'Foreign-Squared' Plaintiffs Ousted From Alstom Suit

Law360, New York (September 15, 2010, 6:09 PM EDT) -- Relying on the U.S. Supreme Court's landmark ruling in Morrison v. National Australia Bank, a federal judge has dismissed so-called foreign-squared plaintiffs who purchased Alstom SA equity securities on the French stock exchange from a securities fraud class action against the company.

Judge Victor Marrero of the U.S. District Court for the Southern District of New York on Monday dismissed the claims of those who purchased Alstom shares on non-U.S. exchanges, finding that they were no longer within the court's jurisdiction under the “transactional” test the...
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