Second Circuit Court of Appeals Limits Extraterritorial Application of U.S. Securities Laws in Benchmark "Foreign-Cubed" Class Action Decision

The United States Court of Appeals for the Second Circuit issued an important decision yesterday on the extraterritorial application of the U.S. securities laws, affirming the dismissal for lack of subject matter jurisdiction of the first so-called “foreign-cubed” securities class action – a suit by foreign plaintiffs against a foreign issuer based on securities transactions in a foreign country.