Extraterritoriality Occupies Second Circuit in 2014: Part I, Section 10(b)

Seldom has there been a more acerbic rejection of a Circuit-specific body of law than the Supreme Court’s reversal of the Second Circuit’s rulings on the extraterritoriality of section 10(b) of the Securities and Exchange Act of 1934 and its administrative handmaiden, SEC Rule 10b–5, in Morrison v. National Australia Bank, 561 U.S. 247 (2010). Morrison, in turn has inspired a plethora of Second Circuit cases dealing with extraterritoriality in multiple contexts.

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