2nd Circ. Sets Morrison Standards For Off-Market Trades

Law360, New York (March 1, 2012, 9:03 PM EST) -- The Second Circuit weighed in Thursday on how the U.S. Supreme Court's landmark Morrison ruling applies to off-market trades, offering guidance for how funds in a $195 million fraud case must show key transactions happened in the U.S.

The U.S. Supreme Court's 2010 decision in Morrison v. National Australia Bank Ltd. limits the reach of the Securities Exchange Act to “transactions in securities listed on domestic exchanges and domestic transactions in other securities.” In Thursday's decision, the Second Circuit said domestic transactions are those where the...
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