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The Reach of Section 10(b) After Morrison and Dodd-Frank

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 Court held that the question regarding the reach...

Applying Morrison, Second Circuit Affirms UBS Credit Crisis Securities Suit Dismissal

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 to try to circumvent Morrison to assert claims under...

Second Circuit Affirms Porsche Securities Suit Dismissal; Domestic Transaction Necessary But Not Sufficient to Invoke U.S. Securities Laws

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 Porsche and its executives. The plaintiffs...

Second Circuit Limits Commodities Exchange Act Private Actions Based on Morrison

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.com subscribers] . Rather, the Section is confined...