Rather than assert any of the Morrison work-arounds that other plaintiffs lawyers have already tried and failed to sell to federal judges—such as arguing that a company’s foreign-traded shares are “listed” if its American Depository Shares trade on a U.S. exchange—the lawyers suing Toyota looked across the Pacific Ocean for a new way to thwart Morrison. Unfortunately for them, they fared no better than everyone else who’s tried to find any vulnerability in the Supreme Court’s ruling.
‘Enforcement 40’ for 2020
Join Us On LinkedIn
Join the Securities Litigation and Enforcement Group on LinkedIn