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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...

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

On September 14, 2010, in another ruling that the U.S. Supreme Court's decision in Morrison v. National Australia Bank ( read the opinion ) precludes claim by "f-squared" claimants - that is, U.S. residents who purchased shares of a Non-U.S. company on a foreign exchange - Southern District...

One Year Later: The Reach of U.S. Securities Laws After Morrison

In the year since the Supreme Court issued its decision in Morrison regarding "foreign cubed" securities claims, where the Court held that federal securities statutes do not apply, lower federal courts have applied Morrison inconsistently. James M. Wilson Jr., partner at Chitwood Harley Harnes...

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...