Last month I reviewed the wide impact of Morrison v. National Australia Bank in the U.S. federal courts, and the limited prospects for state law work-arounds. This month the Global Lawyer examines the prospects for Morrison-type suits abroad.
The U.S. Supreme Court’s June 2010 decision broadly bars plaintiffs from bringing class actions under U.S. law involving securities traded outside the United States. Naturally, plaintiffs lawyers would now like to bring such suits under non-U.S. law. And their first choice would be to bring them under nonU.S. law in U.S. courts. But these have quickly gone nowhere, as plaintiffs have discovered in recent months in securities suits targeting Toyota Motor Corporation and BP plc. Foreignlaw plaintiffs whose claims somehow survive Morrison seem likely to be dismissed from U.S. courts on forum non conveniens grounds.
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