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Click here to find out moreIn Morrison v. National Australia Bank the Supreme Court delimited the scope of Section 10(b) of the Securities Exchange Act to transactions in the U.S. This represented a dramatic change in the reach of the antifraud provisions of the federal securities laws. Within weeks of the decision the DOJ and the SEC secured a legislative fix when Dodd-Frank was passed, but the fix only applies to the government. Now Morrison is curtailing the reach of the securities laws in private actions as well as suits brought by the SEC, and the impact of the ruling goes beyond securities cases and has impacted those brought under RICO and may reach others. There is also doubt about the legislative fix and its vitality. Join Tom Gorman of Dorsey & Whitney LLP as he analyzes Morrison and the impact it is having on securities litigation and other suits and discusses the vitality of the Dodd-Frank provision intended to legislatively overrule Morrison as to the DOJ and the SEC.
