The U.S. District Court for the Southern District of New York recently rejected a proposed settlement of a securities class action involving purchasers of digital tokens due to concerns about whether the lead plaintiff had...more
The U.S. Court of Appeals for the Second Circuit reaffirmed yesterday that the federal securities laws do not apply to “predominantly foreign” securities transactions even if those transactions might have taken place in the...more
The U.S. District Court for the Central District of California held on January 28, 2020 that the federal securities laws apply to U.S. transactions in unlisted, unsponsored American Depositary Receipts (“ADRs”) for a foreign...more
1/31/2020
/ American Depository Receipts (ADRs) ,
Dismissals ,
Foreign Private Issuers ,
Forum Non Conveniens ,
Morrison v National Australia Bank ,
Over The Counter Derivatives (OTC) ,
Putative Class Actions ,
Remand ,
Securities Exchange Act ,
Stock Exchange ,
Supplemental Jurisdiction ,
Toshiba
The Court of Appeals for the Tenth Circuit held today that the Securities and Exchange Commission may bring an enforcement action based on allegedly foreign securities transactions involving non-U.S. residents if sufficient...more
1/25/2019
/ Dodd-Frank ,
Enforcement Actions ,
Extraterritoriality Rules ,
Foreign Investment ,
Jurisdiction ,
Morrison v National Australia Bank ,
Ponzi Scheme ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Violations ,
Subject Matter Jurisdiction
The Amsterdam Court of Appeal has approved a €1.3 billion collective settlement of claims asserted on behalf of shareholders of the former Fortis (now Ageas). The July 13, 2018 decision again shows that the Dutch Act on...more
The Second Circuit held recently that putative securities class actions involving transactions in non-U.S.-listed foreign securities require careful scrutiny to determine whether the class members' claims can be litigated on...more
7/10/2017
/ Ascertainable Class ,
Bonds ,
Class Action ,
Comity ,
Commonality ,
Domestic Injury ,
Domestic Securities Transaction ,
Foreign Securities ,
FRCP 23 ,
FRCP 23(b)(3) ,
International Litigation ,
Morrison v National Australia Bank ,
Petrobras ,
Predominance Requirement ,
Putative Class Actions ,
Securities Litigation ,
Split of Authority ,
Standard of Review ,
Unlisted Securites
The Amsterdam Court of Appeal denied approval of the €1.204 billion collective settlement of former Fortis (now Ageas) shareholders’ claims unless the parties agree to restructure the allocation of the settlement amount among...more
6/20/2017
/ Ageas ,
Appeals ,
Attorney's Fees ,
Belgium ,
Class Action ,
EU ,
International Litigation ,
Morrison v National Australia Bank ,
Netherlands ,
Opt-Outs ,
Securities Litigation ,
Settlement ,
Shareholders
A federal court in Utah recently held that the Securities and Exchange Commission may bring an enforcement action based on allegedly foreign securities transactions involving non-U.S. residents if sufficient conduct occurred...more
4/6/2017
/ Conduct and Effects Test ,
Dodd-Frank ,
Enforcement Actions ,
Extraterritoriality Rules ,
Foreign Issuers ,
Interlocutory Appeals ,
Jurisdiction ,
Morrison v National Australia Bank ,
Ponzi Scheme ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Violations
The U.S. District Court for the Northern District of California held on January 4, 2017 that the federal securities laws apply to U.S. transactions in sponsored, but unlisted, American Depositary Receipts (“ADRs”) for a...more
1/6/2017
/ Automotive Industry ,
Carbon Emissions ,
Class Action ,
Financial Markets ,
Fraud ,
Misrepresentation ,
Morrison v National Australia Bank ,
National Emissions Standards ,
Over The Counter Derivatives (OTC) ,
Securities ,
Stock Exchange ,
Volkswagen
The U.S. Court of Appeals for the Second Circuit has allowed the defendants in the Petrobras securities litigation to pursue an immediate appeal from the District Court’s order certifying classes of investors who had...more
6/21/2016
/ Amicus Briefs ,
Ascertainable Class ,
Class Certification ,
Corporate Counsel ,
Extraterritoriality Rules ,
FRCP 23(f) ,
Morrison v National Australia Bank ,
Petrobras ,
Putative Class Actions ,
Securities Litigation ,
SIFMA
The U.S. District Court for the Central District of California held on May 20, 2016 that the federal securities laws do not apply to U.S. transactions in unlisted, unsponsored American Depositary Receipts (ADRs) for a foreign...more
5/25/2016
/ Accounting Fraud ,
Application of Foreign Laws ,
Comity ,
Foreign Issuers ,
Forum Non Conveniens ,
Investors ,
Japan ,
Morrison v National Australia Bank ,
Motion to Dismiss ,
Over-the-Counter Sales ,
Putative Class Actions ,
Toshiba
Ageas (the former Fortis) and several organizations representing Fortis shareholders announced yesterday a EUR 1.204 billion settlement of shareholder claims under the Dutch Act on Collective Settlement of Mass Claims (the...more
3/15/2016
/ Class Action ,
Corporate Counsel ,
EU ,
International Litigation ,
Jurisdiction ,
Morrison v National Australia Bank ,
Netherlands ,
Opt-Outs ,
SCOTUS ,
Settlement ,
Shareholder Litigation
The United States District Court for the Southern District of New York yesterday certified two classes of investors who had purchased Petrobras securities on U.S. exchanges or in other U.S. transactions. The February 2, 2016...more
The narrowing of the federal securities laws’ applicability to non-U.S. transactions continues. On December 21, 2015, the U.S. District Court for the Southern District of New York held in In re Petrobras Securities Litigation...more
Much ink has been spilled since the Supreme Court’s 2010 decision in Morrison v. National Australia Bank about the federal securities laws’ applicability to foreign transactions in foreign securities. But what happens when...more
9/29/2015
/ Application of Foreign Laws ,
BP ,
Canada ,
Class Action ,
Corporate Counsel ,
Cross-Border Transactions ,
Foreign Nationals ,
Forum Non Conveniens ,
Morrison v National Australia Bank ,
NYSE ,
SCOTUS ,
Securities Litigation
The U.S. Court of Appeals for the Third Circuit added its voice yesterday to the ongoing judicial effort to construe the U.S. Supreme Court's 2010 decision in Morrison v. National Australia Bank, concerning the extent to...more
1/28/2015
/ Appeals ,
Cross-Border Transactions ,
Extraterritoriality Rules ,
Market Manipulation ,
Morrison v National Australia Bank ,
OTCBB ,
SCOTUS ,
Securities ,
Securities Exchange Act ,
Securities Fraud ,
Stock Exchange
The U.S. Court of Appeals for the Third Circuit added its voice yesterday to the ongoing judicial effort to construe the U.S. Supreme Court’s 2010 decision in Morrison v. National Australia Bank, concerning the extent to...more
In its landmark 2010 decision in Morrison v. National Australia Bank, the Supreme Court articulated what seemed to be a bright-line test for determining the extent to which the U.S. securities laws apply to transactions with...more