2nd Circ. Sets Morrison Standards For Off-Market Trades

Law360, New York (March 01, 2012, 9:03 PM ET) -- The Second Circuit weighed in Thursday on how the U.S. Supreme Court's landmark Morrison ruling applies to off-market trades, offering guidance for how funds in a $195 million fraud case must show key transactions happened in the U.S.

The U.S. Supreme Court's 2010 decision in Morrison v. National Australia Bank Ltd. limits the reach of the Securities Exchange Act to “transactions in securities listed on domestic exchanges and domestic transactions in other securities.” In Thursday's decision, the Second Circuit said domestic transactions are those where the...
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Case Title

Absolute Activist Value Master Fund Limited et al v. Ficeto et al


Case Number

1:09-cv-08862

Court

New York Southern

Nature of Suit

Securities/Commodities

Judge

George B. Daniels

Date Filed

October 19, 2009

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