Implications of the Supreme Court Decision in Morrison v. National Australia Bank

TeleBriefing
July 8, 2010

On July 8, 2010, Thomas A. Dubbs participated as a speaker during a one-hour expert analysis by phone to address the Supreme Court's recent decision in Morrison v. National Australia Bank. Issued on June 24, 2010, this highly-anticipated ruling largely puts an end to foreign claims in American courts. The Court ruled that "Foreign-Cubed" securities class actions, private actions brought on behalf of foreign purchasers of foreign companies' securities that were sold on foreign exchanges, may not be litigated in U.S. courts under Section 10(b) of the Securities Exchange Act.

The esteemed faculty -- including attorneys who argued for each side in the Supreme Court -- discussed the implications of the Morrison decision: the questions it answers, the questions it doesn't answer, and the impact on future court cases. The panel was moderated by Deanne E. Maynard, Chair of the Appellate and Supreme Court practice group at Morrison & Foerster LLP. The panelists included Thomas A. Dubbs, partner at Labaton Sucharow LLP; George T. Conway III, partner at Wachtell, Lipton, Rosen & Katz; and Andrew J. Pincus, partner at Mayer Brown LLP.