As part of our beat here at The D&O Diary, we have to read a lot of judicial decisions. We are well acquainted with the fact that court rulings vary quite a bit, but every now and then we read an opinion that makes us stop and say – “What?” That was
Supreme Court Limits Foreign Investors’ Access to U.S. Courts
In a long-awaited ruling, the U.S. Supreme Court on June 24, 2010 issued an opinion affirming dismissal of the Morrison v. National Australia Bank case. Among other things, the Court’s opinion will limit securities claims by investors who bought their shares on foreign exchanges. This ruling could have a dramatic impact on many pending cases as well
The “Vexing” Question of Extraterritorial Jurisdiction (Corrected Version)
Editor’s Note: The corrected post is being republished to remedy an error in the prior email notification. The National Australia Bank case now awaiting decision before the United States Supreme Court raises what the Second Circuit in that same case called "the vexing question of the extraterritorial application of the [U.S.] securities laws." But while we
Big Securities Law Doings in D.C.: Supreme Court, Congress Gear Up
Courts in the financial center of New York and the tech hotspot of California tend to be where much of the headline grabbing securities law action usually takes place. But this week, the most significant action is in Washington, D.C., as the Supreme Court and Congress are weighing into several of the hottest topic under
Guest Post: Foreign-Cubed Litigation – Developments at the Supreme Court
The D&O Diary is pleased to present the following guest blog post, written by Angelo Savino (pictured), a partner at the Cozen & O’Connor law firm. Angelo is resident in the firm’s New York office. Angelo’s guest blog post follows:
As noted in prior posts (here), the U.S. Supreme Court is considering whether
Congressional Overhaul of Financial Regulation Launched, Securities Law Reforms Proposed
One consequence of the current economic crisis that has long seemed inevitable is some form of legislative overhaul of the financial regulatory system. This possibility may have taken one step toward realization with the October 1 release of a package of legislative proposals by Pennsylvania Democratic Congressman Paul E. Kanjorski, the Chairman of the
Second Circuit Addresses “F-Cubed” Securities Claimant Jurisdiction
On October 23, 2008, in a much-anticipated decision addressing what it called "the vexing question of the extraterritorial application of the securities laws," the Second Circuit in the National Australia Bank (NAB) case ruled (here) that U.S. courts lack subject matter jurisdiction over the claims of foreign claimants in that case who bought
Now, Lawsuits Concerning the Auction Rate Securities Settlements?
When the various broker dealers and investment banks recently announced their agreements with government regulators to buy back auction rate securities, the announcements raised questions about the continuing need for the pending auction rate securities litigation. But, at least based on a recently filed lawsuit, it now appears that the settlements may have opened the
Another Court Restricts Foreign Claimants’ Access
In prior posts (refer here), I have discussed the increasing reluctance of U.S. courts to exercise subject matter jurisdiction over securities claims against foreign-domiciled companies brought by foreign claimants who bought their shares on foreign exchanges (so-called “f-cubed” claimants).
In the most recent example of this, Judge Thomas Griesa of the