Morrison v. National Australia Bank, Ltd.
- Case Date: 2/26/2010
- Project Name: Class Action Reform
On June 24, 2010, the U.S. Supreme Court issued a unanimous decision rejecting an attempt by foreign shareholders to sue an Australian bank in an American court under federal securities laws. The decision was a victory for the Washington Legal Foundation (WLF), which filed a brief with the Court arguing that the purpose of the Securities Exchange Act of 1934 was to protect American investors and to regulate American securities exchanges, not to create worldwide antifraud rules. The Court’s holding, which should be welcomed by any foreign public company with ties to the United States, will have a significant impact on overseas plaintiffs’ abilities to avail themselves of the private right of action afforded by section 10(b) of the Exchange Act.
More Information and Downloads:
2/26/2010: Download the Brief
7/12/2007: Download the Brief