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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInThe Impact of the Morrison Decision After Ten Years | The D&O Diary
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 […]
Under Morrison, U.S. Securities Laws Don’t Apply to Toshiba’s Unsponsored ADRs Purchased OTC in the U.S. – The D&O Diary
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 […]
SEC to Answer ‘Morrison’ Challenge by 5-31 | Bloomberg BNA
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’ […]
Tesco moves to toss U.S. securities case – but real action is in U.K. — On the Case
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 […]
U.S. criminal laws don’t apply to conduct abroad: 2nd Circuit — On the Case
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 […]
NERA Releases Study of Securities Suits against Non-U.S. Companies — The D & O Diary
The number of suits filed against non-U.S. companies has unexpectedly increased after the Supreme Court’s 2010 opinion in Morrison.
A Way Around Morrison?: Dismissal Denied in Short-Sellers’ State Court Suit Against Porsche — The D & O Diary
New York state court decision may show a way around Morrison’s constraints.
Pursuing Foreign Fraud Claims on American Soil
Recommendations to tweak Morrison rule may fall on deaf ears.
SECs Post-Morrison Study Draws Strong Disappointment from Comm. Aguilar
SEC Commissioner Aguilar voices “astonishment” at SEC study on Morrison issues.
The Second Circuit Takes a Whack at Morrison’s Second Prong : The D&O Diary
Opinion analyzes allegations that would satisfy Morrison test.