The U.S. Supreme Court has given Corporate America and its lawyers plenty to ponder over the summer, issuing important opinions on securities lawsuits and anti-fraud enforcement that should have a significant effect on litigation in years to come.
First came a decision in Morrison v. National Australia Bank on June 24 that essentially barred “F-cubed” lawsuits—that is, claims by foreign plaintiffs against foreign companies, regarding securities purchased on foreign stock exchanges. That case could have profound implications for overseas groups eager to press their cases in the always-litigious U.S. court system.
