Landmark 'Morrison' Ruling: Supreme Court Rejects Extraterritorial Application of Securities Exchange Act
Mondaq Business Briefing › United Kingdom Law Articles in English (2010)
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Landmark 'Morrison' Ruling: Supreme Court Rejects Extraterritorial Application of Securities Exchange Act
In the watershed decision of Morrison et al. v. National Australia Bank Ltd., the United States Supreme Court has held that private causes of action under Section 10(b) of the Securities Exchange Act of 1934 (Exchange Act)1 may not be based on the purchase or sale of securities on foreign exchanges or on securities transactions otherwise occurring outside the United States.2
In so ruling on June 24, 2010, the Court reversed decades of precedent in federal appellate courts, which had developed various tests to dete...See the full content of this document
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