January 26, 2010
The Supreme Court will render a decision later this term (which ends in June 2010) in Morrison v. National Australia Bank, 547 F.3d 167 (2d Cir. 2008) (“NAB”) regarding whether the judicially implied private right of action under Section 10(b) of the Exchange Act should be extended to permit securities claims brought by a class of foreign investors who purchased stock issued by a foreign company on a foreign securities exchange (so-called “F-cubed claims”). On January 26, 2010, BLB&G jointly filed an amicus curiae (“friend of the court”) brief on behalf of numerous European institutional investors with collective assets of more than $1.8 trillion. The brief advocates that the Supreme Court adopt a standard that would permit meritorious F-cubed claims to be litigated in the United States when the transnational fraudulent scheme included a material domestic component. A copy of the brief can be found here.