Ce e sntI salte rgadi he
t 201 t rlys nso r ie ntr e nne etr e r ng r
'
.

pe i n be e o i ,aongwih t f r st ts wo d ne dt c lt t be n r c i ng
nso n ft ptons l
t he o m ha he ùl e o omp ee o gi e evi
.

p y n sefcieDe e e 1 2 1 . Th lte idctdta s ewa e tt dt a$ ,0 5
a me t fe t
v c mb r , 0 34 e etr n iae h t h s n ie o 2 8 4.8
l
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mo t l b n /tu d rtep o iin o teBaca sBn k PLC U. A.SafPe so Pln. I
nhy e e ' n e h rv so s f l rly n
l
S. tf n in a t

ma en me to o a ymo tl Vn ft n e teRei met soainPa
d o nin f n nhy e u drh te n Retrt lm
r
o
0n Se e r20,201 I es t ough c s l c nt ce t Ba ca Pe i n Se vie
ptmbe
3, M , hr
oun e, o a td he r lys nso r c
Ce e byl tra r que td c pi soft BAC Reie ntPlnan t Reie ntRe t a in
ntr ete nd e se o e
he
tr me a d he tr me
sor to

Plm l sas r ue t d a e pl nai o he pe i n be s i l ng a be l t e
a nne lo eq se n x a ton f r nso nest, ncudi ny neks md r
tz Rehvme Resor tonPl . Afe l sf ie t r c i ar s et t l/er he a t e
le t
nt t ai mz
tr nne ald o e eve e pons o he e , r tom y
'

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s nta s c lte t t Ba ca Pe i Se vc Ce eri Odobe of201 r ie ai t
e
e ond e tr o he z lys nsbn r ie nt n
r
3, etr tng he
r q t m a e1 t e rirlte .
e uess d
he a le etr
.

On No mbe 22,201 I s s
ve r
3, nne ubmitd he a i ton f rr tr me tbe st. l g
te r pplcai o e ie n ne s nne

i c tdt ts WasRe pr'l rsr i a1l ala e uia erg st cmm he e ilme
ndiae ha he
x e sy ee vlng) l eg nd q tbl iht o l' r ntte nt
s
t t a ii l be ft due he l r t Reie nt Re t r to P1n, P1' Sup .t
o he dd tona nei
r mde he tz me
so a in a ' .s pl o
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.

Admi sr tveR.Doc tNo.1 a 1
nitai
, ke
6 t 8.

0p M a c 5,201 ï s fld s t t e ERI al gi i e alw t ttl na e
rh
4, nne ie ui md r
SA, le ng, ntr i ha le m d

de e n si ope l f ie t pa be Et d t rt Re e ntRe t r to Pl Se
f nda t mpr ry al d o y ne s ue mde he dr me
so à in an. e

Tn sv. rlv Bn kPLC US S e pe so P a . . :4 0 0 ( . Vm 2 1 ) n e
n e Baca s n
A t n in 1n No 3 1 CV0 0 8 W D. 0 4 .
d f nda t s bs qu nty move t dim is t tcnm unde Fe r Rul o Ci lPr e z
ee ns u e e l
d o s s ha li
r de al e f vi oc du e

4Th Bacag P nin S rie Cetr i a ti p ry ta q r r cr i miieila d
e riy e s evc ne s hr at h t ef ms et n ns r n
o
d
o
a
ta

admi sr i f nci on be l oft Bar aysBankPLC USA St pe i Pln Commit ,
nitatve u tons
haf he cl
ns nson a
tee

1 (9 6,b s di p r u o t epani sfile t e h u th ra miitaierme is On
21 4) a e n a t p n h lit alr o x a s e d ns tv e de .
T
z
De e r 1 201 t c r gr ntd t e de e t 'moton,an dimis t c s wiho
c mbe , , 4, he ou t a e h fnd= s
i
d s sed he a e t ut

p eu iet alw tep ani h o p + nt t stsytee h u t nrq e n . Se Ga l
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pm ii n mus bot pu s a e us pl r me e beor gan ng a c s t t f de a
cpa t t h r ue nd xha t an e dis f e ii c e s p he e r l

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Pro t tl e ty oft c r' me r ndlm o non a o de ,l s s b itd a
i r o le nr
he ou ts mo a l pi i nd r r nne u m te n
a i ain f rbe ft N d rt Reie n Re t ai Pln. By lte d t dJ r r 26 2015
pplc to o nçis e he tr me t sorton a
e tr a e ama y ,
,
t Pln Admi s t r d nid I s cai f r be ft. l s d ng,t Pl n Ad nikaor
he a
nika o e e nne ' l m o ne s n o oi he a
mi s t

e ane i pe tne tpa qasf lows
xpli d, n ri n r
ol :
On o a utFe r 28 1
r bo
bma y , 994,yo m c i d a s ca pa e ti t a
u eve pe il m n n he mountof

