The Court heard arguments in Morrison v. National Australia Bank, brought by Australian investors in U.S. courts to challenge statements made by Australia’s largest bank. A district court judge and the U.S. Court of Appeals for the 2d Circuit sided with the bank in finding no U.S. jurisdiction over the suit.
International companies and foreign governments including France, the United Kingdom and Australia, filed briefs in the case arguing against jurisdiction for U.S. courts. Even though class actions have been reined in lately, plaintiffs face more favorable rules here than they would in most foreign courts. The briefs by the foreign nations assert that if the Australian bank loses, U.S. courts will interfere with the policy choices they have made in regulating securities.
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