The fastest and most successful reaction by Congress to a U.S. Supreme Court decision last term was not a legislative response to the very controversial Citizens United campaign finance ruling. And it wasn’t an attempt to salvage a widely supported animal-crush video ban. No, the winner was: “foreign-cubed” securities class actions.
Politics may be the art of compromise, but it is also the mastery of opportunity. Less than 24 hours after the justices on June 24 ruled against extraterritorial application of federal securities laws, language partially negating the decision was slipped into the Wall Street Reform and Consumer Protection Act — the massive financial reform package.
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