Foreign Securities Class Actions 10 Years After Morrison

Law360 (September 24, 2020, 6:22 PM EDT) -- Ten years ago, the U.S. Supreme Court issued its landmark decision in Morrison v. National Australia Bank Ltd., which limited the extraterritorial application of the federal securities laws in order to prevent the U.S. from becoming "the Shangri-La of class-action litigation for lawyers representing those allegedly cheated in foreign securities markets."[1]

In Morrison, the Supreme Court threw out decades of lower court precedent that had applied Section 10(b) of the Securities Exchange Act[2] if the conduct at issue occurred in the U.S. or had effects felt within the U.S., criticizing that test as unpredictable, inconsistent and unmoored from the statute's text....

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!