How the Morrison Case has Changed the Landscape for Global Group Action Recoveries

By Allison Gosman, Senior Marketing Specialist, Financial Recovery Technologies The Morrison v. National Australia Bank case changed the global landscape for class action recoveries. In June, 2010, the U.S. Supreme Court ruled that securities traded outside the U.S. are no longer within U.S. jurisdiction, effectively barring investors who purchased securities on a foreign exchange from filing U.S. class actions. As Continue Reading

Morrison v The National Australia Bank still impacts foreign law claims

Recently, federal courts addressed an arising question in the securities litigation suit, Kaynes v BP, PLC, dismissing the law suits brought by Canadian investors who purchased BP’s ordinary shares and ADRs on the NYSE. First, the Canadian shareholders filed litigation in Canada under the Ontario Securities Act in Canada. The court rejected the claims and seemed to endorse the U.S. Continue Reading

Morrison decision applied in review of UBS credit crisis class action

The 2nd Circuit U.S. Court of Appeals earlier this month upheld the U.S. Supreme Court’s decision in Morrison v. National Australia Bank in a case against UBS. As a result of Morrison, securities traded outside the U.S. are no longer considered within U.S. jurisdiction, effectively barring investors who purchase securities on a foreign exchange from participating in U.S. class actions. Continue Reading