U.S. Supreme Court Rejects Extraterritorial Reach of Securities Exchange Act Section 10(b) and SEC Rule 10b-5

On 24 June 2010 the United States Supreme Court issued its decision in Morrison v. National Australia Bank Ltd., 561 US ___ (2010), a case that squarely raised an important and controversial question: Can investors who bought or sold securities in a transaction that occurred outside the United States use the antifraud provisions of the Securities Exchange Act of 1934 (essentially, Rule 10b-5) as the basis for filing a lawsuit alleging fraud in connection with the purchase or sale of the securities?

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