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....

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