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Second Circuit Review: 'Foreign-Cubed' Securities Class-Action Plaintiffs
November 26, 2008 Full PDF
Litigation partners Marty Flumenbaum and Brad Karp's "Second Circuit Review" column appears in the November 26 issue of the New York Law Journal. The article discusses Morrison v. National Australia Bank Ltd., in which the U.S. Court of Appeals for the Second Circuit confronted the question of federal courts' subject matter jurisdiction over suits between foreign parties concerning alleged securities fraud violations. The Second Circuit affirmed the district court's decision for dismissal but declined to set a bright-line rule barring foreign-cubed suits that did not involve harm to American investors, observing that such a rule would "conflict with the goal of preventing the export of fraud from America." Litigation associate Elizabeth Scavo assisted in the preparation of this column.