The U.S. Supreme Court is taking an increasingly active role in revising the laws governing securities class actions — and the most recent term proves it. Though the latest crop of cases isn’t likely to change the legal landscape too much, it does raise significant issues — and not just for the parties involved.
The most important case before the Supreme Court in this area focuses on how far U.S. securities law reaches. That’s the question at the heart of Morrison v. Australia National Bank, a so-called foreign-cubed, or f-cubed, case in which neither the plaintiffs nor the defendants are American citizens and the transactions in dispute occurred outside the U.S.
