1 00:00:00,480 --> 00:00:05,680 Speaker 1: You're listening to Bloomberg Law with June Grasso from Bloomberg Radio. 2 00:00:06,519 --> 00:00:10,959 Speaker 1: It's the second racial discrimination lawsuit filed against McDonald's this year. 3 00:00:11,560 --> 00:00:14,760 Speaker 1: More than fifty black former franchise e say they were 4 00:00:14,840 --> 00:00:17,919 Speaker 1: driven out of business after being pushed by the company 5 00:00:17,960 --> 00:00:20,439 Speaker 1: to set up shop in crime ridden inner city and 6 00:00:20,600 --> 00:00:24,119 Speaker 1: urban areas with low volume sales and high security and 7 00:00:24,200 --> 00:00:29,080 Speaker 1: insurance costs, and denied the financial help extended to white franchisees. 8 00:00:29,920 --> 00:00:33,000 Speaker 1: Joining me is Eric Tallely, a professor at Columbia Law School. 9 00:00:33,760 --> 00:00:37,880 Speaker 1: Start by telling us about the claims of the black 10 00:00:37,960 --> 00:00:42,560 Speaker 1: McDonald's franchise Ease Sure the franchisees has sort of teamed 11 00:00:42,640 --> 00:00:45,760 Speaker 1: together to bring forward two types of claims. One of 12 00:00:45,760 --> 00:00:49,000 Speaker 1: the discrimination claims uh and the other is just an 13 00:00:49,120 --> 00:00:53,599 Speaker 1: ordinary contract claim And they have some similarities of one 14 00:00:53,600 --> 00:00:57,440 Speaker 1: another and some differences with one another. But the discrimination 15 00:00:57,480 --> 00:01:00,040 Speaker 1: claim is based on one of the very oldest of 16 00:01:00,080 --> 00:01:02,520 Speaker 1: the nation statutes in the United States, who's been around 17 00:01:02,600 --> 00:01:06,160 Speaker 1: since eighteen sixty six. How do they claim they were 18 00:01:06,160 --> 00:01:10,640 Speaker 1: discriminated against? Location? Location? Location? Is that their main claim 19 00:01:10,800 --> 00:01:14,000 Speaker 1: that they weren't given the good locations. That's part of 20 00:01:14,040 --> 00:01:15,880 Speaker 1: their claims it's a grab bag of a bunch of 21 00:01:15,880 --> 00:01:18,280 Speaker 1: different claims, but one of the claims that the planets 22 00:01:18,280 --> 00:01:21,600 Speaker 1: are making here was that they were systematically speared to 23 00:01:21,720 --> 00:01:25,800 Speaker 1: some of the least profitable, highest cost locations that were 24 00:01:25,800 --> 00:01:29,320 Speaker 1: in either a dangerous or rundown neighborhoods and weren't really 25 00:01:29,360 --> 00:01:33,399 Speaker 1: given the opportunities to take on the more the more 26 00:01:33,520 --> 00:01:37,679 Speaker 1: lucrative sorts of franchise that that that were standalone franchisees 27 00:01:38,040 --> 00:01:42,280 Speaker 1: uh and more well healed parts of town. That's only 28 00:01:42,360 --> 00:01:44,920 Speaker 1: part of what the claims were, however, because there were 29 00:01:44,959 --> 00:01:49,240 Speaker 1: additional claims that are related to how McDonald's engaged in 30 00:01:49,640 --> 00:01:54,720 Speaker 1: routine or supposedly routine inspections of the franchise establishments, whether 31 00:01:54,760 --> 00:01:58,000 Speaker 1: they graded them more harshly uh than they would have 32 00:01:58,160 --> 00:02:02,760 Speaker 1: graded wide owned establishment, whether the franchisees were sort of 33 00:02:02,880 --> 00:02:07,080 Speaker 1: forced by the franchises without really examining but with the 34 00:02:07,160 --> 00:02:10,160 Speaker 1: nature of the business, and sometimes forced to sell businesses 35 00:02:10,160 --> 00:02:13,640 Speaker 1: that weren't doing as well without fully betting the market. 36 00:02:13,760 --> 00:02:16,200 Speaker 1: So much of this is location, but I think a 37 00:02:16,200 --> 00:02:19,160 Speaker 1: lot of it is also the nature of the relationship, 38 00:02:19,360 --> 00:02:22,480 Speaker 1: the nature of the treatment that the franchise e's alleged 39 00:02:22,600 --> 00:02:26,040 Speaker 1: that they had at the hands of McDonald's relative to 40 00:02:26,120 --> 00:02:30,760 Speaker 1: what white branches were getting. So what kind of proof 41 00:02:30,960 --> 00:02:34,480 Speaker 1: might the plaintiffs be offering. I take it there'll be 42 00:02:34,520 --> 00:02:38,560 Speaker 1: offering statistics about, you know, how the black franchises have 43 00:02:38,680 --> 00:02:42,239 Speaker 1: been shrinking for years. What other kinds of things would 44 00:02:42,280 --> 00:02:45,519 Speaker 1: they offer. Yeah, this is going to be really depend 45 00:02:45,560 --> 00:02:48,000 Speaker 1: on the nature of which type of claim they're making. 46 00:02:48,080 --> 00:02:50,880 Speaker 1: That discrimination claim they're making is a little bit tricky. 47 00:02:51,320 --> 00:02:53,720 Speaker 1: It not only has our short statute of limitations and 48 00:02:53,880 --> 00:02:56,400 Speaker 1: only last for four years, which means some of those 49 00:02:56,440 --> 00:03:01,080 Speaker 1: long standing patterns aren't necessarily going to be addressable, but 50 00:03:01,480 --> 00:03:04,760 Speaker 1: the discriminations that you also requires that the plain is 51 00:03:05,080 --> 00:03:08,320 Speaker 1: both demonstrate and plead that there was actually intent by 52 00:03:08,400 --> 00:03:12,520 Speaker 1: McDonald's to discriminate against them, not just that their protocols, 53 00:03:12,600 --> 00:03:16,840 Speaker 1: by whatever measure, led to unequal opportunities, but that McDonald's 54 00:03:16,880 --> 00:03:19,959 Speaker 1: intended to discriminate against them. And so that's going to 55 00:03:20,040 --> 00:03:23,840 Speaker 1: be a limitation on the discrimination sort of claim. It's 56 00:03:23,880 --> 