That Fucking Creeping U.S. Imperialism: This Time, The Supreme Court Rules Against 'Foreign-Cubed' Lawsuits in U.S. Jurisdictions

WASHINGTON - The U.S. Supreme Court ruled yesterday that §10(b) of the Securities and Exchange Act of 1934 cannot apply to foreign plaintiffs suing foreign and American defendants for misconduct in connection with securities traded on foreign exchanges.

Coming down firmly against so-called "foreign-cubed" or "f-cubed" lawsuits, the Court voted 8-0, rejecting the extraterritorial application of the securities laws.

The decision in Morrison v. National Australia Bank, 08-1191, was written by Justice Antonin Scalia, who said the case "involves no securities listed on a domestic exchange."

The decision corrects the law as stated in the case in 2008 by the U.S. Court of Appeals for the Second Circuit, which upheld the dismissal of the case against National Australia Bank but left the door open for f-cubed actions in the future.

Affirming Southern District Judge Barbara Jones, the Second Circuit said dismissal was proper because "the heart of the fraud" occurred outside the United States (NYLJ, Oct. 24, 2008). Nonetheless, Judges Jon O. Newman, Guido Calabresi and Barrington D. Parker declined to adopt a "bright-line" rule against f-cubed cases.

http://www.law.com/jsp/nylj/PubArticleNY.jsp?id=1202462983255&Justices_Rule_Against_ForeignCubed_Lawsuits_in_US_Jurisdictions&slreturn=1&hbxlogin=1

Oh but if it's drugs, terrorism, etc... then it's OK, right?

FUCK OFF!

That Fucking Creeping U.S. Imperialism: This Time, The Supreme Court Rules Against 'Foreign-Cubed' Lawsuits in U.S. Jurisdictions

That Fucking Creeping U.S. Imperialism: This Time, The Supreme Court Rules Against 'Foreign-Cubed' Lawsuits in U.S. Jurisdictions

Anarcho-Capitalist Categorical Imperatives

Via AnCaps: Law & Enforced Unnatural Order