Foreign Securities

The Second Circuit as  a matter  of first impression, considered whether the bar on extraterritorial application of the United States securities laws, as set forth in Morrison v. National Australia Bank Ltd., 561 U.S. 247 (2010), precludes claims arising out of foreign‐issued securities  purchased  on  foreign  exchanges,  but  cross‐listed  on  a domestic exchange.  It concluded that federal courts had no jurisdiction to consider such claims under the Securities and Exchange Act of 1934.

The decision in City of Pontiac Policeman's and Fireman's Retirement System v. UBS AG can be found here.