00:03:26,880 Speaker 1: not going to be enough merely to show that the 57 00:03:27,000 --> 00:03:31,360 Speaker 1: number of franchisees that were black declined either relative to 58 00:03:31,360 --> 00:03:33,760 Speaker 1: the total number of stores or or relative to the 59 00:03:34,080 --> 00:03:37,680 Speaker 1: total number of other franchisees. The other thing is going 60 00:03:37,760 --> 00:03:40,720 Speaker 1: to be a challenge for the plaint is to demonstrate 61 00:03:40,840 --> 00:03:43,720 Speaker 1: the discrimination claim. They've got to be able to demonstrate 62 00:03:44,120 --> 00:03:46,800 Speaker 1: that their race was what lawyers will call it but 63 00:03:47,200 --> 00:03:50,720 Speaker 1: or cause of suffering loss. In other words, if they 64 00:03:50,720 --> 00:03:53,240 Speaker 1: were not black, they would not have suffered the losses 65 00:03:53,640 --> 00:03:56,800 Speaker 1: that they are alleging here. And this is some aspects 66 00:03:56,840 --> 00:03:59,760 Speaker 1: of the case that really have changed quite recently due 67 00:03:59,800 --> 00:04:03,280 Speaker 1: to recent Supreme Court opinion that put this higher burden 68 00:04:03,320 --> 00:04:08,760 Speaker 1: of demonstrating that the discrimination caused the bad outcome. McDonald's, 69 00:04:08,800 --> 00:04:11,560 Speaker 1: no doubt, in this part of the case, is going 70 00:04:11,640 --> 00:04:14,160 Speaker 1: to say that listen, we were, you know, in a 71 00:04:14,240 --> 00:04:17,599 Speaker 1: contract relationship with entrepreneurs who knew that they were taking 72 00:04:17,640 --> 00:04:21,520 Speaker 1: on risks, and McDonald's will probably argue that they if 73 00:04:21,520 --> 00:04:24,200 Speaker 1: the plants suffered losses, those losses were due to a 74 00:04:24,279 --> 00:04:28,800 Speaker 1: whole host of causes that could also include business decisions 75 00:04:28,839 --> 00:04:32,000 Speaker 1: made by the franchise themselves. And the key thing to 76 00:04:32,040 --> 00:04:34,640 Speaker 1: note about this is that ties will tend to favor 77 00:04:34,760 --> 00:04:38,080 Speaker 1: the defendant and McDonald's in this case. So the causation 78 00:04:38,200 --> 00:04:40,760 Speaker 1: element of the of the case, I think it's going 79 00:04:40,800 --> 00:04:43,799 Speaker 1: to be a little bit of challenging from a plaintiffs 80 00:04:43,839 --> 00:04:48,320 Speaker 1: perspective when it comes to the discrimination play. Their argument 81 00:04:48,400 --> 00:04:51,720 Speaker 1: maybe a little bit less problematic and a little bit 82 00:04:51,720 --> 00:04:54,839 Speaker 1: while promising when it comes to their straight out claims 83 00:04:54,920 --> 00:04:57,560 Speaker 1: that McDonald's just didn't live up to what they said 84 00:04:57,600 --> 00:05:00,080 Speaker 1: they were going to do in their franchise agreement. And 85 00:05:00,160 --> 00:05:02,479 Speaker 1: my guess is the planets are going to push really 86 00:05:02,520 --> 00:05:05,800 Speaker 1: hard on this as well. One thing to note is 87 00:05:05,839 --> 00:05:09,560 Speaker 1: that you know, McDonald's is perfectly free in their franchise 88 00:05:09,640 --> 00:05:13,599 Speaker 1: contracts to promise more than what they would be obliged 89 00:05:13,600 --> 00:05:17,440 Speaker 1: to do under antidiscrimination law. And and here that's one 90 00:05:17,480 --> 00:05:19,680 Speaker 1: of the elements of what the plaintiffs are claiming that 91 00:05:19,720 --> 00:05:21,600 Speaker 1: if you if you look at the franchise agreement the 92 00:05:21,680 --> 00:05:26,200 Speaker 1: McDonald's signed with these franchise vs, that's exactly what McDonald's did. 93 00:05:26,360 --> 00:05:29,479 Speaker 1: That they had general provisions and these contracts and said 94 00:05:29,480 --> 00:05:32,960 Speaker 1: that they were going to make franchises available and business 95 00:05:32,960 --> 00:05:37,120 Speaker 1: opportunities available to their franchisees in ways that we're not 96 00:05:37,160 --> 00:05:40,840 Speaker 1: going to discriminate amongst the different franchisees, that they were 97 00:05:40,839 --> 00:05:43,080 Speaker 1: going to be reasonable in the way that they inspected 98 00:05:43,160 --> 00:05:47,160 Speaker 1: and evaluated the McDonald's franchises, and one of the big planes, 99 00:05:47,200 --> 00:05:50,560 Speaker 1: particularly of the franchisees who were a long time franchise these, 100 00:05:50,839 --> 00:05:53,160 Speaker 1: is that McDonald's just didn't live up to its own 101 00:05:53,279 --> 00:05:57,359 Speaker 1: contractual obligations. And they said that they can demonstrate that. 102 00:05:57,360 --> 00:06:00,479 Speaker 1: That becomes somewhat of a less challenging argument to make 103 00:06:00,760 --> 00:06:05,440 Speaker 1: when it gets into litigation. McDonald's said that while it 104 00:06:05,520 --> 00:06:09,800 Speaker 1: may recommend locations, ultimately it's up to the franchise eas 105 00:06:10,320 --> 00:06:13,880 Speaker 1: and that the company has sold high performing franchises to 106 00:06:14,440 --> 00:06:19,120 Speaker 1: black franchisees. So how does McDonald's proved the first part 107 00:06:19,120 --> 00:06:21,239 Speaker 1: of that? So this is going to be a big 108 00:06:21,680 --> 00:06:23,919 Speaker 1: factual aspect of the case to make it all the 109 00:06:23,920 --> 00:06:27,039 Speaker 1: way to litigation. And all the different plaints may not 110 00:06:27,120 --> 00:06:29,599 Speaker 1: be sitting in exactly the same position on this, but 111 00:06:30,080 --> 00:06:33,880 Speaker 1: U McDonald's in in defending its actions, whether it's the 112 00:06:33,920 --> 00:06:38,440 Speaker 1: discrimination charge