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HomeSide Fraud Suit On Wrong Turf: 2nd Circ.

Law360 (October 24, 2008, 12:00 AM EDT) -- A shareholder lawsuit against an American mortgage service provider and its Australian parent company cannot be heard in U.S. courts, a federal appeals court has ruled.

In a decision issued Thursday, the Second Circuit ruled that it had no jurisdiction over the transnational securities fraud suit against Florida-based HomeSide Lending Inc. and its parent, Melbourne-based National Australia Bank.

Upholding a ruling by the U.S. District Court for the Southern District of New York to dismiss the case, the appeals court said the bulk of the alleged...
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