Law360 ( May 18, 2010, 2:57 PM EDT) -- Earlier this spring, the United States Supreme Court heard arguments in Morrison v. National Australia Bank Ltd., an F3 case coming up through the courts of the Southern District of New York and the Second Circuit. By F3 we have learned the industry refers to cases under the Federal Securities Laws involving foreign claimants who purchased stock on a foreign exchange of a foreign company. Hence, they are called foreign claims to the third power or foreign-cubed. Essentially, the issue presented in the case is whether the Federal Securities Laws are intended to extend United States jurisdiction over claims by non-U.S. residents for shares of a non-U.S. based company purchased on a non-U.S. exchange....