Tag Archives: Morrison

A Way Around Morrison?: Dismissal Denied in Short-Sellers’ State Court Suit Against Porsche

The U.S. Supreme Court’s decision in Morrison v. National Australia Bank presents significant obstacles for claimants who want to pursue securities claims against non-U.S. companies in the U.S courts, as the short sellers who tried to sue Porsche in the Southern District of New York found out—their prior federal court securities suit was dismissed on … Continue Reading

SEC Releases Study on Cross-Border Private Securities Litigation

On April 11, 2012, as required by the Dodd-Frank Act, the SEC released its study of cross-border private securities litigation, entitled “Study on the Cross-Border Scope of the Private Right of Action Under Section 10(b) of the Securities Exchange Act of 1934” (here). This Commission study considers possible alternative approaches to the question of cross-border … Continue Reading

The Second Circuit Takes a Whack at Morrison’s Second Prong

In its June 2010 decision in the Morrison v. National Australia Bank, the U.S. Supreme Court enunciated a "transactions" test to determine the applicability of the U.S. securities laws. The Court said that the U.S. securities laws apply only to "transactions in securities listed on domestic exchanges and domestic transactoins in other securities." Subsequent courts have … Continue Reading

BP Deepwater Horizon Securities Suit, Though Narrowed, Survives Dismissal Motion

In the wake of the disastrous April 2010 Deepwater Horizon oil spill, BP was hit with a wave of litigation from plaintiffs asserting claims of personal injury, wrongful death and property damage. The claimants also included BP shareholders raising allegations that they had been misled regarding BP safety efforts and processes. In a 129-page February … Continue Reading

Canadian Securities Class Action Lawsuit Filings Hit Record in 2011

Securities class action lawsuit filings in Canada hit record levels in 2011 according to a new report from NERA Economic Consulting. The January 31, 2012 report, entitled “Trends in Canadian Securities Class Actions: 2011 Update” (here) concludes that the persistent growth in Canadian securities class action lawsuit filings “is not a transient phenomenon.”   According … Continue Reading

Applying Morrison, Court Rejects Toyota Shareholders’ Japanese Law Securities Claims

The U.S. Supreme Court’s June 2010 decision in Morrison v. National Australia Bank looked like the end of securities claims in U.S. courts on behalf so-called “f-cubed” claimants – that is, foreign shareholders of foreign-domiciled companies who bought their shares on foreign exchanges. In the aftermath of Morrison, these foreign claimants have pursued a number … Continue Reading

Guest Post: The Applicability of Morrison v. NAB to Foreign-Cubed Claims by the SEC

I am pleased to present below a guest post from Angelo G. Savino of the Cozen O’Connor law firm discussing the Southern District of New York’s application of the Morrison decision in an SEC enforcement action pending against Goldman Sachs employee Fabrice Tourre. This guest post will also be published and distributed in the future as … Continue Reading

Flash From the Past?: New Credit Crisis-Related Securities Suits Filed

As the worst days of the financial crisis (if not their ill effects) receded into the past, the accompanying credit crisis-related litigation wave appeared to lose its momentum. By late 2010, new credit crisis-related lawsuit filings seemingly had dwindled away. But now at the midpoint of 2011, two new credit crisis related lawsuit have arisen. … Continue Reading

N.D. Cal. Applies Morrison to Dismiss Non-U.S. Purchasers from Infineon Securities Suit

It has been a long road — one that included among other things, an amicus brief filed at the U.S. Supreme Court in connection with Morrison v. National Australia Bank – but the defendants in the Infineon Technologies securities suit have managed to have the court dismiss the claims of company shareholders who purchased their … Continue Reading

Vivendi Court Narrows Securities Suit Class, Applying Morrison

In the long-awaited rulings on the post-trial motions in the Vivendi securities case, Judge Richard Holwell has entered a February 22, 2011 order materially narrowing the plaintiff class based on the U.S. Supreme Court’s holding in Morrison v. National Australia Bank. A copy of Judge Holwell’s opinion, in which he eliminated ordinary shareholders from the … Continue Reading

