Supreme Court rules no cause of action for foreign plaintiffs in securities fraud litigation

[JURIST] The US Supreme Court [official website; JURIST news archive] on Thursday ruled [opinion, PDF] 8-0 in Morrison v. National Australia Bank [Cornell LII backgrounder] that the Securities and Exchange Act of 1934 (SEA) [text, PDF] does not provide a cause of action to foreign plaintiffs suing for misconduct occurring on foreign stock ...

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