Foreign-Cubed Cases: 'An Involved Undertaking'

Law360, New York (December 1, 2008, 12:00 AM EST) -- In a case of first impression, the United States Court of Appeals for the Second Circuit decided against creating a bright line rule that would have prohibited federal district courts from exercising subject matter jurisdiction over claims made under the Securities Exchange Act of 1934 by foreign plaintiffs suing a foreign issuer for losses suffered on securities transactions made on foreign exchanges, or so-called “foreign-cubed” cases.

In Morrison v. National Australia Bank Ltd., No. 07-0583-cv, 2008 WL 4660742 (2nd Cir. Oct. 23, 2008), the court instead...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.