or the preaching contract charge, is going to 113 00:06:38,520 --> 00:06:42,839 Speaker 1: have to demonstrate or at least, you know, offer proof 114 00:06:42,880 --> 00:06:47,400 Speaker 1: that listen, we were offering analogous forms of opportunities to 115 00:06:47,720 --> 00:06:51,120 Speaker 1: all of our different franchisees about expansion, about buying up 116 00:06:51,520 --> 00:06:54,440 Speaker 1: other stores. The plaintiffs are claiming that that's just not 117 00:06:54,560 --> 00:06:57,719 Speaker 1: true that McDonald's didn't offer black franchise these the same 118 00:06:57,720 --> 00:07:00,880 Speaker 1: opportunities that were being offered to white cranchees, that they 119 00:07:00,920 --> 00:07:07,160 Speaker 1: weren't being inspected and reviewed under the things that criteria. Obviously, 120 00:07:07,200 --> 00:07:11,000 Speaker 1: it's a very factually detailed set of allegations, and both 121 00:07:11,040 --> 00:07:13,520 Speaker 1: parties I would expect, are going to come out of 122 00:07:13,520 --> 00:07:17,440 Speaker 1: the box with fairly detailed accounts. Some of this may 123 00:07:17,560 --> 00:07:20,920 Speaker 1: actually devolve into sort of statistical accounts which you can 124 00:07:20,960 --> 00:07:23,720 Speaker 1: see a little bit already in the complaint about to 125 00:07:23,800 --> 00:07:26,760 Speaker 1: what extent were those opportunities. Even if one or two 126 00:07:26,840 --> 00:07:31,080 Speaker 1: lucrative opportunities were offered to the black franchisees, that still 127 00:07:31,160 --> 00:07:35,240 Speaker 1: could mask a more systematic system that had tended to 128 00:07:35,320 --> 00:07:38,840 Speaker 1: deprive black franchisees from those sorts of opportunities and end 129 00:07:39,200 --> 00:07:41,200 Speaker 1: a lot of this may end up coming down to 130 00:07:41,400 --> 00:07:44,400 Speaker 1: making not just one or two examples in our but 131 00:07:44,720 --> 00:07:48,800 Speaker 1: trying to establish overall patterns in in one direction or another. 132 00:07:49,360 --> 00:07:53,080 Speaker 1: So this sounds like an uphill battle for the franchisees 133 00:07:53,160 --> 00:07:57,400 Speaker 1: as far as this lawsuit is concerned. Well, it's an 134 00:07:57,440 --> 00:08:00,520 Speaker 1: uphill battle in some respects, But you have to remember 135 00:08:00,640 --> 00:08:04,360 Speaker 1: that you know the plaintiffs are essentially litigating in two courts, 136 00:08:04,360 --> 00:08:06,320 Speaker 1: one of the legal courts, and the other is the 137 00:08:06,400 --> 00:08:09,600 Speaker 1: courts of public opinion. We are right now in a 138 00:08:09,680 --> 00:08:14,840 Speaker 1: moment where economic inequality and institutionalized racism are are hugely 139 00:08:15,000 --> 00:08:18,880 Speaker 1: salient political and economic issues, more so than they've been 140 00:08:19,000 --> 00:08:22,640 Speaker 1: maybe even during the last half century. And and McDonald's 141 00:08:22,640 --> 00:08:26,000 Speaker 1: hasn't been a by standard to this either. It's staked 142 00:08:26,000 --> 00:08:29,480 Speaker 1: out a very bold and public position on black lives 143 00:08:29,480 --> 00:08:32,959 Speaker 1: matter at the very end of July, including an acknowledgement 144 00:08:33,120 --> 00:08:36,000 Speaker 1: that you know, some people in the McDonald's system feel 145 00:08:36,040 --> 00:08:40,160 Speaker 1: like they haven't been given a fair opportunity, and they 146 00:08:40,160 --> 00:08:44,080 Speaker 1: even articulated a plan for trying to bring greater diversity 147 00:08:44,160 --> 00:08:48,439 Speaker 1: to their community franchise, and so you know, on some level, 148 00:08:48,760 --> 00:08:52,680 Speaker 1: this lawsuit is times at an interesting moment because it's 149 00:08:52,760 --> 00:08:55,760 Speaker 1: calling on McDonald's not just to talk to talk, but 150 00:08:55,840 --> 00:08:59,079 Speaker 1: also to walk the walk. And the optics of defending 151 00:08:59,080 --> 00:09:02,080 Speaker 1: the lawsuits might make it look like McDonald's is running 152 00:09:02,080 --> 00:09:06,640 Speaker 1: the risk of looking sir disingenuous about their stated public commitment. 153 00:09:06,960 --> 00:09:10,040 Speaker 1: And so the simultaneous case, I guess, in the court 154 00:09:10,080 --> 00:09:13,080 Speaker 1: of public opinion is something that you know on some 155 00:09:13,280 --> 00:09:15,800 Speaker 1: level is independent of the legal case, but in many 156 00:09:15,840 --> 00:09:19,400 Speaker 1: ways is highly intertwined with the legal case. On top 157 00:09:19,440 --> 00:09:22,520 Speaker 1: of that, it's probably important to note that McDonald's is 158 00:09:22,640 --> 00:09:29,079 Speaker 1: already employed into pretty messy lotagious matters involving the departure 159 00:09:29,120 --> 00:09:33,200 Speaker 1: of their chief executive and a high profile discrimination suit 160 00:09:33,520 --> 00:09:37,320 Speaker 1: brought by senior executives in the organization, which in many 161 00:09:37,360 --> 00:09:41,280 Speaker 1: ways helped contribute to this one. So while I would 162 00:09:41,280 --> 00:09:44,400 Speaker 1: say that certain aspects of the legal case when viewed 163 00:09:44,400 --> 00:09:49,080 Speaker 1: alone are a bit challenging, they also intertwined with some 164 00:09:49,160 --> 00:09:52,200 Speaker 1: of the public relations aspects and the optics aspects of 165 00:09:52,280 --> 00:09:55,760 Speaker 1: the case, and that could give rise to more leverage 166 00:09:55,800 --> 00:09:59,240 Speaker 1: than you might otherwise expect if you were just analyzing 167 00:09:59,800 --> 00:10:02,840 Speaker 1: the merits of the legal