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  • Extraterritoriality Decision

    In 2010, the US Supreme Court in Morrison v. National Australia Bank established a new standard, a transactional test, for determining the extraterritorial application of Section 10(b), which replaced the prior conduct-and-effects test.  Following the Morrison decision, Dodd-Frank Act Section 929P(b) provided US courts with jurisdiction in cases brought by the SEC or the US...

  • Application of the Morrison Case to Unsponsored ADRs

    The Ninth Circuit recently decided a case, Automotive Industries Pension Trust Fund v. Toshiba Corp., in which the Circuit court considered the application of the Supreme Court’s territoriality standard in the Morrison v. National Australia Bank Ltd. case.  The court considered whether purchasers of Toshiba unsponsored ADRs on the over-the-counter market were precluded from bringing...

  • Recycling Infrastructure Assets to Spur Infrastructure Investment

    The Trump Administration has the admirable goal of encouraging infrastructure investment.  One policy it may want to consider is promoting the recycling of existing municipal infrastructure assets.  This policy was developed in Australia and has been successful there. Recycling infrastructure assets does not refer to re-using concrete blocks.  Rather, it is a vernacular term that...

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