U.S. Supreme Court justices appeared hostile on Monday toward so-called “foreign-cubed” securities fraud class actions in which the plaintiffs and stock issuers are foreign and the alleged fraud took place on foreign soil.
The Court heard arguments in Morrison v. National Australia Bank, brought by Australian investors in U.S. courts to challenge statements made by Australia’s largest bank. A district court judge and the 2nd U.S. Circuit Court of Appeals sided with the bank in finding no U.S. jurisdiction over the suit.
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