case. Alow, this is at 168 00:10:02,920 --> 00:10:07,559 Speaker 1: least the second racial discrimination lawsuit filed against McDonald's this year. 169 00:10:08,280 --> 00:10:12,240 Speaker 1: Would that seem to lead to McDonald's wanting to settle 170 00:10:12,320 --> 00:10:16,320 Speaker 1: these out of court before these allegations become wider known 171 00:10:16,360 --> 00:10:19,400 Speaker 1: at a trial. Probably. So. One thing that is definitely 172 00:10:19,480 --> 00:10:23,160 Speaker 1: true is that once allegations facts come out in one trial, 173 00:10:23,200 --> 00:10:25,760 Speaker 1: they can easily be picked up by other litigants and 174 00:10:25,840 --> 00:10:29,040 Speaker 1: other trials. One does get the sense that McDonald's has 175 00:10:29,080 --> 00:10:31,960 Speaker 1: been negotiating pretty heavily with some of the plaintiffs in 176 00:10:32,000 --> 00:10:34,439 Speaker 1: this case to see if they can settle before that 177 00:10:34,559 --> 00:10:39,320 Speaker 1: the complaints was filed. That evidently failed. But it's certainly 178 00:10:39,360 --> 00:10:42,400 Speaker 1: logical to assume that those settlement efforts are going to 179 00:10:42,480 --> 00:10:47,240 Speaker 1: be ongoing throughout the discovery phase of this particular lawsuit. 180 00:10:47,760 --> 00:10:50,640 Speaker 1: And you know, many items of litigation end up, you know, 181 00:10:50,800 --> 00:10:54,640 Speaker 1: ending in settlement as well. Um, And so it's no 182 00:10:54,720 --> 00:10:57,439 Speaker 1: doubt the case that McDonald's mindfulness fact that some of 183 00:10:57,480 --> 00:11:01,360 Speaker 1: the allegations in the various lawsuits are common to one another, 184 00:11:01,600 --> 00:11:05,280 Speaker 1: and they may not be in the best position to 185 00:11:05,400 --> 00:11:07,960 Speaker 1: try to defend Adam only every single one of them, 186 00:11:08,320 --> 00:11:12,120 Speaker 1: and settlement may be an attractive option. That's not to 187 00:11:12,160 --> 00:11:16,240 Speaker 1: say that that McDonald's doesn't have reasonable legal argument at 188 00:11:16,280 --> 00:11:19,120 Speaker 1: its disposal. It's just that the legal arguments that it 189 00:11:19,160 --> 00:11:22,360 Speaker 1: has is just one part of the picture. And another 190 00:11:22,520 --> 00:11:24,640 Speaker 1: part of the case that I expect is going to 191 00:11:24,760 --> 00:11:28,320 Speaker 1: come out a little bit um is that McDonald's may argue, 192 00:11:28,679 --> 00:11:31,720 Speaker 1: you know, hey, listen, why would we deliberately go about 193 00:11:31,880 --> 00:11:35,640 Speaker 1: setting up franchisees that were destined to fail. Why would 194 00:11:35,679 --> 00:11:38,720 Speaker 1: that ever be in our interest? Our rents are usually 195 00:11:38,760 --> 00:11:42,359 Speaker 1: predicated against the revenues that are generated by these restaurants, 196 00:11:42,360 --> 00:11:45,079 Speaker 1: and so it just wouldn't wouldn't make any economic sense 197 00:11:45,480 --> 00:11:49,000 Speaker 1: for us to put franchise's deliberately in a position where 198 00:11:49,520 --> 00:11:53,200 Speaker 1: they're going to fail, and that that's got some plausibility 199 00:11:53,280 --> 00:11:55,439 Speaker 1: to it. On the other hand, I would expect that 200 00:11:55,520 --> 00:11:57,640 Speaker 1: the plans are going to point out that three quarters 201 00:11:57,640 --> 00:12:00,040 Speaker 1: of the value of the assets that McDonald's is a 202 00:12:00,120 --> 00:12:03,920 Speaker 1: corporation has is its land, and if that real estate 203 00:12:04,000 --> 00:12:06,400 Speaker 1: is appreciating, then the key way that you make money 204 00:12:06,440 --> 00:12:08,559 Speaker 1: off of it is really just to hold on to 205 00:12:08,679 --> 00:12:11,920 Speaker 1: that real estate, even if you toy around with franchise 206 00:12:11,960 --> 00:12:14,360 Speaker 1: these that may or may not be successful in their 207 00:12:14,400 --> 00:12:20,280 Speaker 1: own businesses, particularly in poorer neighborhoods where recent tax incentives 208 00:12:20,280 --> 00:12:24,959 Speaker 1: such as enterprise zones have given rise to some property appreciation, 209 00:12:25,440 --> 00:12:28,600 Speaker 1: then the value of just holding onto the property may 210 00:12:28,720 --> 00:12:31,520 Speaker 1: end up swamping a lot of the value associated with 211 00:12:31,559 --> 00:12:34,680 Speaker 1: whether you've lived up to your obligations to your franchise 212 00:12:34,679 --> 00:12:39,880 Speaker 1: these or not. McDonald's has, of course, access to incredible 213 00:12:39,920 --> 00:12:44,240 Speaker 1: legal resources. Is it possible that they could just sort 214 00:12:44,280 --> 00:12:48,960 Speaker 1: of overwhelm the plaintiffs in this case, It's certainly possible, 215 00:12:49,040 --> 00:12:51,920 Speaker 1: and during the last year that is not a fun 216 00:12:52,000 --> 00:12:56,520 Speaker 1: familiar story where a well capitalized defendant ends up overwhelming 217 00:12:57,200 --> 00:13:00,640 Speaker 1: plaintiffs in that case that regardless of its merits the 218 00:13:00,679 --> 00:13:04,360 Speaker 1: plaintiffs and up deciding to draw one of the things. However, 219 00:13:04,440 --> 00:13:07,600 Speaker 1: that's worth noting is certainly in the last twenty years, 220 00:13:07,640 --> 00:13:11,760 Speaker 1: maybe the last fifteen years, an entire industry of litigation 221 00:13:11,920 --> 00:13:15,240 Speaker 1: finance to sprawn up so as to bank roll some 222 00:13:15,360 --> 00:13:18,440 Speaker 1: of these plaintiffs who would have otherwise ran out of 223 00:13:18,559 --> 00:13:22,200 Speaker 1: money into the extent that there is a