News & Analysis as of September 21, 2024

Extraterritoriality Rules

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The Securities Exchance Act is a United States federal statute enacted in 1934 to govern the secondary securities trading market. In addition, the Securities Exchange Act established the Securities and Exchange... more +

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

A&O Shearman on 6/25/2019

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

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

Mintz - Securities Litigation Viewpoints on 5/8/2019

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

Ninth Circuit Holds Transactions in Unsponsored ADRs Can Be “Domestic” Under Morrison

Mintz - Securities Litigation Viewpoints on 8/15/2018

The Toshiba Securities Litigation stems from alleged violations of the Exchange Act, as well as the Financial Instruments and Exchange Act of Japan, against Toshiba Corp., in connection with its alleged accounting fraud and...more

Federal Court Declines to Exercise Jurisdiction Over Toshiba Despite Over-the-Counter ADS Sales in the United States

Mintz - Securities Litigation Viewpoints on 6/9/2016

Ever since the Supreme Court issued its opinion in Morrison v. National Australia Bank, Ltd., 561 U.S. 247 (2010), courts have been making their own interpretations of what Morrison means for whether certain transactions are...more

Second Circuit Applies Morrison to Criminal Prosecution Under Section 10(b) and Rule 10b-5

Sheppard Mullin Richter & Hampton LLP on 10/25/2013

In United States v. Vilar, Case Nos. 10-521(L), 10-580(CON), 10-4639(CON), 2013 WL 4608948 (2d Cir. Aug. 30, 2013), the United States Court of Appeals for the Second Circuit held that Section 10(b) of the Securities Exchange...more

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