Interpreting Morrison V. National Australia Bank

Law360, New York (November 3, 2010, 10:58 AM EDT) -- Toward the close of the Supreme Court’s last term, it issued an important ruling on the scope of the securities laws: Morrison v. Nat’l Austl. Bank, 130 S. Ct. 2869, 177 L. Ed. 2d 535 (2010). The Supreme Court held that foreign investors who purchased shares of a non-U.S. company on a foreign exchange could not pursue claims under the Securities Exchange Act of 1934; the court stated that purchases of securities of foreign corporations on foreign exchanges were not covered by the Exchange Act....
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