Supreme Court Issues Opinion on Extraterritorial Application of U.S. Securities Laws

The Supreme Court issued its opinion today in Morrison v. National Australia Bank, No. 08-1191 (June 24, 2010), holding that “Section 10(b) applies only to transactions in securities listed on domestic exchanges and domestic transactions in other securities.”

The opinion is available on the Supreme Court's web site:
http://www.supremecourt.gov/opinions/09pdf/08-1191.pdf