Securities

Recent Posts

Sixth Circuit Concludes Morrison Does Not Apply to Advisers Act
Posted on 24 Aug 2015 by Thomas O. Gorman

In Morrison v. National Australia Bank, Ltd., 561 U.S. 247 (2010) the Supreme Court held that the reach of Exchange Act Section 10(b) is the water’s edge of the United States [subscribers can access an enhanced version of this opinion: lexis.com... Read More

Second Circuit Affirms Porsche Securities Suit Dismissal; Domestic Transaction Necessary But Not Sufficient to Invoke U.S. Securities Laws
Posted on 19 Aug 2014 by Kevin M. LaCroix

On August 16, 2014, in a long-awaited decision that is sure to provoke comment and that could fuel disputes in future cases, the Second Circuit affirmed the dismissal of the securities suits hedge fund purchasers of certain swap agreements had filed against... Read More

Sixth Circuit Concludes Morrison Does Not Apply to Advisers Act
Posted on 24 Aug 2015 by Thomas O. Gorman

In Morrison v. National Australia Bank, Ltd., 561 U.S. 247 (2010) the Supreme Court held that the reach of Exchange Act Section 10(b) is the water’s edge of the United States [subscribers can access an enhanced version of this opinion: lexis.com... Read More

Goldman Sachs, Fabulous Fab, and Morrison's Second Prong
Posted on 27 Oct 2012 by Kevin M. LaCroix

In its June 2010 decision in the Morrison v. National Australia Bank [ enhanced version available to Lexis.com subscribers ], the U.S. Supreme Court enunciated a "transactions" test to determine the applicability of the U.S. securities laws... Read More

The Reach of Section 10(b) After Morrison and Dodd-Frank
Posted on 1 Aug 2013 by Thomas O. Gorman

In Morrison v. National Australia Bank, Ltd., 130 S.Ct. 2869 (2010) [ an enhanced version of this opinion is available to lexis.com subscribers ] the Supreme Court delimited the reach of Exchange Act Section 10(b) to the shores of the United States. The... Read More

Second Circuit Limits Commodities Exchange Act Private Actions Based on Morrison
Posted on 8 Sep 2014 by Thomas O. Gorman

In Morrison v. National Australia Bank Ltd., 561 U.S. 247 (2010) the Supreme Court delimited the reach of Exchange Act Section 10(b), concluding that the Section has no extraterritorial reach [an enhanced version of this opinion is available to lexis... Read More

Sixth Circuit Concludes Morrison Does Not Apply to Advisers Act
Posted on 24 Aug 2015 by Doug Esten

In Morrison v. National Australia Bank, Ltd., 561 U.S. 247 (2010) the Supreme Court held that the reach of Exchange Act Section 10(b) is the water’s edge of the United States [subscribers can access an enhanced version of this opinion: lexis.com... Read More

Morrison, Whistleblowers And Limits On Federal Authority
Posted on 11 Jul 2012 by Thomas O. Gorman

The fundamental question in National Federation of Independent Business v. Sebelius, Secretary of HHS, No. 11-393 (S.Ct. June 28, 2012), which addressed the constitutionality of the Affordable Care Act, was the scope of federal power within the United... Read More

Tesco Securities Suit: Applicability of U.S. Securities Laws to Unlisted ADRs?
Posted on 5 Oct 2015 by Kevin M. LaCroix

It has been over five years since the U.S. Supreme Court’s June 2010 decision in Morrison v. National Australia Bank restricted the ability of shareholders of non-U.S. companies who purchased their shares outside the U.S. to file securities fraud... Read More

Morrison, RICO and Extraterritorial Reach
Posted on 5 May 2014 by Thomas O. Gorman

In the wake of Morrison v. National Australia Bank Ltd., 130 S. Ct. 2869 (2010) [ an enhanced version of this opinion is available to lexis.com subscribers ], a critical question has been whether a statute has extraterritorial reach. In Morrison the Court... Read More

Canadian Courts Struggle with Jurisdictional Issues in Securities Suits
Posted on 31 Oct 2013 by Kevin M. LaCroix

The question of when domestic securities laws provide remedies for investors who purchased their shares in foreign companies on foreign exchanges vexed U.S. courts for years until the U.S. Supreme Court sorted out the issues in Morrison v. National Australia... Read More

Applying Morrison, Second Circuit Affirms UBS Credit Crisis Securities Suit Dismissal
Posted on 7 May 2014 by Kevin M. LaCroix

After the U.S. Supreme Court issued its opinion in Morrison v. National Australia Bank [, 130 S. Ct. 2869 (2010) an enhanced version of this opinion is available to lexis.com subscribers ], the plaintiffs’ lawyers developed a number of theories... Read More