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Investors who bought shares in Switzerland-based UBS AG on exchanges outside the United States cannot sue the banking giant over its sharp stock drop as a result of its exposure to risky securities, a federal judge has ruled, citing last year’s U.S. Supreme Court decision in Morrison v. National Australia Bank Ltd., 130 S. Ct. 2869.

Southern District Judge Richard J. Sullivan ruled yesterday in In re UBS Securities Litigation, 07-cv-11225, that both so-called “foreign squared” investors—American investors who bought stock in a foreign company on a foreign exchange—and “foreign cubed” investors—foreign investors who bought stock in a foreign company on a foreign exchange—lacked standing to bring a securities fraud suit under U.S. law, even if the foreign transactions had an impact in the United States.

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