3rd Circ. Joins Effort To Construe Morrison

Law360, New York (January 30, 2015, 10:38 AM EST) -- The U.S. Court of Appeals for the Third Circuit added its voice recently to the ongoing judicial effort to construe the U.S. Supreme Court's 2010 decision in Morrison v. National Australia Bank concerning the extent to which the federal securities laws apply to securities transactions involving transnational elements. The Morrison decision had held that the Securities Exchange Act's anti-fraud provisions apply only to transactions involving the purchase or sale of (1) "a security listed on an American stock exchange" and (2) "any other security in the United States."...

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