- Category
- Client Alerts
- Date
- Dec. 08, 2009
- Title
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Securities Litigation Update: Supreme Court Grants Certiorari in “Foreign-Cubed” Securities Case
On November 30, 2009, the Supreme Court granted certiorari and agreed to hear the so-called “foreign-cubed” securities lawsuit, Morrison v. National Australia Bank, Ltd., No. 08-1191. As we reported previously in our November 2008 Alert, a “foreign-cubed” lawsuit is a securities claim brought in U.S. courts, where (1) foreign purchasers of securities sue (2) foreign issuers for violations of American securities laws with respect to (3) securities that are traded on a foreign stock exchange. The question whether US. courts will entertain such claims is particularly important, given the recent worldwide volatility in the financial markets and the relatively plaintiff-friendly class action procedures and remedies available in American courts.
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Related People
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Arthur H. Aufses III
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- Counsel
- Author
- New York
- vcard
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Alan R. Friedman
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- Counsel
- Author
- New York
- vcard
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