Supreme Court to Move on F-Cubed Securities Cases: High Court to Consider Reach of US Securities Laws as to Non-US Issuers

December 2009
Owen C. Pell, George J. Terwilliger III, Duane D. Wall

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As securities markets and global finance have expanded, securities litigation increasingly has involved claims in US courts (1) by non-US purchasers; (2) who bought or sold securities from non-US issuers; (3) on non-US exchanges (so-called "f-cubed" claims). Developments in two pending f-cubed cases highlight the difficult issues with which US courts continue to struggle. Non-US companies should watch both cases closely given the risks associated with US securities laws and US class action litigation generally.

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