High court, 8-0: no “foreign-cubed” securities fraud suits

by Walter Olson on June 25, 2010

“While there is no reason to believe that the United States has become the Barbary Coast for those perpetrating frauds on foreign securities markets,” wrote Justice Scalia for the Court, “some fear that it has become the Shangri-La of class-action litigators for lawyers representing those allegedly cheated in foreign securities markets.” [Mauro/NLJ] And hurray for the presumption against extraterritoriality [Ku/Opinio Juris]

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Extraterritorial application of securities law
07.06.10 at 6:26 pm

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