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U.S. Supreme Court Rules Against Extraterritorial Application of Antifraud Provisions in “Foreign Cubed” Case
8 Jul 2010
Abigail Arms, Danielle Carbone, Robert Evans III, Stuart K. Fleischmann, Emmanuel Gaillard, Stephen D. Hibbard, Stephen J. Marzen, Brian H. Polovoy, Barnabas W.B. Reynolds, Antonia E. Stolper, Robert C. Treuhold

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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