United States: Post-Morrison, State Law Rather Than Federal Supports Claims By Non-U.S. Investors For Alleged Securities Fraud

Cadwalader, Wickersham & Taft LLP
We have been following the law’s development since the U.S. Supreme Court’s decision in the U.S. Supreme Court’s decision in Morrison v. National Australia Bank (No. 08-1191). Morrison held that Section 10(b) of the Securities Exchange Act of 1934 did not provide a private cause of action in „foreign-cubed“ cases-cases where foreign plaintiffs sue foreign defendants for misconduct in connection with securities traded on foreign exchanges (hence „foreign cubed“).

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United States Post-Morrison, State Law Rather Than Federal Supports Claims By Non-U.S. Investors For Alleged Securities Fraud