High Court's Morrison Ruling Keeps Attys Guessing

Law360, New York (May 24, 2013, 6:48 PM EDT) -- Nearly three years later, the U.S. Supreme Court's landmark decision in Morrison v. National Australia Bank Ltd. is still sending tremors through the securities bar and sowing confusion among lower courts on the reach of a key fraud law, attorneys say.

The unanimous June 2010 ruling found that Section 10(b) of the Securities Exchange Act of 1934 — the bread and butter of federal securities fraud suits — only applies to transactions in securities listed on U.S. exchanges, or to domestic transactions in other securities. In...
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