Earlier today, the US Supreme Court opened proceedings on the extraterritorial reach of Section 10(b) of the Securities Exchange Act. Morrison v More on National Australia Bank is questioning whether the act can be used for foreign-cubed securities class actions.
These class actions are foreign for three reasons: they are brought by foreign investors, who invested in a foreign issuer on a foreign exchange. If such cases can be brought to the US court then any company with US operations could be made into a target.
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