New Circuit Split Complicates Domestic Securities Test
By Eric Belfi and David Saldamando ( 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....
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