SEC Member Asks Congress To Override Morrison Decision

Law360, New York (April 12, 2012, 7:26 PM EDT) -- A member of the U.S. Securities and Exchange Commission urged Congress on Wednesday to undo the effects of the U.S. Supreme Court's landmark 2010 decision in Morrison v. National Australia Bank Ltd., saying it unfairly deprives defrauded investors of their day in court.

Commissioner Luis Aguilar, a Democrat, decried the Morrison decision in response to a study released Wednesday by the SEC's staff. The study, mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act, did not take a strong position on whether Congress should...
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