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'Foreign-Cubed' Investors Ousted From Infineon Suit

Law360 (March 18, 2011, 4:40 PM EDT) -- Citing the U.S. Supreme Court's landmark Morrison v. National Australia Bank ruling, a California court on Thursday dismissed plaintiffs who purchased Infineon Technologies AG shares on the Frankfurt Stock Exchange from a securities fraud class action against the company stemming from price-fixing claims.

The plaintiffs argued that the Morrison decision, which barred so-called foreign-cubed securities cases, did not apply to their complaint because the Infineon shares were also traded on the New York Stock Exchange, but Judge James Ware of the U.S. District Court for the...
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