Morrison's Effects Test

Abstract:     
In Morrison v. National Australia Bank, the Supreme Court held that the presumption against extraterritoriality applies "in all cases." But the Court also changed the presumption by shifting its focus from the location of the conduct to the location of the effects. This symposium contribution argues this shift is consistent with the presumption’s underlying rationale and with the Court’s prior case law. It also applies Morrison’s effects test to RICO.

Number of Pages in PDF File: 10

Keywords: extraterritorial, Morrison, RICO, securities

JEL Classification: K33

Accepted Paper Series