Morrison Ruling Applies To RICO Suits, 2nd Circ. Says
By Samuel Howard
Law360, New York (September 28, 2010, 7:46 PM ET) -- A federal appeals court has applied the U.S. Supreme Court's decision in Morrison v. National Australia Bank Ltd. to a $1.5 billion racketeering case, ruling that Canada-based Norex Petroleum Ltd. is unable to sue TNK-BP Holding and other foreign entities under the Racketeer Influenced and Corrupt Organizations Act.
On Tuesday, the U.S. Court of Appeals for the Second Circuit extended the high court's limits on cross-border securities cases into the RICO arena, dismissing Norex’s suit against the Russian oil companies after finding that the statute does...