PLI’s Morrison Ten Years Later: The Continued Extraterritorial Scope of the U.S. Securities Laws

Webcast

Cleary Gottlieb partners Andrew Bernstein and Jared Gerber participated in PLI’s Morrison Ten Years Later: The Continued Extraterritorial Scope of the U.S. Securities Laws event.

Topics discussed included:

• The reasoning behind the Morrison decision, including its desire to prevent U.S. courts from becoming a forum for litigating foreign fraud and to provide certainty about whether transactions would be subject to the federal securities laws.
• The difficulty courts have faced under Morrison determining the location of transactions for securities that are not traded on foreign exchanges.
• The uncertainty regarding how Morrison should be applied to issuers with limited involvement in the relevant domestic transaction, including with respect to unsponsored ADRs and derivative transactions.
• Attempts to sidestep Morrison’s limitations by pursuing foreign law claims in U.S. securities class actions.

For more information, visit the event website.