Morrison v. National Australia Bank | |
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Argued March 29, 2010 Decided June 24, 2010 | |
Full case name | Robert Morrison, et al., Petitioners v. National Australia Bank Ltd., et al. |
Docket no. | 08-1191 |
Citations | 561 U.S. 247 (more) 130 S. Ct. 2869; 177 L. Ed. 2d 535; 2010 U.S. LEXIS 5257; 78 U.S.L.W. 4700; Fed. Sec. L. Rep. (CCH) ¶ 95,776; 76 Fed. R. Serv. 3d (Callaghan) 1330; 22 Fla. L. Weekly Fed. S 575 |
Case history | |
Prior | Motion to dismiss granted, In re Nat'l Australia Bank Sec. Litig., No. 03-cv-6537, 2006 WL 3844465 (S.D.N.Y. Oct. 25, 2006); affirmed sub nom. Morrison v. Nat'l Australia Bank Ltd., 547 F.3d 167 (2d Cir. 2008); cert. granted, 558 U.S. 1047 (2009). |
Holding | |
Section 10(b) of the Securities Exchange Act of 1934 does not provide a cause of action to foreign plaintiffs suing foreign and American defendants for misconduct in connection with securities traded on foreign exchanges. | |
Court membership | |
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Case opinions | |
Majority | Scalia, joined by Roberts, Kennedy, Thomas, Alito |
Concurrence | Breyer (in part) |
Concurrence | Stevens (in judgment), joined by Ginsburg |
Sotomayor took no part in the consideration or decision of the case. | |
Laws applied | |
Securities Exchange Act of 1934 §10(b) | |
Superseded by | |
Dodd–Frank Wall Street Reform and Consumer Protection Act, Pub. L. No. 111-203, sec. 292P(b)(2), § 27(b), 124 Stat. 1376, 1862 (2010) |
Morrison v. National Australia Bank, 561 U.S. 247 (2010), was a United States Supreme Court case concerning the extraterritorial effect of U.S. securities legislation.[1] Morrison extinguished two species of securities class-action claims that had proliferated in preceding years: "foreign-cubed" claims, in which foreign plaintiffs sued foreign issuers for losses on transactions on foreign exchanges, and "foreign-squared" claims, brought by domestic plaintiffs against foreign issuers for losses on transactions on foreign exchanges.[2]