Tuesday, January 26, 2021
The U.S. Court of Appeals for the Second Circuit reaffirmed yesterday that the federal securities laws do not apply to “predominantly foreign” securities transactions even if those transactions might have taken place in the United States. The ruling in
Cavello Bay Reinsurance Ltd. v. Shubin Stein (No. 20-1371) reinforces the Second Circuit’s prior decisions concerning the scope of the transaction-based test that the U.S. Supreme Court announced in
Morrison v. National Australia Bank in an effort to curb the extraterritorial application of the federal securities laws.
Legal Background
For several decades before the Supreme Court’s 2010 decision in
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