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Expert Analysis

Extraterritorial Reach Of US Securities Laws Post-Morrison

Law360, New York ( September 23, 2016, 12:51 PM EDT) -- Six years ago, the U.S. Supreme Court definitively rejected the plaintiffs bar's request to permit foreign securities claims with tenuous connections to the U.S. to be litigated here. In Morrison v. National Australia Bank, the court refused to hear a claim for fraud under the Securities Exchange Act of 1934 brought by foreign plaintiffs against a mix of foreign and American defendants regarding securities traded on a foreign exchange. The court held that it is "only transactions in securities listed on domestic exchanges, and domestic transactions in other securities, to which [the securities fraud section of the Exchange Act] applies."[1]...

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