In a ruling providing guidance as to what constitutes a domestic purchase or sale under Morrison v. National Australia Bank Ltd., 130 S.Ct. 2869 (2010), a federal appeals court has concluded that in order to allege a domestic transaction when seeking relief under the Securities Exchange Act of 1934, a plaintiff must claim irrevocable liability was incurred or that title was transferred in the United States.
The U.S. Court of Appeals for the Second Circuit on March 1 issued its latest ruling clarifying the law under Morrison, where the U.S. Supreme Court held that §10(b) of the Exchange Act only applies to “transactions in securities listed on domestic exchanges and domestic transactions in other securities.”
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
