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Transnational Securities Class Actions

6th July 2010

Important Note: The U.S. Supreme Court has just handed down its opinion in the case Morrison v. National Australia Bank Ltd. In this opinion, the Supreme Court departs substantially from previous case law. Professor Linda Silberman will discuss the implications of this landmark decision.

What is this event about?
The topic is transnational securities class actions, and in particular, the problem of the "f-cubed" (foreign-cubed) securities case. The f-cubed case presents the situation where claims in state A are brought by purchasers who reside outside state A and who purchased their securities from non-state A issuers on exchanges outside state A. The United States Supreme Court has this paradigm case pending before it (Morrison v. National Australia Bank Ltd) and will shortly determine the reach of U.S. jurisdiction and application of U.S. securities law in this situation. Courts in other countries are confronting similar questions. Among the issues raised by these cases are:
(1) In what circumstances should a court exercise jurisdiction over a multinational securities action? (2) Which country's securities laws should apply in such a case? (3) Will court decisions or settlements of these actions be recognized in other jurisdictions?



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