potentially viable 224 00:13:22,360 --> 00:13:24,960 Speaker 1: legal claim there. They be, combined with some of the 225 00:13:25,080 --> 00:13:28,199 Speaker 1: public relations issues and the willingness of the Donalds to 226 00:13:28,320 --> 00:13:31,360 Speaker 1: pay to have something go away, may end up doing 227 00:13:31,440 --> 00:13:34,400 Speaker 1: some of those fires in ways that simply weren't possible 228 00:13:34,480 --> 00:13:38,439 Speaker 1: twenty years ago on the litigation finance industry was at 229 00:13:38,440 --> 00:13:41,160 Speaker 1: it's very infancy and in some cases not even legal, 230 00:13:41,200 --> 00:13:43,959 Speaker 1: and a lot of a lot of jurisdiction. So uh 231 00:13:44,040 --> 00:13:47,360 Speaker 1: so uh this this idea of the you know, of 232 00:13:47,440 --> 00:13:51,240 Speaker 1: the of the well bankrolls corporate defendant basic basically being 233 00:13:51,280 --> 00:13:54,800 Speaker 1: able to spend plaintiffs into the ground. It still exists, 234 00:13:54,920 --> 00:13:57,959 Speaker 1: but it's probably more moderated thing used to be because 235 00:13:58,000 --> 00:14:01,719 Speaker 1: of the availability of litigation finance. Thanks Eric. That's Eric 236 00:14:01,760 --> 00:14:07,080 Speaker 1: Tally of Columbia Law School. The legal saga of Michael 237 00:14:07,120 --> 00:14:10,839 Speaker 1: Flynn will continue. The DC Federal Court of Appeals has 238 00:14:10,960 --> 00:14:14,199 Speaker 1: ruled that the Justice Department and the former Trump National 239 00:14:14,240 --> 00:14:17,720 Speaker 1: Security advisor cannot force a trial judge to dismiss the 240 00:14:17,720 --> 00:14:20,680 Speaker 1: criminal case against him without a hearing. The aid to 241 00:14:20,720 --> 00:14:23,920 Speaker 1: two decision was the result of a rare ombank hearing 242 00:14:24,280 --> 00:14:27,160 Speaker 1: after a three judge panel ruled in favor of Flynn 243 00:14:27,160 --> 00:14:30,560 Speaker 1: in June. This ruling is the latest development in a 244 00:14:30,640 --> 00:14:34,640 Speaker 1: legal case that has taken unusual twists and turns, leading 245 00:14:34,640 --> 00:14:37,800 Speaker 1: to the latest separation of powers fight between a veteran 246 00:14:37,840 --> 00:14:41,600 Speaker 1: federal judge and the Trump administration. Joining me as former 247 00:14:41,640 --> 00:14:46,000 Speaker 1: federal prosecutor Robert Mints a partner McCarter and English So Bob, 248 00:14:46,040 --> 00:14:48,560 Speaker 1: what was the reason the court gave for reversing the 249 00:14:48,600 --> 00:14:53,320 Speaker 1: decision of the three judge panel. The Federal Appeals Court 250 00:14:53,520 --> 00:14:57,960 Speaker 1: rejected a bid by Michael Flynn, President trump first national 251 00:14:58,040 --> 00:15:02,400 Speaker 1: security adviser to forced the immediate dismissal of the criminal 252 00:15:02,440 --> 00:15:06,120 Speaker 1: case and which he's been convicted of lying to FBI agents. 253 00:15:06,520 --> 00:15:09,280 Speaker 1: The appeals court judges decided that Flynn's request to have 254 00:15:09,320 --> 00:15:12,600 Speaker 1: the case immediately dismissed was premature since the U. S. 255 00:15:12,640 --> 00:15:16,160 Speaker 1: District Court judge had not yet ruled on the dismissal 256 00:15:16,200 --> 00:15:19,040 Speaker 1: request by the Department of Justice. The Court of Appeals 257 00:15:19,120 --> 00:15:23,680 Speaker 1: also rejected Flynn's request that the judge be removed from 258 00:15:23,680 --> 00:15:27,200 Speaker 1: the case, arguing that the trial judge was biased against 259 00:15:27,280 --> 00:15:29,560 Speaker 1: him and he was entitled to a different judge to 260 00:15:29,600 --> 00:15:34,600 Speaker 1: make a determination after sentencing. The DC Court confirmed what 261 00:15:34,800 --> 00:15:37,640 Speaker 1: many legal experts have been saying that this was an 262 00:15:37,760 --> 00:15:42,000 Speaker 1: unprecedented move by Flynn, saying that Flynn has not cited 263 00:15:42,040 --> 00:15:45,360 Speaker 1: any case in which our court or any court issued 264 00:15:45,400 --> 00:15:47,960 Speaker 1: the writ to compel a district court to decide an 265 00:15:48,040 --> 00:15:51,680 Speaker 1: undecided motion in a particular way. Does that put into 266 00:15:51,760 --> 00:15:56,760 Speaker 1: context how odd this motion was at this time? Yes, 267 00:15:56,880 --> 00:16:00,880 Speaker 1: this whole case has been extremely unusual for whole variety 268 00:16:00,880 --> 00:16:03,640 Speaker 1: of reasons. And what it really turns on is this 269 00:16:03,720 --> 00:16:06,280 Speaker 1: question of who has the right to determine whether a 270 00:16:06,360 --> 00:16:11,680 Speaker 1: case should be dismissed. Essentially, the executive branch clearly has 271 00:16:11,720 --> 00:16:16,000 Speaker 1: the authority to commence or to continue a prosecution. That's 272 00:16:16,040 --> 00:16:18,440 Speaker 1: something that is up to the Department of Justice. But 273 00:16:18,600 --> 00:16:22,560 Speaker 1: real four yate A requires leave of court before a 274 00:16:22,640 --> 00:16:26,200 Speaker 1: case is dismissed. And that's exactly what this entire controversy 275 00:16:26,280 --> 00:16:29,000 Speaker 1: is about. What does leave of court means? Does active 276 00:16:29,040 --> 00:16:32,400 Speaker 1: the trial judge the authority to probe the Department of 277 00:16:32,480 --> 00:16:35,880 Speaker 1: Justice for the reasons that they are dismissing a case, 278 00:16:36,040 --> 00:16:38,000 Speaker 1: or does the trial judge that we have to accept 279 00:16:38,040 --> 00:16:42,000 Speaker 1: the dismissal at face value and dismissed the case regardless 280 