Nina Yadava

Nina Yadava

Jones Day

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First Circuit Rejects "Predominantly Foreign" Exception to Morrison’s "Domestic Transactions" Test

Two circuit courts have now rejected the Second Circuit's "predominantly foreign" exception to Morrison's "domestic transactions" test, which raises the prospect of inconsistent decisions and increases the likelihood of...more

6/3/2021  /  Corporate Counsel , Domestic Transactions , Foreign Investment , Morrison v National Australia Bank , Securities and Exchange Commission (SEC) , Securities Transactions , Toshiba

Second Circuit Requires Detailed Facts to Satisfy Morrison's "Domestic Transactions" Test

The Second Circuit reemphasized that conclusory allegations that a transaction took place in the United States will not pass muster under Morrison. On March 4, 2021, the Second Circuit issued a Summary Order affirming...more

3/12/2021  /  Debt Securities , Dismissals , Domestic Transactions , Financial Industry Regulatory Authority (FINRA) , Morrison v National Australia Bank , Securities Fraud , Self-Regulatory Organizations

Second Circuit Broadens "Predominantly Foreign" Exception, Limiting Reach of U.S. Securities Laws

The Situation: In 2010, in Morrison v. National Australia Bank Ltd., the Supreme Court held that Section 10(b) of the Securities Exchange Act of 1934 applies to (i) "transactions in securities listed on domestic exchanges";...more

2/9/2021  /  Extraterritoriality Rules , Foreign Issuers , International Litigation , Morrison v National Australia Bank , Securities Exchange Act , Securities Fraud , Securities Litigation
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