Foreign-cubed securities class actions can no longer be
filed in the US due to a decision in Morrison v National
Australia Bank. On June 24, the Supreme Court found that
foreign investors buying securities of a foreign company on a
foreign exchange cannot bring fraud actions in the US.
"This is a clear cut victory for the US capital markets,
predictability and foreign issuers. It is much more of a bright
line approach based on what the statute says," said Jordan Eth,
co-chair of Morrison & Foerster's securities litigation,
enforcement and white-collar defence group. "This...