00:16:42,040 --> 00:16:45,120 Speaker 1: of any concerns that the trialing judge may have about 281 00:16:45,160 --> 00:16:48,840 Speaker 1: the motivation behind the Department of Justice's decisions. What were 282 00:16:48,840 --> 00:16:52,400 Speaker 1: the dissents by two Republican appointees based on the on 283 00:16:52,600 --> 00:16:56,600 Speaker 1: Bond decision, which is a decision by all ten active 284 00:16:56,640 --> 00:16:59,920 Speaker 1: circuit judges that were not refused from the case, lie 285 00:17:00,200 --> 00:17:04,719 Speaker 1: up against the two dissenting Republican appointees. Those two judges 286 00:17:04,760 --> 00:17:08,160 Speaker 1: in May had formed the majority of a three judge 287 00:17:08,240 --> 00:17:12,439 Speaker 1: panel that initially ruled in flann favor, and the first 288 00:17:12,600 --> 00:17:16,200 Speaker 1: ruling by the three judge panel, the two judges in 289 00:17:16,240 --> 00:17:19,439 Speaker 1: the majority found that the trial judge did not have 290 00:17:19,520 --> 00:17:22,520 Speaker 1: the authority to question the decision by the Department of 291 00:17:22,640 --> 00:17:26,720 Speaker 1: Justice to dismiss the case. In the opinion written by 292 00:17:26,760 --> 00:17:31,920 Speaker 1: the two to one panel decision, Judge Rao had argued 293 00:17:32,080 --> 00:17:36,199 Speaker 1: that there was no prosecution left here because there was 294 00:17:36,280 --> 00:17:39,840 Speaker 1: no prosecutor. Essentially, that it is a Department of Justice 295 00:17:39,920 --> 00:17:42,639 Speaker 1: is loan authority to decide whether to prosecute a case, 296 00:17:43,080 --> 00:17:46,000 Speaker 1: and if they, for whatever reason, decide not to continue 297 00:17:46,000 --> 00:17:50,320 Speaker 1: that prosecution, there is no prosecutor to argue the government 298 00:17:50,400 --> 00:17:52,919 Speaker 1: side of the case, and therefore the case had to 299 00:17:52,920 --> 00:17:56,399 Speaker 1: be dismissed. But what's really underlying all of this is 300 00:17:56,440 --> 00:17:59,480 Speaker 1: not so much the final ruling. In other words, the 301 00:17:59,560 --> 00:18:02,960 Speaker 1: question of whether or not the prosecution will continue, because 302 00:18:03,040 --> 00:18:06,240 Speaker 1: it's unlikely that it will. What this hearing is really 303 00:18:06,280 --> 00:18:08,840 Speaker 1: about is the question of whether or not the trial 304 00:18:09,000 --> 00:18:13,000 Speaker 1: judge gets to probe into the reasoning behind the Department 305 00:18:13,000 --> 00:18:16,720 Speaker 1: of Justice and decision to drop this case. Essentially, what 306 00:18:16,800 --> 00:18:20,960 Speaker 1: the dissenting judges are arguing is that the trial judge 307 00:18:21,000 --> 00:18:24,960 Speaker 1: does not have the authority to probe into the internal 308 00:18:25,000 --> 00:18:27,960 Speaker 1: decision making by the Department of Justice, that that's an 309 00:18:27,960 --> 00:18:32,080 Speaker 1: executive department decision and that what the court here is 310 00:18:32,080 --> 00:18:36,159 Speaker 1: doing is usurping the authority of the Executive Department to 311 00:18:36,280 --> 00:18:40,360 Speaker 1: decide whether or not to prosecute criminal cases. This is 312 00:18:40,440 --> 00:18:43,720 Speaker 1: obviously a victory for Judge m It's Sullivan, but how 313 00:18:43,800 --> 00:18:46,439 Speaker 1: much of a victory? And what I mean by that is, 314 00:18:46,840 --> 00:18:50,199 Speaker 1: do the d C. Circuit Court define what kind of 315 00:18:50,240 --> 00:18:53,679 Speaker 1: hearing he can hold? Can he actually dig into the 316 00:18:53,720 --> 00:18:58,880 Speaker 1: administration's motives for dismissing the case against Flynn. What this 317 00:18:59,000 --> 00:19:02,359 Speaker 1: ruling does is it sends the case back for consideration 318 00:19:02,440 --> 00:19:06,720 Speaker 1: by Judge Sullivan. Judge Sullivan could dismiss the case as requested, 319 00:19:07,240 --> 00:19:10,560 Speaker 1: or request that the case moved to sentencing and have 320 00:19:10,720 --> 00:19:13,320 Speaker 1: some kind of hearing to determine whether or not the 321 00:19:13,359 --> 00:19:16,560 Speaker 1: Department of Justice was correct in making a decision to 322 00:19:16,640 --> 00:19:20,440 Speaker 1: drop this case. But the Court of Appeals also sent 323 00:19:20,520 --> 00:19:24,040 Speaker 1: a very clear signal to the trial judge that they 324 00:19:24,080 --> 00:19:27,000 Speaker 1: do not expect this hearing to turn into any kind 325 00:19:27,000 --> 00:19:29,720 Speaker 1: of a circus. And in fact, the lawyer who was 326 00:19:29,760 --> 00:19:33,280 Speaker 1: representing Judge Sullivan before the full Court of Appeals actually 327 00:19:33,320 --> 00:19:36,480 Speaker 1: represented during the argument that there will be no discovery 328 00:19:36,520 --> 00:19:38,919 Speaker 1: from the Department of Justice during any kind of sharing. 