As the number of litigations involving digital assets continues to rise, courts have increasingly grappled with how the U.S. securities laws apply to novel fact patterns that, in many instances, involve conduct occurring outside the U.S. Step one in this analysis is to determine whether they apply at all. Source: Drawing lines in a borderless world: applying Morrison to crypto…
The Morrison decision overturned decades of case law in which the lower courts struggled to apply the then-applicable “conduct and effects” test to determine whether or not the U.S. securities were applicable in any given circumstance. In a decision written by the late Justice Antonin Scalia, the Court said in Morrison that the U.S. securities laws apply only to “transactions…
These issues were presented in the class action lawsuit filed in June 2015 in the Central District of California against Toshiba Corporation. The consolidated lawsuit purported to be filed on behalf of a class of investors who purchased unsponsored Toshiba American Depositary Shares (ADS) over-the-counter in the U.S., as well as on behalf of investors who purchased Toshiba shares on the Tokyo…
The U.S. Court of Appeals for the Second Circuit misapplied the standard set out in Morrison v. Nat’l Australia Bank Ltd., 561 U.S. 247 (2010), when it granted the SEC summary judgment in a civil enforcement action, petitioners Alberto Vilar and Gary Tanaka argued in a March 29 certiorari petition. via SEC to Answer ‘Morrison’ Challenge by 5-31 | Bloomberg…
Wachtell fleshed out its mention of British shareholder litigation against the company with a bunch of exhibits detailing how three prominent members of the U.S. shareholder bar – Scott & Scott, Grant & Eisenhofer and Kessler Topaz Meltzer & Check – are devoting their time and effort to litigating abroad on behalf of Tesco shareholders rather than in the U.S.…
Attention, American fraudsters! If you restrict your criminal activities to conduct outside of the United States, you’re safe from prosecution under U.S. laws. That’s not exactly how a three-judge panel of the 2nd Circuit Court of Appeals worded its decision Friday in U.S. v. Alberto Vilar and Gary Tanaka, but it’s the effective result of the appellate court’s finding that…
The number of suits filed against non-U.S. companies has unexpectedly increased after the Supreme Court’s 2010 opinion in Morrison.
New York state court decision may show a way around Morrison’s constraints.
Recommendations to tweak Morrison rule may fall on deaf ears.
SEC Commissioner Aguilar voices “astonishment” at SEC study on Morrison issues.