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Morrison Shortens The Long Arm Of The Law

Law360 (January 5, 2011, 2:30 PM EST) -- In Morrison v. National Australia Bank Ltd.,[1] the U.S. Supreme Court affirmed the dismissal of a securities class action in which a foreign plaintiff sued a foreign issuer who sold securities on a foreign exchange, the so-called “f-cubed” situation. Morrison is of major significance to multinational corporations, particularly those with subsidiaries in the United States, as the Supreme Court held that there is no extraterritorial application of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder.‬

However, Morrison left unanswered two questions:...
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