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2nd Circ. Adds Depth To Morrison's Bright Line

Law360, New York (August 18, 2014, 7:57 PM EDT) -- The Second Circuit took the U.S. Supreme Court's Morrison v. National Australia Bank ruling into its own hands on Friday, boldly saying the bright-line test proposed by the high court in the 2010 landmark case should only be the first step in deciding whether certain securities claims should be subject to U.S. jurisdiction.

In a long-awaited ruling that struck down claims brought by a group of hedge funds attempting to recoup about $2 billion in losses from Porsche Automobil Holding SE's prospective takeover of Volkswagen AG,...
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