News & Analysis as of

Morrison v National Australia Bank Rule 10(b)

A&O Shearman

Central District Of California Allows Exchange Act Claims To Proceed Against Non-U.S. Corporate Issuer In Connection With ADRs,...

A&O Shearman on

On January 28, 2020, Judge Dean D. Pregerson of the United States District Court for the Central District of California denied defendant’s motion to dismiss a putative securities class action brought against a multinational...more

A&O Shearman

Supreme Court Denies Petition For Certiorari In Toshiba, Leaving In Place Arguable Circuit Split Regarding Extraterritorial Reach...

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On June 24, 2019, the United States Supreme Court denied a petition for certiorari to review a decision from the United States Court of Appeals for the Ninth Circuit, which held that a foreign issuer that has no involvement...more

A&O Shearman

Southern District Of New York Dismisses Putative Class Action Against Brazilian Mining Company For Failure To Allege A Domestic...

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On June 18, 2019, Judge Richard Berman of the United States District Court for the Southern District of New York dismissed a putative securities class action brought by a Cayman Islands branch of a Brazilian bank against a...more

Skadden, Arps, Slate, Meagher & Flom LLP

Supreme Court Declines to Further Define Morrison’s Domestic Transaction Requirement

The U.S. Supreme Court today denied the petition for certiorari in Toshiba Corp. v. Automotive Industries Pension Trust Fund, No. 18-486 (U.S. Oct. 15, 2018), leaving open the question of the appropriate scope of the...more

Mintz - Securities Litigation Viewpoints

Tenth Circuit Affirms Extraterritorial Reach of SEC Enforcement of the Federal Securities Laws

In the Traffic Monsoon litigation, the U.S. Court of Appeals for the Tenth Circuit held that the enforcement provisions of the Securities Act and the Exchange Act reach Traffic Monsoon’s sales to customers outside of the...more

Mayer Brown Free Writings + Perspectives

Extraterritoriality Decision

In 2010, the US Supreme Court in Morrison v. National Australia Bank established a new standard, a transactional test, for determining the extraterritorial application of Section 10(b), which replaced the prior...more

Jones Day

Recent Second Circuit Decisions Assess Territorial Reach of Securities and Commodities Laws

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The Situation: The Second Circuit has issued two decisions in recent months that have addressed whether the U.S. securities and/or commodities laws can be applied to transactions with significant foreign ties. Each of these...more

Dorsey & Whitney LLP

Sixth Circuit Concludes Morrison Does Not Apply To Advisers Act

Dorsey & Whitney LLP on

In Morrison v. National Australia Bank, Ltd., 561 U.S. 247 (2010) the Supreme Court held that the reach of Exchange Act Section 10(b) is the water’s edge of the United States. Specifically, the court held that the Section...more

Katten Muchin Rosenman LLP

Parkcentral v. Porsche: Second Circuit Opens the Doors of Morrison, and Declines to Apply Section 10(b) to Domestic...

In Parkcentral Global Hub Ltd,. et al. v. Porsche Automobile Holdings SE, et al., Dkt. No. 11-397-cv (2d Cir. Aug. 15, 2014), the US Court of Appeals for the Second Circuit affirmed the lower court’s dismissal of plaintiffs’...more

Morrison & Foerster LLP

Second Circuit Applies “Morrison” to Reject “Listing Theory”

On May 5, 2014, the U.S. Court of Appeals for the Second Circuit decided City of Pontiac v. UBS AG, affirming the dismissal of a securities fraud complaint against UBS and holding that the Supreme Court's decision in Morrison...more

Dorsey & Whitney LLP

Second Circuit Rejects the “Listing Theory” Under Morrison

Dorsey & Whitney LLP on

At the end of last month the Second Circuit clarified its position on the application of Morrison v. National Australia Bank Ltd., 130 S. Ct. 2869 (2010) to RICO. Now the Circuit Court had resolved an open question regarding...more

Dorsey & Whitney LLP

Morrison, RICO And Extraterritorial Reach

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In the wake of Morrison v. National Australia Bank Ltd., 130 S. Ct. 2869 (2010), a critical question has been whether a statute has extraterritorial reach. In Morrison the Court rejected a claim that Exchange Act Section...more

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