Morrison Ruling Doesn't Bar Elan ADR Suit: Judge

Law360, New York (March 21, 2011, 2:47 PM EDT) -- A New York federal judge ruled Friday to preserve a putative shareholder class action involving Elan Corp. American Depository Receipts purchased on American stock exchanges, despite the U.S. Supreme Court's narrowing of foreign-based securities suits in its Morrison v. Australian National Bank decision.

Other securities in the suit, including Elan common stock and call options on that stock, were dismissed in light of the Morrison ruling, which said U.S. securities laws did not apply to transactions in which foreign plaintiffs purchased foreign securities on foreign exchanges,...
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