Morrison v National Australia Bank: Implications for Global Securities Class Actions

Morrison v National Australia Bank: Implications for Global Securities Class Actions

Description

Morrison v National Australia Bank, decided by the Supreme Court of the United States in 2010, is an important decision in a number of respects. It was the first United States Supreme Court case to address the extraterritorial reach of the United States securities laws, in particular, section 10(b) of the Securities Exchange Act of 1934. The Court’s invocation of the presumption against extraterritoriality had the practical impact of dramatically reducing the regulatory reach of the anti-fraud provisions of the United States securities laws and changing the landscape of United States class action litigation in the securities field. The decision has also invited renewed interest in analysing the appropriate reach of United States statutes in other areas. Because the 8-0 ruling was one of statutory interpretation only, it has left open the possibility for future legislation to extend the reach of the securities laws beyond the limits imposed in Morrison and the United States Congress has directed further study on that question.

Source Publication

Extraterritoriality and Collective Redress

Source Editors/Authors

Duncan Fairgrieve, Eva Lein

Publication Date

2012

Morrison v National Australia Bank: Implications for Global Securities Class Actions

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