Clarifying Jurisdiction For Foreign Claimants

Law360, New York (May 18, 2010, 2:57 PM EDT) -- Earlier this spring, the United States Supreme Court heard arguments in Morrison v. National Australia Bank Ltd., an F3 case coming up through the courts of the Southern District of New York and the Second Circuit. By F3 we have learned the industry refers to cases under the Federal Securities Laws involving foreign claimants who purchased stock on a foreign exchange of a foreign company. Hence, they are called foreign claims to the third power or foreign-cubed. Essentially, the issue presented in the case is whether...
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