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For the past several years, purchasers of securities on foreign exchanges have sought relief in U.S. courts under the antifraud provisions of the Securities Exchange Act. These so-called f-cubed litigations – claims by a foreign plaintiff, arising out of the purchase or sale of shares of a foreign corporation, executed on a foreign exchange – have been the subject of extensive commentary and jurisprudence, much of it focused on the circumstances under which f-cubed plaintiffs have the right to assert claims under the Exchange Act. The Supreme Court entered the fray in June of this year when it issued its highly anticipated opinion in Morrison v. National Australia Bank, 130 S. Ct. 2869 (2010).

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