The United States Supreme Court heard oral argument Monday in the foreign cubed securities class action Morrison v. National Australia Bank, Ltd., Case No. 08-1191. A copy of the transcript is available on the Court’s website.
Professor Hannah L. Buxbaum, Executive Associate Dean for Academic Affairs at the Indiana University Maurer School of Law at Bloomington, has written an excellent guest post on The Conglomerate recapping the oral argument and analyzing the bright-line test proposed by the respondents for determining when U.S. courts can exercise jurisdiction over a dispute involving securities traded on a foreign exchange.
For a summary of the Second Circuit Court of Appeals decision below, see this October 28, 2008 CAB entry.