U.S. Supreme Court Restricts Foreign Investors’ Access to U.S. Securities Laws in Morrison v. National Australia Bank, Ltd. – Will Congress Reinstate It?
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This client update discusses the implications of the Supreme Court's ruling in Morrison v. National Australia Bank that foreign nationals who purchase securities of a foreign issuer on a foreign exchange -- so-called F-Cubed plaintiffs -- cannot pursue claims under Section 10(b) of the Securities Exchange Act, and the impact on that ruling of the proposed Dodd-Frank Act.