Morrison and Dodd-Frank's Extraterritoriality Dilemma

Law360, New York (November 30, 2010, 2:28 PM ET) -- In Morrison v. National Australia Bank Ltd., the U.S. Supreme Court addressed the extraterritorial reach of Section 10(b) of the Securities Exchange Act. In that case, the Supreme Court addressed so-called “f-cubed” Section 10(b) claims — foreign plaintiffs suing foreign defendants in connection with securities traded on foreign exchanges.

The Exchange Act is silent as to its extraterritorial application, and enterprising foreign plaintiffs were attempting to use it to gain access to the broad discovery and class action procedures that U.S. law provides, but that many...
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