After the U.S. Supreme Court gets done with the statute of limitations, will it turn to the issue of foreign-cubed cases? Bloomberg reports that the Court has asked the Solicitor General to present its views on the National Australia Bank cert petition. At issue in the case is whether a U.S. court should exercise jurisdiction over an action brought against a foreign issuer on behalf of a class of foreign investors who purchased their securities on a foreign exchange (otherwise known as a "foreign-cubed" case).
The 10b-5 Daily's discussion of the lower court decision can be found here. Thanks to John Letteri for the link to the Bloomberg article.Posted by Lyle Roberts at June 1, 2009 10:19 PM | TrackBack