Nonjurisdictional Issues in Morrision Take Center Stage

The Supreme Court will for the first time consider whether the anti-fraud provisions of U.S. securities law extend to "foreign-cubed" securities lawsuits where foreign purchasers of securities sue foreign issuers for violations of American securities laws with respect to securities traded on a foreign exchange.

The grant of certiorari in Morrison v. Australian National Bank in November 2009 suggests that the court may resolve the three-pronged conflict among the circuits that currently exists in the jurisprudence.


Julius Melnitzer

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