Second Circuit clarifies elements of a domestic securities transaction under Morrison v. National Australia Bank *

Australia, USA - March 29 2012
On March 1, 2012, the United States Court of Appeals for the Second Circuit held that a foreign plaintiff may assert a fraud claim under the federal securities laws based on its purchases of securities issued by U.S. companies that are not listed on a U.S. securities exchange only when irrevocable liability to purchase or sell the securities was incurred or title to the securities transferred in the United States.

Co-authors: John R. Brantley.