Morrison v. National Australia Bank, Ltd.
United States Supreme Court
130 S.Ct. 2869 (2010)
Relevant factsFree
Australian owners of National Australia Bank (National) (defendant) stock sued National and its U.S. subsidiary HomeSide (defendant) in New York federal court over allegedly misleading public statements overestimating HomeSide's mortgage-servicing assets, even though National's shares traded only on foreign exchanges; the district court dismissed for lack of subject matter jurisdiction, and the Second Circuit affirmed. The Supreme Court granted certiorari.
IssueFree
Whether Section 10(b) of the Securities Exchange Act of 1934 provides a cause of action for misconduct relating to securities traded extraterritorially on foreign exchanges.