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8 Jul 2010

U.S. Supreme Court Rules Against Extraterritorial Application of Antifraud Provisions in “Foreign Cubed” Case

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On June 24, 2010, in Morrison v. National Australia Bank Ltd., No. 08-1191, the U.S. Supreme Court held that the antifraud provisions of the U.S. securities laws do not apply to foreign plaintiffs suing foreign defendants for fraud in connection with securities transactions on foreign exchanges—the so-called “foreign-cubed” cases.

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