NAB: Not The Last Word On Foreign-Cubed Cases

Law360, New York (July 16, 2010, 1:31 PM EDT) -- In its decision in Morrison v. National Australia Bank (June 24, 2010), the U.S. Supreme Court answered a question with which lower courts have struggled for more than 40 years — whether Section 10(b) of the Securities and Exchange Act of 1934 provides a cause of action to foreign plaintiffs suing foreign and American defendants for misconduct in connection with securities traded on foreign exchanges — so called foreign-cubed litigation.

The court answered that question with an unequivocal “no” and drew a bright line around the...
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