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

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 on domestic exchanges and domestic transactions in other securities. 

Judges: SCALIA, J., delivered the opinion of the Court, in which ROBERTS, C. J., and KENNEDY, THOMAS, and ALITO, JJ., joined. BREYER, J., filed an opinion concurring in part and concurring in the judgment. STEVENS, J., filed an opinion concurring in the judgment, in which GINSBURG, J., joined. SOTOMAYOR, J., took no part in the consideration or decision of the case.

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Kevin LaCroix:

Morrison Extended Even Further in RBS Subprime Securities Suit Dismissal

Plaintiffs' Lawyers Pursue Non-U.S. Securities Litigation Alternatives After Morrison

Under Morrison, Section 10(b) Does Not Apply to Swap Transactions in U.S Referencing Non-U.S. Securities

Swiss Re Subprime Securities Suit Dismissed Based on Morrison

Morrison Precludes Claims Based on Non-U.S. Purchased Shares, Even if Company Shares "Listed" in U.S.

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

Morrison Precludes F-Squared Cases, Too, Court Concludes

Further Implications of Morrison v. National Bank and the Prohibition Against Pursuing Fraud Claims for Securities Purchased on Foreign Exchanges

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

Thomas Gorman:

Rejuvenating Enforcement

Read Emerging Issues Analysis by Michele Rose, Christian Word, Jessica Phillips and Kamil Redmond: Morrison v. National Australia Bank Ltd: Supreme Court Closes the Border to Section 10(b) Plaintiffs