U.S. Court of Appeals for the Second Circuit

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Case Updates

Plaintiffs voluntarily dismiss case

June 06, 2013

U.S. Chamber files brief addressing extraterritorial application of securities laws to swap transactions

August 03, 2011

The U.S. Chamber urged the Second Circuit to hold that, in light of the Supreme Court’s decision last year in Morrison v. National Australia Bank, Section 10(b) of the Exchange Act does not apply extraterritorially to an order placed in the U.S. to buy securities traded outside the U.S. In this ‘f-cubed’ securities class action, the plaintiffs sued a foreign person for alleged misstatements and omissions regarding securities of a foreign issuer traded on a foreign securities exchange – based merely on allegations that plaintiffs signed confirmations of swap transactions with unnamed third parties in the United States. Expanding investors’ exposure to U.S. securities litigation would further deter overseas firms from investing in American capital markets.

Case Documents