329 00:19:39,000 --> 00:19:41,439 Speaker 1: There will be no evidentiary hearing, and in fact, she 330 00:19:41,560 --> 00:19:44,600 Speaker 1: argued that the judge may well decide to dismiss this 331 00:19:44,720 --> 00:19:48,439 Speaker 1: case after the party's simply filed briefs. The argument that 332 00:19:48,560 --> 00:19:51,439 Speaker 1: was essentially made on behalf of Judge Sullivan was that 333 00:19:51,520 --> 00:19:53,960 Speaker 1: it was premature at this point for the Court of 334 00:19:54,000 --> 00:19:57,439 Speaker 1: Appeals to force him to dismiss the case since he 335 00:19:57,480 --> 00:20:00,720 Speaker 1: had not yet even ruled on the govern meants motion 336 00:20:00,800 --> 00:20:03,600 Speaker 1: to dismiss. So I've explained the motion from man Dams 337 00:20:03,960 --> 00:20:06,400 Speaker 1: and what the d C Circuit ruled about it. Well, 338 00:20:06,440 --> 00:20:09,639 Speaker 1: the opinion by the Full Court of Appeals really was 339 00:20:09,880 --> 00:20:14,080 Speaker 1: a procedural decision. It really turned on the question of 340 00:20:14,080 --> 00:20:17,080 Speaker 1: whether or not the Court of Appeals should be granting 341 00:20:17,119 --> 00:20:20,600 Speaker 1: this rarely granted writ of mandamus, and a writ of 342 00:20:20,640 --> 00:20:24,960 Speaker 1: mandamus is something that is only infrequently used. It was 343 00:20:25,000 --> 00:20:27,760 Speaker 1: really not a surprise that the Full Court of Appeals 344 00:20:28,000 --> 00:20:30,840 Speaker 1: ruled the way it did because in this case, Judge 345 00:20:30,840 --> 00:20:32,960 Speaker 1: Sullivan had not actually done anything yet, he had not 346 00:20:33,040 --> 00:20:35,280 Speaker 1: even had a hearing yet, he had not ruled against 347 00:20:35,320 --> 00:20:38,560 Speaker 1: the Department of Justice's motion to dismissed. And so in 348 00:20:38,560 --> 00:20:42,840 Speaker 1: this case it was difficult or really impossible for Flynn's 349 00:20:42,880 --> 00:20:45,040 Speaker 1: lawyers to argue that they would have to be some 350 00:20:45,400 --> 00:20:50,080 Speaker 1: manifest injustice if this writ of mandamus was not granted, 351 00:20:50,200 --> 00:20:53,240 Speaker 1: and that they had no adequate alternative means in order 352 00:20:53,320 --> 00:20:57,359 Speaker 1: to satisfy their claim or gain the release they were seeking. Here, 353 00:20:57,520 --> 00:21:00,399 Speaker 1: the relief could simply come on appeal was back to 354 00:21:00,480 --> 00:21:03,240 Speaker 1: Judge Sullivan. Judge Sullivan could make a decision, and what 355 00:21:03,280 --> 00:21:05,159 Speaker 1: the Court of Appeal says is, if you don't like 356 00:21:05,200 --> 00:21:07,560 Speaker 1: the decision he made, you could be right back before 357 00:21:07,560 --> 00:21:09,919 Speaker 1: the Court of Appeals again and we will reconsider the 358 00:21:09,960 --> 00:21:12,240 Speaker 1: case at that point. Is this one of the longest 359 00:21:12,280 --> 00:21:16,240 Speaker 1: guilty please you've ever seen? Michael Flynn pleaded guilty in 360 00:21:16,320 --> 00:21:20,960 Speaker 1: December of ten. Yeah, this case does have a rather 361 00:21:21,119 --> 00:21:25,320 Speaker 1: convoluted history. It began with a guilty plea in twenty seventeen, 362 00:21:25,400 --> 00:21:28,919 Speaker 1: where he admitteds align to FBI agents about his conversations 363 00:21:28,960 --> 00:21:31,840 Speaker 1: with Russia's ambassador to the United States in the weeks 364 00:21:31,920 --> 00:21:35,720 Speaker 1: leading up to President Trump's inauguration. Then General Flynn agreed 365 00:21:35,760 --> 00:21:39,920 Speaker 1: to cooperate with Special Counsel Robert Mueller's investigation. Then he 366 00:21:40,000 --> 00:21:42,600 Speaker 1: hired a new lawyer. In the twenty nineteen he began 367 00:21:42,680 --> 00:21:46,040 Speaker 1: to retreat from his prior position trying to undo his 368 00:21:46,119 --> 00:21:49,639 Speaker 1: guilty plea. Initially in the Department of Justice opposed efforts 369 00:21:49,680 --> 00:21:52,760 Speaker 1: to withdraw the guilty plea, and then in an about face, 370 00:21:53,080 --> 00:21:56,080 Speaker 1: took the position that the case should be dismissed. That's 371 00:21:56,119 --> 00:21:57,919 Speaker 1: what led us to where we are today. But this 372 00:21:57,960 --> 00:22:01,080 Speaker 1: has been a protracted battle where we've seen the defendant 373 00:22:01,080 --> 00:22:04,840 Speaker 1: admit twice in court to lying to federal agents on 374 00:22:05,000 --> 00:22:07,880 Speaker 1: Nan is now attracting his plea and wants the case 375 00:22:07,920 --> 00:22:11,640 Speaker 1: to be dismissed. Interestingly, the Department of Justice is logic 376 00:22:11,720 --> 00:22:14,480 Speaker 1: for dismissing the case is not the General Flynn did 377 00:22:14,480 --> 00:22:17,919 Speaker 1: not lie the federal agents, but it's that it wasn't material. 378 00:22:18,240 --> 00:22:22,800 Speaker 1: They essentially attack the investigation itself and said there was 379 00:22:22,840 --> 00:22:26,679 Speaker 1: no basis for the interview of General Flynn at the time, 380 00:22:27,160 --> 00:22:30,800 Speaker 1: and therefore the statements that Flynn made FBI agents, even 381 00:22:30,840 --> 00:22:33,720 Speaker 1: if they were false, were not material to any matter 382 00:22:33,840 --> 00:22:37,119 Speaker 1: under investigation. That's the basis of the Department of Justice 383 00:22:37,200 --> 00:22:40,680 Speaker 1: has suggested to Judge Sullivan as the reasoning for their 384 00:22:40,680 --> 00:22:43,680 Speaker 1: decision to drop this case. You know, Bob, if this 385 00:22:43,760 --> 00:22:47,280 Speaker 1: case were at an earlier stage of the proceedings, not 386 00:22:47,440 --> 00:22:51,320 Speaker 1: just at the point where the judge will sentence Flynn 387 00:22:51,640 --> 00:22:56,639 Speaker 1: or dismiss the case. How could a court force prosecutors 388 00:22:56,680 --> 00:22:59,560 Speaker 1: to continue with the case that they didn't want to 389 00:22:59,600 --> 00:23:03,520 Speaker 1: proceed to trial on. Well, and that's exactly what the 390 00:23:03,720 --> 00:23:07,439 Speaker 1: government has argued, what Flynn's lawyers have argued, and what 391 00:23:07,560 --> 00:23:12,399 Speaker 1: the dissenting judges have argued. They're basically saying, dismissal of 392 00:23:12,480 --> 00:23:15,280 Speaker 1: this case is inevitable. There is no way around it. 393 00:23:15,359 --> 00:23:17,760 Speaker 1: You don't have a prosecutor here to argue the case 394 00:23:17,800 --> 00:23:21,080 Speaker 1: on behalf of the government, and therefore the case can proceed. 