- Morrison v. National Australia Bank Ltd
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Morrison v. National Australia Bank Ltd US is a US Supreme Court case concerning the extraterritorial effect of US securities legislation.[1] Its effect was to bar all federal securities fraud suits in the US for securities traded on a foreign stock exchange. However the impact of the decision was almost immediately reversed by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
In late 2010 Fabrice Tourre of Goldman Sachs asked for dismissal of an SEC suit against him based on the repercussions of the Morrison v. National Australia Bank Ltd Supreme Court case, claiming his deals were outside the US and thus not subject to certain US laws.[2][3][4]
Contents
Facts
Judgment
See also
- US corporate law
- Dodd-Frank Wall Street Reform and Consumer Protection Act
Notes
- ^ Dwyer Arce (June 24, 2010). "Supreme Court rules no cause of action for foreign plaintiffs in securities fraud litigation". JURIST - Paper Chase. http://jurist.org/paperchase/2010/06/supreme-court-rules-no-cause-of-action-for-foreign-plaintiffs-in-securities-fraud-litigation.php.
- ^ Securities Ruling Limits Claims of Fraud By NATHAN KOPPEL And ASHBY JONES , SEPTEMBER 28, 2010, Wall Street Journal
- ^ Goldman's Tourre says SEC suit should be dismissed September 30, 2010, Jonathan Stempel, Reuters, via foxbusiness.com
- ^ Goldman Trader Seeks a Dismissal, Chad Bray, Wall Street Journal, 2010 9 30
External links
Categories:- United States Supreme Court cases
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