March 29, 2010

NAB Day

As the U.S. Supreme Court gets ready to hear oral arguments in the National Australia Bank case today, here is all the information necessary to set the stage.

The briefs can be found here. The 10b-5 Daily has previously summarized the arguments made by the petitioners (investors) and respondents (corporate defendants). A couple of additional notes:

(1) There has been late supplemental briefing on the issue of whether the Supreme Court should remand the case back to the Second Circuit. According to the petitioners, all of the parties agree that the Second Circuit should not have decided the case on the basis of subject matter jurisdiction. The Second Circuit therefore should have the opportunity to reconsider its decision based on recent relevant Supreme Court decisions. The respondents disagree, arguing that the "jurisdictional label used by the court of appeals made no difference to the outcome of this case" and the real question before the Court is the substantive extraterritoriality issue.

(2) If amicus filings are a contest, the win goes to the respondents. There are three amicus briefs filed in support of the petitioners and fourteen amicus briefs filed in support of the respondents (including three separate briefs from the governments of France, Australia, and the United Kingdom).

For pre-argument coverage, see The Times (London), National Law Journal, and (most comprehensively) SCOTUSblog.

Posted by Lyle Roberts at March 29, 2010 9:39 AM | TrackBack
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