Think Globally, Sue Locally

The New York Law Journal has a column (Aug. 13 – subscrip. req’d) on the “Extraterritorial Application of U.S. Securities Laws.” The authors focus on the recent Astrazeneca decision in the S.D.N.Y., where the court dismissed the action as to foreign purchasers on foreign exchanges based on a lack of subject matter jurisdiction.

Quote of note: “Determining U.S. subject matter jurisdiction over complex transnational securities fraud cases will always need to be governed by flexible and fact- specific analyses. However, for purposes of greater judicial uniformity as well as a greater degree of certainty in the international business community about the parameters of U.S. jurisdiction, the district courts should have better guidance than deciding cases ‘on very fine distinctions’ with the ultimate decision based upon a court’s ‘impression’ of whether subject matter jurisdiction exists.”

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