Supreme Court opens extraterritorial case

Author: Nicholas Pettifer | Published: 30 Mar 2010

Earlier today, the US Supreme Court opened proceedings on the extraterritorial reach of Section 10(b) of the Securities Exchange Act. Morrison v National Australia Bank is questioning whether the act can be used for foreign-cubed securities class actions.

These class actions are foreign for three reasons: they are brought by foreign investors, who invested in a foreign...