U.S. Supreme Court Establishes "Transaction Test" to Determine Extraterritorial Reach of Section 10(b) of Exchange Act and SEC Rule 10b-5


The Supreme Court's majority opinion in Morrison v. National Australia Bank, Ltd.1 may be as significant for its "bright-line" approach to the presumption against the extraterritorial application of federal legislation as it may be for curbing foreign securities-fraud class actions in an era of increasing global transactions.

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Published In: Civil Procedure Updates, Constitutional Law Updates, International Trade Updates, Securities Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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