$ ,
390000. Thi s c a pa e twa e pr s l pa bl o y upon t s c s f
s pe il m n s x e sy ya e nl
he uc e sul
c
omplto o t e s l ofyo e o r Ba ca Comme ca Cor r to a
ei n f h ae
ur mplye, r lys
r il po a in nd
wa o f r d t r t i yo a a ke e c i un t cosng o t s l Thi
s fe e o ean u s
y xe utve dl he l i f he ae.
s
s ça pa e as wa i e e t i e yo oc G but f ly t t s c sal
pe il m nt lo s ntnd d o nc nt ut on
e ul o he uc esf
c osng oft s e o yo e pl ye .
l i
he al f ui m o r

Th Plnsd fnio o pe so a l c mp n ain i c nan di S c o i3 o
e a ' ei i n f n in b e o e sto s o tie t e i n . f
l
t Re tt dRe ie ntPln oft Ba a Ame ia r r ton,Ame d al
he sa e tr me a
he mlys rc nco po ai
nde t
d
r sae J nua y', 1 ( E t e ntP1 ' . Se io 1! oft Reie nt
e ttd a r 1 989 t ' i me an'
he Re r
) cin . he trme
Pln s c fc l e l s 9o t d f to of pe i bl c
a pe i aly xcude
m he e miin
nsona e ompe ai n
ns to
R e r nc pa sa pa or r tnto i e i s' St y pa a r tnto
s ve a e y, ty- y
ee i n nc ntve .
' a
y nd e e i n
i e i a eus d by Ba c a i c
nc ntves r e
r lys n onne tonwih di siu e asame ha s t
ci
t ve tt r s
c nim o
r t i ke me r o a e c i t n dl i a s l pei d a t a ve
ean y mbe s f n xe utve e m l ng a e ro nd he bo
r
de ton ofpe ina e c mpe ain r Secs Ba cay pr tce of ex l ng
fnii
nso bl o ns to e t r l s aci
cudi
t pe ofc mpe ain t ta enotge rly a ia et ale oye s
y s o ns to ha r
ne al valbl o l mpl e .
,

Yo r c i d a lte i M a of1 4 fom M r Amao ofBa ca t twa a
u e eve
e tr n y
99 r
.
t
r l ys ha s n

e t t o y u Plnb n ft (o ye co e ) Du t aceia er r Mr Amao
si e f o r a e ei c p n ls d . ç o lrc l ro, . t
ma
s
i o r c l i l d yo s ilpa e a pe i bl c mpe ai f 1
nc re ty ncude m. peca m nt s nsona e o nston or 994

o tescn y g ö t tlt r Upo dso eyo teceia errM.Amao
n h e o d a e fhy et . n ic vr fh lrcl ro, r t
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2 U.. j1 3 4)1. F rtef l wigz ao s tec u t md t a In si n te tte t
9 SC. 1 2 0() o h ol n e s n , h o r f s h t n e s o ni d o
o
i
sa t r da ag s
tm p y m e .

Un e t epap ln u g o j 1 3 ()1,cv lp n le c n o l bei o e u o a
d r h li a g a e f 1 2 c() ii e at s a ny mp sd p n n
i
R d nikaor'who fiso rfs !t c yw11arq s f pl docl nt. J s e2s
a mi s t '
al r eu e o ompl t1 e ue t or an lme s Z; e o
fl esv. f l . . N. . F. pp. 768 7 ( Md. ) ERI de ste
-or Lie ns Co of Am.770 Su 2d , 73 D. 2011.
SA fne l
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t dnlnikao'a çi tepes ns ci al s d i ae byt tr oftz i t me unde
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a pons n t

16

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r c ieatmeyrs o e t t eBaca sPe inSevc Ce trCs r ieCe tr) atidp ry
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t f c o'a mltaor
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de
T Fol t Cic thm no ye e à d t s f co'a nitaordoc rne,at oug
ç
The l h r ui s t t ndore he de a t dmi sr t
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ti lh h
s ot rCic t ha dones ' Flrs 7 0F.S p 2 a 7 3(in Ro e v.
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7 2 91 9 - 4 1 t r 9 2 ; a . n t
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9 2 n ta ,h u t t ih s ed h th ç miitao 't e n S lù s h
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oft Se v c Ce e ,t e tt t who t ul wee r que t f docl n sweea e s d,
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d n t iers t acnm frsauo yd ma e u e j5 2 c()
o o gv ie o li o tttr n g s nd r 0 ()1 .

