May 8, 2014
Topical Highlights for Securities provides summaries of significant federal and state judicial decisions and legislative and administrative activities affecting Securities law. A Westlaw subscription is required to access the documents linked from this page.
Foreign Securities: Cross-listing on United States exchange did not allow extraterritorial application of securities laws. City of Pontiac Policemen’s and Firemen’s Retirement System v. UBS AG, 2014 WL 1778041 (C.A.2 (N.Y.)) The bar on extraterritorial application of the United States securities laws, as set forth in Morrison v. National Australia Bank Ltd., precludes claims brought pursuant to the Securities Exchange Act by purchasers of shares of a foreign issuer on a foreign exchange. This is so even if those shares were cross-listed on a United States exchange. 2014 WL 1778041. (The full-text of the rest of the Topical Highlights is available within Westlaw Next, subscription required).