Photo: Africa Studio/Shutterstock Pathways Around 'Morrison': Supplemental Jurisdiction for Securities Fraud Claims
New pathways have emerged for pursuing claims based on foreign exchange purchases, i.e., where the applicable U.S. and foreign law governing securities fraud are substantially similar.
March 16, 2021 at 11:45 AM
11 minute read
At first, the U.S. Supreme Court's decision in Morrison v. National Australia Bank, 561 U.S. 247, 130 S. Ct. 2869 (2010), seemed to sound a death knell for U.S. securities fraud claims predicated on stocks purchased abroad. As Justice Antonin Scalia noted, the express language of §10b of the Exchange Act of 1934 limits claims to those arising from transactions for "any security registered on a national securities exchange." Since "there is no affirmative indication in the Exchange Act that §10(b) applies extraterritorially [] we therefore conclude that it does not."
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