A Post-Morrison Standard For 'Domestic Transactions'

Law360, New York (May 10, 2012, 12:49 PM EDT) -- In Morrison v. National Australia Bank Ltd., the U.S. Supreme Court sharply restricted the extraterritorial applicability of the anti-fraud provisions of the securities laws. Morrison held that § 10(b) of the Securities Exchange Act of 1934 (the Exchange Act) only applies to “transactions in securities listed on domestic exchanges and domestic transactions in other securities.”[1]

This holding has since been used by defendants with great success. But while Morrison pretty clearly excluded certain claims from U.S. courts, it did not provide guidance as to when the...
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