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Foreign-Cubed Cases: 'An Involved Undertaking'

Law360 (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...
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