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Expert Analysis

With City Of Pontiac, 2nd Circ. Shifts Morrison Focus

Law360, New York ( May 20, 2014, 1:36 PM EDT) -- The recent decision of the United States Court of Appeals for the Second Circuit in City of Pontiac Policemen's & Firemen's Retirement System et al. v. UBS AG et al., No. 12-4355-cv (2d Cir. May 6, 2014) underscores the importance of determining the actual locus of the relevant securities transaction within the global securities markets, and will now shift the focus away from the first prong of Morrison v. National Australia Bank Ltd., 561 U.S. 247, 130 S.Ct. 2869 (2010) to the second....

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