Morrison v. National Australia Bank: Implications for Global Securities Class Actions

Swiss Yearbook of Private International Law 2010

NYU School of Law, Public Law Research Paper No. 11-41

22 Pages Posted: 20 Jun 2011  

Linda Silberman

New York University School of Law

Date Written: June 14, 2011

Abstract

The recent U.S. Supreme Court decision in Morrison v. National Australia Bank has had a significant impact on the extraterritorial reach of the U.S. Securities Laws as well as a limitating global class actions. Other countries have begun to fill a perceived gap with respect to such class actions, as the recent Converium case in the Netherlands and the Imax decision in Canada illustrate. In addition to thosse developments, the article discusses various post-Morrison developments in the United States, including the recent Dodd-Frank legislation, the possibility of bringing claims in the United States under foreign law, lower court interpretations of Morrison, including off-exchange case law. The author concludes with a call for increased regulatory cooperation as well as the need for an international treaty.

Suggested Citation

Silberman, Linda, Morrison v. National Australia Bank: Implications for Global Securities Class Actions (June 14, 2011). Swiss Yearbook of Private International Law 2010; NYU School of Law, Public Law Research Paper No. 11-41. Available at SSRN: https://ssrn.com/abstract=1864786

Linda Silberman (Contact Author)

New York University School of Law ( email )

40 Washington Square South
New York, NY 10012-1099
United States
212-998-6204 (Phone)
212-995-4341 (Fax)

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