Global Group Litigation

International Securities Landscape continues to Evolve in Wake of Morrison Decision

The Morrison v. National Australia Bank case has changed the global landscape of class action recoveries. In June, 2010, the U.S. Supreme Court ruled that securities within the U.S. are no longer within U.S. jurisdiction, effectively barring investors who purchase securities on a foreign exchange from filing U.S. class actions.

An important consequence of the decision was to increase the time and attention investors must allocate to evaluation potential litigation in non-U.S. jurisdiction.

Key highlights:

  • Non-U.S. group actions are less publicized than U.S. cases, which makes them very difficult to identify and monitor
  • Successfully navigating securities litigation outside of the U.S. requires a comprehensive understanding of the legal mechanisms in each jurisdiction
  • The term "international class action" ref

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