Morrison v. National Australia Bank

Morrison v. National Australia Bank
Supreme Court of the United States
Argued March 29, 2010
Decided June 24, 2010
Full case nameRobert Morrison, et al., Petitioners v. National Australia Bank Ltd., et al.
Docket no.08-1191
Citations561 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
PriorMotion 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
Chief Justice
John Roberts
Associate Justices
John P. Stevens · Antonin Scalia
Anthony Kennedy · Clarence Thomas
Ruth Bader Ginsburg · Stephen Breyer
Samuel Alito · Sonia Sotomayor
Case opinions
MajorityScalia, joined by Roberts, Kennedy, Thomas, Alito
ConcurrenceBreyer (in part)
ConcurrenceStevens (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Superseded by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]

  1. ^ Dwyer Arce (June 24, 2010). "Supreme Court rules no cause of action for foreign plaintiffs in securities fraud litigation". JURIST - Paper Chase.
  2. ^ George T. Conway III (October 2014). "Morrison at Four: A Survey of Its Impact on Securities Litigation".