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In Morrison v. National Australia Bank Ltd.,1 the Supreme Court, per the majority opinion of Justice Antonin Scalia, announced a new two-pronged test, to describe transactions that could be the subject of a claim under Section 10(b) of the Securities Exchange Act and SEC Rule 10b-5. Under the first prong, “Section 10(b) reaches the use of a manipulative or deceptive device only in connection with the purchase or sale of a security listed on an American stock exchange”; under the second prong, Section 10(b) reaches “the purchase or sale of any other security in the United States.”2

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