High court, 8-0: no “foreign-cubed” securities fraud suits

“While there is no reason to believe that the United States has become the Barbary Coast for those perpetrating frauds on foreign securities markets,” wrote Justice Scalia for the Court, “some fear that it has become the Shangri-La of class-action litigators for lawyers representing those allegedly cheated in foreign securities markets.” [Mauro/NLJ] And hurray for the presumption against extraterritoriality [Ku/Opinio Juris]

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  • […] quickly on a partial overturn of the Supreme Court’s new 8-0 Morrison ruling, which was handed down less than two weeks ago. [Julian Ku, Opinio Juris] (& welcome Daniel Fisher, Forbes […]