Foreign-Cubed Securities Class Actions: Morrison v. National Australia Bank

Today, the U.S. Supreme Court heard arguments in Morrison v. National Australia Bank, which centers on the question of whether Section 10(b) of the Securities Exchange Act should be expanded to permit so-called foreign-cubed securities class actions (cases brought by foreign investors who purchased securities of foreign issuers on foreign exchanges). Cleary Gottlieb filed an amici curiae brief in support of the Respondents on behalf of the Securities Industry and Financial Markets Association, the Association for Financial Markets in Europe, the Chamber of Commerce of the United States of America, the United States Council for International Business, the Association Française des Entreprises Privées, and GC100. The brief, which is attached below, advocates affirmance of the decision by the Court of Appeals for the Second Circuit, which rejected the expansion of Section 10(b) to permit these types of cases.

Please feel free to contact any of your regular contacts at the firm or any of the partners and counsel listed under Litigation and Arbitration if you have any questions concerning this subject.