A massive securities class action against UBS AG finally bit the dust on Tuesday, courtesy of an appeals court decision that further limits the extraterritorial reach of federal securities laws.
In a 31-page ruling, the U.S. Court of Appeals for the Second Circuit ruled that a coalition of UBS shareholders can’t sue the bank over a wide range of alleged misconduct. In tossing the case, the Second Circuit rejected a theory plaintiffs have invoked in hopes of circumventing the U.S. Supreme Court’s 2010 decision in Morrison v. National Australia Bank, which held that U.S. securities law doesn’t extend to overseas transactions.
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