Satyam Agrees to Pay $125 Million to Settle Securities Suit

In a settlement that has a number of interesting features, Satyam Computer Services, an Indian technology outsourcing company, has agreed to pay $125 million to settle the consolidated securities class action litigation pending against the company in Southern District of New York.   The only settling defendant is the company itself, which is now known … Continue Reading

Interview with Max Berger of Bernstein Litowitz on Current Securities Litigation Trends

In recent days, I have published a series of posts with analysis of and commentary on recent trends in securities class action litigation. As part of this continuing series of posts, I thought it would be useful to include commentary from the plaintiffs’ perspective. With that in mind, I reached out to Max Berger at … Continue Reading

Morrison Extended Even Further in RBS Subprime Securities Suit Dismissal

In a January 11, 2011 ruling that for the first time extends the U.S. Supreme Court’s decision in Morrison v. National Australia Bank to claims under the Securities Act of 1933, and that for the first time rejects the "U.S. listing" theory by which plaintiffs in many cases had hoped to contain Morrison, Southern District … Continue Reading

Plaintiffs’ Lawyers Pursue Non-U.S. Securities Litigation Alternatives After Morrison

One of the questions posed in the wake of the U.S. Supreme Court’s landmark decision in Morrison v. National Australia Bank is whether the Court’s holding might encourage securities claimants foreclosed by Morrison from U.S. court to attempt to pursue their claims in their home countries or in other jurisdictions.   The January 10, 2011 … Continue Reading

The Top Ten D&O Stories of 2010

2010 was an eventful year in the world of D&O liability. Congress passed massive financial reform legislation, the Supreme Court issued landmark decisions in important cases and numerous claims emerged as the litigation landscape continued to evolve. With so much going on, it is a challenge to narrow the year’s events down to just the ten … Continue Reading

Under Morrison, Section 10(b) Does Not Apply to Swap Transactions in U.S Referencing Non-U.S. Securities

In the latest demonstration of just how far the U.S. Supreme Court’s holding in Morrison v. National Australia Bank may restrict Section 10(b) claims involving foreign companies, on December 30, 2010, Southern District of New York Judge Harold Baer held that U.S.-based hedge funds could not pursue the claims that Porsche and certain of its … Continue Reading

Swiss Re Subprime Securities Suit Dismissed Based on Morrison

Yet another securities class action lawsuit against a non-U.S. company has been dismissed based on the U.S. Supreme Court decision in Morrison v. National Bank of Australia. In a decision that specifically addresses many of the questions that have been discussed in the wake of Morrison, Southern District of New York Judge John Koeltl, in … Continue Reading

So Morrison Precludes Even Domestic ADR Purchasers’ Securities Suits?

So the U.S. Supreme Court held in Morrison that the investors who purchased their shares of a non-U.S. company on a foreign exchange cannot pursue claims under the Exchange Act, but securityholders who purchased American Depositary Receipts (ADRs) in the U.S. can still seek damages under the Exchange Act, right? Not according to a September … Continue Reading

Morrison Precludes Claims Based on Non-U.S. Purchased Shares, Even if Company Shares “Listed” in U.S.

On September 14, 2010, in another ruling that the U.S. Supreme Court’s decision in Morrison v. National Australia Bank precludes claim by "f-squared" claimants – that is, U.S. residents who purchased shares of a Non-U.S. company on a foreign exchange – Southern District of New York Judge Victor Marrero dismissed the claims of investors who … Continue Reading

Guest Post: A Response to the Vivendi Plaintiffs About Morrison v. National Australia Bank.

Earlier this week, I hosted a guest post from the counsel for the plaintiffs in the Vivendi securities class action lawsuit, in which plaintiffs’ counsel summarized their position on the impact that the U.S. Supreme Court’s decision in Morrison v. National Australia Bank had on their case.   In response to their post, University of … Continue Reading