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Settlements with the US Securities and Exchange Commission (SEC) often take the form of a complaint filed contemporaneously with a settlement agreement and administrative order
The US Supreme Court’s 2010 decision in Morrison v. NAB created a sea change in private securities litigation by sharply limiting the extraterritorial application of the securities laws while employing language suggesting skepticism of extraterritoriality more generally
In Morrison v. National Australia Bank Ltd., the US Supreme Court sharply restricted the extraterritorial applicability of the antifraud provisions of the securities laws
