This is the transcript of oral argument heard by the Supreme Court in Morrison v. National Bank of Australia on March 29, 2010. The case centers on so called “F-Cubed” securities class actions.
The issue to be determined by the Court in Morrison v. National Australia Bank is whether F-cubed cases may be brought in the U.S. In Morrison, foreign investors accused National Australia Bank of perpetrating a fraud involving a Florida subsidiary bank. The plaintiffs allege that the Florida connection gives the case enough of a U.S. jurisdictional hook to justify its being brought here. The bank, however, insists that the alleged activity took place in Australia and that the U.S. courts should not have jurisdiction.
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