Martin Flumenbaum and Brad S. Karp 'Predominantly Foreign' Securities Claims
In their Second Circuit Review , Martin Flumenbaum and Brad Karp discuss 'Cavello Bay Reinsurance v. Shubin Stein,' an opinion which "continues the Second Circuit's trend of taking a narrow approach to the extraterritorial reach of the federal securities laws."
March 23, 2021 at 12:45 PM
8 minute read
In Cavello Bay Reinsurance Ltd. v. Shubin Stein, 986 F.3d 161 (2d Cir. Jan. 25, 2021), the U.S. Court of Appeals for the Second Circuit affirmed its prior holding that the Securities Exchange Act of 1934 (the Exchange Act) does not apply to securities claims that are "predominantly foreign." In an opinion written by Circuit Judge Dennis Jacobs and joined by Circuit Judges Rosemary S. Pooler and Joseph F. Bianco, the Second Circuit affirmed the dismissal of Exchange Act claims asserted by a foreign company against another foreign company with its principal place of business in New York.
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