Morrison v. Nat'l Austl. Bank, 2010 U.S. LEXIS 5257 (June 24, 2010)

LexisNexis Overview: Where foreign shareholders alleged that respondents violated § 10(b) of the Securities and Exchange Act of 1934 and SEC Rule 10b-5 regarding securities traded on foreign exchanges, dismissal was warranted because § 10(b) applied only to transactions in securities...

Morrison v. Nat'l Austl. Bank, 2010 U.S. LEXIS 5257 (June 24, 2010)

LexisNexis Overview: Where foreign shareholders alleged that respondents violated § 10(b) of the Securities and Exchange Act of 1934 and SEC Rule 10b-5 regarding securities traded on foreign exchanges, dismissal was warranted because § 10(b) applied only to transactions in securities listed...

Supreme Court Limits Foreign Investors' Access to U.S. Courts

In a long-awaited ruling, the U.S. Supreme Court on June 24, 2010 issued an opinion affirming dismissal of the Morrison v. National Australia Bank case. Among other things, the Court's opinion will limit securities claims by investors who bought their shares on foreign exchanges. This ruling...

O.K., F-Cubed Claims Are Out, But What About F-Squared Claims?

The U.S. Supreme Court's decision last month in the Morrison v. National Australia Bank case made it clear U.S. securities laws do not allow so-called "f-cubed" cases -- securities claims against foreign domiciled companies and brought by foreign-domiciled claimants who purchased their...

Morrison v. National Australia Bank Ltd: Supreme Court Closes the Border to Section 10(b) Plaintiffs

by Michele Rose, Christian Word, Jessica Phillips and Kamil Redmond The United States Supreme Court recently rejected years of federal jurisprudence on the extraterritorial application of §10(b) of the Securities Exchange Act. In Morrison v. National Australia Bank, No. 08-1191, the Court held...

Supreme Court Rejects Extraterritorial Application of Section 10(b) and 'Conduct and Effects' Test in Morrison v. National Australia Bank Ltd

by Michele Rose, Christian Word, Jessica Phillips and Kamil Redmond The United States Supreme Court recently rejected years of federal jurisprudence on the extraterritorial application of §10(b) of the Securities Exchange Act. In Morrison v. National Australia Bank, No. 08-1191, the Court held...

Pepper Hamilton LLP: Top 10 Lessons Learned from the Vodafone, Aditya Birla and Other Tax Cases in India

By Steven D. Bortnick , Valérie Demont and Bipul K. Mainali The rulings of the Bombay High Court in the famous US$2.5 billion tax assessment case against Vodafone in Vodafone v. Union of India and the rulings more recently in Aditya Birla Nuvo Limited v. DDIT and Union of India...