Archivo de la etiqueta: Jacopo Crivellaro

THE IMPLICATIONS OF THE MORRISON JUDGMENT FOR INTERNATIONAL SECURITIES LITIGATION

Jacopo Crivellaro, BCL candidate, St. Catherine’s College, University of Oxford; J.D., Columbia Law School; LL.B., King’s College, London.

Working Paper 3/2012 (full text PDF)

jacopo_crivellaro_1In Morrison v National Australia Bank the Supreme Court of the United States has addressed for the first time in its history the extraterritorial scope of the US securities laws. In its landmark ruling, the Supreme Court has introduced a new standard for securities suits which allege a fraud or deception in the purchase or sale of securities pursuant to Section 10(b) of the Securities Exchange Act of 1934 or SEC Rule 10b-5. The new standard – the transactional test – restricts the scope of the anti-fraud provisions to “transactions in securities listed on domestic exchanges and domestic transactions in other securities.” Sigue leyendo