395 00:23:21,359 --> 00:23:24,159 Speaker 1: So why not we simply dismiss it now rather than 396 00:23:24,200 --> 00:23:27,640 Speaker 1: have a hearing that is designed, according to the government 397 00:23:27,640 --> 00:23:30,280 Speaker 1: and according to Flynn's lawyers, simply to try to embarrass 398 00:23:30,280 --> 00:23:33,200 Speaker 1: the Department of Justice by peeling back the layers of 399 00:23:33,240 --> 00:23:36,040 Speaker 1: their internal decision making and try to suggest that there 400 00:23:36,119 --> 00:23:39,919 Speaker 1: was something improper about that decision. Did it strike you 401 00:23:40,000 --> 00:23:44,320 Speaker 1: as odd that in one of the dissenting opinions the 402 00:23:44,440 --> 00:23:49,600 Speaker 1: judge basically said that Judge Sullivan was biased against Flynn. 403 00:23:49,640 --> 00:23:52,800 Speaker 1: It seemed like a broad assertion to make against a 404 00:23:52,880 --> 00:23:56,440 Speaker 1: fellow judge. It was unusual and that the battle lines 405 00:23:56,520 --> 00:24:00,000 Speaker 1: here were starkly drawn, where you had judges making harsh 406 00:24:00,040 --> 00:24:03,639 Speaker 1: assessments against one another, something that you don't often see 407 00:24:03,880 --> 00:24:07,120 Speaker 1: to accuse the judge of biases, really to attack their 408 00:24:07,200 --> 00:24:09,359 Speaker 1: core integrity, to say that they are not in a 409 00:24:09,359 --> 00:24:12,679 Speaker 1: position to rule impartially on a case. Here you had 410 00:24:12,760 --> 00:24:16,760 Speaker 1: the dissenters essentially arguing that they should have granted Judge 411 00:24:16,800 --> 00:24:20,600 Speaker 1: Flynn's motion to have Judge Sullivan reassigned and have another 412 00:24:20,720 --> 00:24:23,720 Speaker 1: judge here this case because he had made certain statements 413 00:24:23,800 --> 00:24:27,280 Speaker 1: during the criminal case that showed his bias. Ultimately, the 414 00:24:27,320 --> 00:24:30,280 Speaker 1: majority of the Court of Appeals found that that was 415 00:24:30,320 --> 00:24:33,199 Speaker 1: an extremely high bar and did not find that the 416 00:24:33,240 --> 00:24:36,360 Speaker 1: defendant had met it in this case. Are there still 417 00:24:36,440 --> 00:24:40,320 Speaker 1: unsettled questions about the power of courts to check the 418 00:24:40,359 --> 00:24:44,720 Speaker 1: executive branch in these kinds of cases. The Court of 419 00:24:44,720 --> 00:24:48,080 Speaker 1: Appeals went to great length to try to point out 420 00:24:48,200 --> 00:24:51,280 Speaker 1: that this was not a partisan decision, that they were 421 00:24:51,280 --> 00:24:54,840 Speaker 1: not mandating an outcome one way or the other here, 422 00:24:55,119 --> 00:24:58,560 Speaker 1: but essentially viewed this as holy procedural that they felt 423 00:24:58,600 --> 00:25:00,760 Speaker 1: that the trial judge had not yet ruled on the 424 00:25:00,800 --> 00:25:03,840 Speaker 1: case and it was not their position to userve the 425 00:25:03,920 --> 00:25:07,440 Speaker 1: judges authority and presume what kind of ruling he was 426 00:25:07,480 --> 00:25:09,840 Speaker 1: going to issue here. So they sent the case back 427 00:25:09,840 --> 00:25:12,800 Speaker 1: to Judge Sullivan, although they did send a clear signal 428 00:25:12,840 --> 00:25:16,720 Speaker 1: that they expect this hearing to go forward very promptly 429 00:25:17,000 --> 00:25:19,560 Speaker 1: and that they do not expect to turn into an 430 00:25:19,600 --> 00:25:22,400 Speaker 1: ebidentious here where witnesses would be called and this would 431 00:25:22,440 --> 00:25:26,080 Speaker 1: turn into essentially a trial about the Department of Justice 432 00:25:26,080 --> 00:25:28,720 Speaker 1: and their decision making process. I think the Court of 433 00:25:28,760 --> 00:25:31,000 Speaker 1: Appeals knows that at the end of the day, Judge 434 00:25:31,000 --> 00:25:34,880 Speaker 1: Sullivan will likely end up dismissing this case because there's 435 00:25:34,920 --> 00:25:38,400 Speaker 1: really not many other options. And then eventually this case 436 00:25:38,440 --> 00:25:41,000 Speaker 1: will be resolved at the trial court level, and for 437 00:25:41,040 --> 00:25:43,040 Speaker 1: some reason it's not it will come back to them 438 00:25:43,040 --> 00:25:45,120 Speaker 1: and they'll have an opportunity at that point to make 439 00:25:45,160 --> 00:25:47,520 Speaker 1: another decision, but at that point they will have a 440 00:25:47,560 --> 00:25:50,240 Speaker 1: final decision by the trial court upon which to base 441 00:25:50,320 --> 00:25:53,200 Speaker 1: their ruling. Thanks for being on the Bloomberg Law Show, Bob. 442 00:25:53,400 --> 00:25:56,000 Speaker 1: That's Robert Mints a part in the Carter in English, 443 00:25:56,320 --> 00:25:58,600 Speaker 1: and that's it for this edition of the Bloomberg Law Show. 444 00:25:59,240 --> 00:26:01,439 Speaker 1: Remember you can always get the latest legal news on 445 00:26:01,440 --> 00:26:04,639 Speaker 1: our Bloomberg Law Podcast. You can find them on iTunes 446 00:26:04,760 --> 00:26:08,120 Speaker 1: or wherever you get your favorite podcasts. I'm June Grasso. 447 00:26:08,359 --> 00:26:10,840 Speaker 1: Thanks so much for listening, and remember to tune into 448 00:26:10,840 --> 00:26:13,600 Speaker 1: The Bloomberg Law Show every weeknight at ten pm Eastern, 449 00:26:13,880 --> 00:26:15,080 Speaker 1: right here on Bloomberg Radio