UBS Dodges Forex Investor Claims Over $100B In Stocks

Law360, New York (September 13, 2011, 10:22 PM EDT) -- A New York federal judge on Tuesday trimmed a class action against UBS AG, ruling the court lacked jurisdiction over securities traded on foreign exchange markets and securing a victory for the investment bank in a dispute over stocks valued at more than $100 billion.

In dismissing claims involving stock purchased on foreign exchanges, U.S. District Judge Richard J. Sullivan cited the U.S. Supreme Court's June 2010 ruling in Morrison v. National Australia Bank, which held that the Securities and Exchange Act of 1934 applied only...
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