United States Supreme Court
Morrison v. Nat'l Australia Bank Ltd., 08-1191
In a securities fraud action by Australian citizens claiming that defendant corporation and its officers manipulated financial models to make the company-s mortgage-servicing rights appear more valuable than they really were, the Second Circuit's affirmance of the dismissal of the action is affirmed where 1) the Second Circuit erred in considering Securities and Exchange Act section 10(b)-s extraterritorial reach to raise a question of subject-matter jurisdiction, thus allowing dismissal under Fed. R. Civ. P. 12(b)(1); and 2) section 10(b) did not provide a cause of action to foreign plaintiffs suing foreign and American defendants for misconduct in connection with securities traded on foreign exchanges.
Appellate Information
- Decided 06/24/2010
- Published 06/24/2010
Judges
Court
- United States Supreme Court