Swiss Exchange Stock Buyers Can't Sue Credit Suisse

Law360, New York (July 28, 2010, 2:34 PM EDT) -- Credit Suisse Group has won its bid to dismiss American plaintiffs who acquired company stock through the Swiss Stock Exchange from a securities class action against it, invoking a recent U.S. Supreme Court ruling that barred suits by so called foreign-cubed plaintiffs.

The company was correct in arguing that the recent decision in Morrison v. National Australia Bank bars plaintiffs including the Louisiana Municipal Police Employees Retirement System who bought their stock abroad from suing in U.S. courts, the U.S. District Court for the Southern District...
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