Case Updates
Ninth Circuit vacates class certification order
August 23, 2010
The U.S. Court of Appeals for the Ninth Circuit vacated the district court’s class certification order and remanded for further proceedings in light of the Supreme Court's decision in Morrison v. National Australia Bank Ltd., 130 S. Ct. 2869 (2010)
U.S. Chamber addresses foreign cubed action under domestic securities laws
September 09, 2009
NCLC urged the Ninth Circuit to hold that foreign cubed actions - actions in which foreign plaintiffs seek damages against a foreign issuer for trades that occurred on a foreign exchange - are not subject to domestic securities laws. In its brief, NCLC argued that, to prevent clashes between American laws and those of other nations, these actions should not be litigated under U.S. law. NCLC also noted that Congress has never expressed its intention to apply the Securities Exchange Act to extraterritorial actions. If foreign cubed actions are subject to domestic securities laws, overseas investors would be discouraged from doing business with U.S. companies.