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Supreme Court's Morrison v. National Australia Bank and "Foreign Cubed" Securities Fraud Actions

Jul. 9, 2010



Overview

July 9, 2010, 1:00 pm - 2:00 pm (E.D.T.)

The Supreme Court issued its decision on June 24 in Morrison v. National Australia Bank Ltd., No. 08-1191 and held that the federal securities laws do not provide a cause of action to foreign investors suing foreign and American defendants for securities fraud if the foreign investors purchased or sold the securities on foreign exchanges.
In this briefing you will have the opportunity to hear from Thomas A. Dubbs of Labaton Sucharow LLP, who argued on behalf of the Australian plaintiffs, George T. Conway III of Wachtell, Lipton, Rosen & Katz, who argued on behalf of defendants, and moderator Lyle Roberts of Dewey & LeBoeuf LLP and author of The 10b-5 Daily blog, as they discuss this important decision.

Among the questions that will be addressed are:

In addition to categorically barring all "foreign-cubed" suits, does the Supreme Court's decision categorically bar all "foreign squared" suits (suits by US plaintiffs against foreign issuers seeking compensation for losses on foreign exchanges, such as the New York state pension fund's contemplated case against BP)?

As a result of the decision, will the US become a safe haven or "Barbary Coast" for fraudulent activity that harms investors abroad? Or will investors and companies benefit from the US's no longer being the "Shangri-La" for counsel to foreign plaintiffs, and from other nations' application and development of their own investor-protection and compensation mechanisms?

Will the decision create incentives or disincentives for foreigners to invest in the US or in US companies?

Does the decision limit the enforcement power of the Securities and Exchange Commission to pursue fraudulent activity outside the US?  If so, to what extent?

Faculty

Speaker(s)

George T. Conway III, Partner, Wachtell, Lipton, Rosen & Katz
Thomas A Dubbs, Senior Partner, Labaton Sucharow LLP
Lyle Roberts, Dewey & LeBoeuf LLP

CLE Credit

PLI makes every effort to accredit its Live Webcasts.  Please check the CLE Calculator above for CLE information specific to your state.

PLI's Live Webcasts are approved for MCLE credit (unless otherwise noted in the product description) in the following states/territories:

Alabama, Alaska, Arizona, Arkansas, California, Colorado, Delaware, Florida, Georgia, Hawaii, Idaho*, Illinois, Indiana1, Iowa*, Kentucky*, Louisiana, Maine*, Minnesota, Mississippi, Missouri, Montana, Nebraska, North Carolina, North Dakota, New Hampshire*, New Jersey, New Mexico, Nevada, New York2, Ohio3, Oklahoma, Oregon*, Pennsylvania4, Rhode Island, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, Virgin Islands, Washington, West Virginia, Wisconsin, and Wyoming*.

*PLI will apply for credit upon request.

Arkansas, Mississippi, Ohio, Oklahoma, and Rhode Island: Audio-only live webcasts are not approved for credit.

1Indiana: Considered a distance education course. There is a 6 credit limit per year.

2 New York: Newly admitted attorneys may not take non-transitional course formats such as on-demand audio or video programs or live webcasts for CLE credit. Newly admitted attorneys not practicing law in the United States, however, may earn 12 transitional credits in non-traditional formats.

3Ohio: To confirm that the live webcast has been approved, please refer to the list of Ohio’s Approved Self Study Activities at http://www.sconet.state.oh.us. Online programs are considered self-study. Ohio attorneys have a 6 credit self-study limit per biennial compliance period. The Ohio CLE Board states that attorneys must have a 100% success rate in clicking on timestamps to receive ANY CLE credit for an online program.

4 Pennsylvania: A live webcast may be viewed individually or in a group setting. Credit may be granted to an attorney who views a live webcast individually. There is a 4.0 credit limit per year for this type of viewing. A live webcast viewed in a group setting receives live participatory credit if the program is open to the public and advertised at least 30 days prior to the program. Live webcasts viewed in a group setting that do not advertise at least 30 days prior the program will be considered "in-house", and therefore denied credit.

Running time and CLE credit hours are not necessarily the same. Please be aware that many states do not permit credit for luncheon speakers.

Note that some states limit the number of credit hours attorneys may claim for online CLE activities, and state rules vary with regard to whether online CLE activities qualify for participatory or self-study credits. For more information, refer to your state CLE website or call Customer Service at (800) 260-4PLI (4754) or email: info@pli.edu.

If you have already received credit for attending some or the entire program, please be aware that state administrators do not permit you to accrue additional credit for repeat viewing even if an additional credit certificate is subsequently issued.



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