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Morrison v. National Australia Bank, 561 U.S. 247 (2010), was a United States Supreme Court case concerning the extraterritorial effect of U.S. securities legislation. Morrison extinguished two species of securities class-action claims that had proliferated in preceding years: “foreign-cubed” claims, in which foreign plaintiffs sued foreign issuers for losses on transactions on foreign exchanges, and “foreign-squared” claims, brought by domestic plaintiffs against foreign issuers for losses on transactions on foreign exchanges.

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  • Morrison v. National Australia Bank
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  • Morrison v. National Australia Bank, 561 U.S. 247 (2010), was a United States Supreme Court case concerning the extraterritorial effect of U.S. securities legislation. Morrison extinguished two species of securities class-action claims that had proliferated in preceding years: “foreign-cubed” claims, in which foreign plaintiffs sued foreign issuers for losses on transactions on foreign exchanges, and “foreign-squared” claims, brought by domestic plaintiffs against foreign issuers for losses on transactions on foreign exchanges.
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  • Robert Morrison, et al., Petitioners v. National Australia Bank Ltd., et al.
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  • Morrison v. National Australia Bank, 561 U.S. 247 (2010), was a United States Supreme Court case concerning the extraterritorial effect of U.S. securities legislation. Morrison extinguished two species of securities class-action claims that had proliferated in preceding years: “foreign-cubed” claims, in which foreign plaintiffs sued foreign issuers for losses on transactions on foreign exchanges, and “foreign-squared” claims, brought by domestic plaintiffs against foreign issuers for losses on transactions on foreign exchanges. The Dodd–Frank Wall Street Reform and Consumer Protection Act, in its section 929P(b), allowed the SEC and DOJ extraterritorial jurisdiction, but this interpretation is contested in the courts. In its section 929Y, the Act commissioned the SEC to study extending the permission to private actors. The study indicated a number of options to be taken by Congress, which in varying degrees would mitigate the decision. In late 2010 Fabrice Tourre of Goldman Sachs asked for dismissal of an SEC suit against him based on the repercussions of the Morrison v. National Australia Bank Ltd Supreme Court case, claiming his deals were outside the US and thus not subject to certain US laws.
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  • --03-29
ArgueYear
Concurrence
  • Breyer
  • Stevens
DecideDate
  • --06-24
DecideYear
Holding
  • Section 10 of the Securities Exchange Act of 1934 does not provide a cause of action to foreign plaintiffs suing foreign and American defendants for misconduct in connection with securities traded on foreign exchanges.
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  • Ginsburg
JoinMajority
  • Roberts, Kennedy, Thomas, Alito
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Litigants
  • Morrison v. National Australia Bank
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  • Sotomayor
SCOTUS
USPage
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  • Scalia
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  • 259200.0
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