On October 23, 2008, the Second Circuit Court of Appeals issued an important decision regarding the extraterritorial application of the U.S. securities laws that will have broad implications for non U.S. public companies. Morrison v. National Australia Bank, Ltd., No. 07-0583-cv (2d Cir. 2008). The Morrison decision is the first time that the Second Circuit has ever considered what is called a ?foreign-cubed? case ? a case in which foreign plaintiffs bought shares of a foreign company on a foreign exchange.

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