Effects Of 2nd Circ. Stance On 'F-Cubed' Securities

Law360, New York (November 12, 2008, 12:00 AM EST) -- The United States Court of Appeals for the Second Circuit, in Kennedy v. National Australia Bank Ltd., No. 07-0583 (Oct. 23, 2008), recently "revisit[ed] the vexing question of the extraterritorial application" of the United States securities laws.

Despite overtures from a number of amici seeking a more definitive ruling, the Second Circuit, in a matter of first impression, declined to adopt a bright-line test that would have barred all so-called "Foreign-Cubed" (or "F-Cubed") securities cases from being brought in U.S. courts ("F-Cubed" being shorthand for actions...
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