New Circuit Split Complicates Domestic Securities Test

Law360 (May 25, 2021, 4:32 PM EDT) -- Two recent holdings have cemented a circuit split regarding one key issue: whether the Second Circuit's "predominantly foreign" test in its 2014 decision in Parkcentral Global Hub Ltd. v. Porsche Automobile Holdings SE[1] is an additional hurdle that plaintiffs must satisfy to demonstrate that a transaction is domestic under the second prong[2] in the U.S. Supreme Court's 2010 decision in Morrison v. National Australia Bank Ltd., even if they meet the traditional irrevocable liability test.

The implications of this circuit split are important, as plaintiffs are undoubtedly aware of the inherent vagueness of the Parkcentral inquiry and the relative clarity of the...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!