17

M or o r e n i asa u o ype ly c ul bea s s e o t ba i o t eSe v c Ce t rs
e ve , ve f tt t r nat o d s e s d n he ss f h r i e n e '
f im e t r s nd t d lme tr q t,t c ti o t o nin t t s h pe t i not
al o e po o ocl n e uess he our s f he pi o ha uc naly s
wa r t d i t e i fntc e. I dee mi ng whehe t i
rmle n h nsn as n t r ni
t r o mpos a sa or pe t c urs
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c nsde s v rl fcos icu ig ( ) R rj dc t t e p ani ; () Rh nau e o te
o i r e ea a tr n ldn 1 p eu ie o h litT' 2 te tr f h
.

a miitao ' c n u ti rs o dn t tep iia tsrq etf rpa d cl ns'a d ( )
d nsrtrs o d c n e p n ig o h e cp n' e u s o ln o l t' n 3
me
f nl a in, ubl,a e ns 'i uredbyt pli tf. Da sv, ahe so 97 F. 7
f e to ko e nd xpe e'nç r
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he an if
vi Fe t rt ne.
3d 34,

7 83 (t Ci.19 ) On b lnc teefcosweg a anta a r o d mae h r.
3 -9 4h r 9 6.
aa i h s atr ih g is n wad f a g s ee
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e 1n .' e s o a
l
me q c ly de t y o he e e n , he owl nt
:

weep o u e h atmeymn n r a dIn sh sn ts o ta s es fee a yp eu ie9o
r r d c d z i l n e , n n e a o h wn h t h u rd n rj dc m
notr c i ngt m s one . I nesha ar a r t i d c t e a t tmes i iilyr que t d
e eyi he o r n
d le dy e nne oms l t he i he nta l e se
t do me t 9om t . r i e Ce t r a s wo d ha i vi y ha t ;l s tunde
ht ot n s
he Se v c n e , nd he ul ve ne ubl d o e ui
r
EM SA t puruehe cli f rbe st ,n lgh o t de e a ' postont a he Po Pa e
o s
r am o ne s i i t f he fnd nts ii h t r ol m nt
Fa no pe i na e. W hiet ec ur r c nie t tI sma ha e re edfu tai a a
s t nso bl
l l o t e og z s ha nne y ve xpe inc r srton s
z

r s l oft dea i r c i ng c pi so t r que t dpl n do l nt,he ne d f ne c pi s
e ut he ly n e evi o e f he e se a cl
me s r e or w o e
r s t d âo he ne ry t n pye r dea i a s ri h r e ilme t be ft u rt
e ule
m r a l we t a ly n s e tng e ntte nt o ne s nde he

Reie n Re t r ton Pln. I e d I ne he s fa kno e st ts no l e had c pi
tr me t so ai
a nd e a n s rel c wldge ha he ong r
o es
o t docl n sbe a e o t pa s geo t
f he lme t c us f he s a f hne.

Fo teerao s tec u t eln st a r sa o yda g su d' j1 3 4)1 . e
r h s e à n ,h o r d cie o wad tmtr ma e n e 1 2 0() Th
r

d fn a tsmoinfrs mmayj d me t lb ga tdw1 rs c t ti cam.
ee d n' to o u r u g n wil e rne 1 epe to hs li ?

7I lg t fhecuryrl ',n e in t nie t eutblrl fo atme ,fe a dcs Se
n ih o t o ts ui sln ss o e tld o q ia e ei r t ys es n ol. e
nj
t
e o
C mp. 4 (eu sigeutbe elfntefr o 'rjd metneet np sd e lnbn fs)se l
o l! 2 rq et q i lrl i h om fs eu g n itrso at u ga e ei n;e as
n
a
e
p
t
o

Had v Reinc Sd Liel s Co, 6 U. 2 2 2 ( 0 (odigta R fe cama t s s w s me
rt . l e t. f n . .5 0 S. 4 , 55 201) h l n h t a e s ll n mu t ho o
a
d ge o s c s o temei b f r ac u tma a r atr e sfe u e (9 U. C. û 1 3 ()1'
e re f uce s n h rt eoe o r y wad to n y' e s nd r 2 S. ) 1 2g ()'
s
)
( i to q ditma q oainmak o te ) Ac odn l, rrq et frs c rl fmu t d ne .
ct in n ne l u tto rs mitd . c rigy he e u ss o u h ei s be e id
a
e
1
8

Co l i
ncùjon

Fo ter ao ssae ,h c u t l ga tted fn a tsmoinfrsl r u g n
r h e s n ttd te o r wi rn h ee d n ' to o l
l
mmayj d me t
a d d n tepanirsmoin f rsl r j d e t Th Clr i drcù t sn c ri d
n e y h lit
f
to o lmmay u m n . e ek s ie td o e d et
fe
c e oft sme a um opi on a t a c
opis hi mor nd
ni nd he c ompa yi o de o a1c e ofr c r
n ng r rt 1 ouns l e o d.

l a f amay 7.
DATED:I s 1 V d yo J t r, 201
'u
.

Chi f nie Stt Diz c J e
e
t d aes s t udg

1
9