May 10, 2021, in SEC v. Morrone, a panel of the U.S. Court of Appeals for the First Circuit held that the federal securities laws apply to securities transactions as long as irrevocable liability occurs in the United States.
On May 10, 2021, in SEC v. Morrone, a panel of the U.S. Court of Appeals for the First Circuit held that the federal securities laws apply to securities transactions as long as.
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The Second Circuit reemphasized that conclusory allegations that a transaction took place in the United States will not pass muster under Morrison.
On March 4, 2021, the Second Circuit issued a Summary Order affirming the dismissal of securities fraud claims in
Banco Safra, S.A. Cayman Islands Branch v. Samarco Mineração S.A., No. 19-3976. The court concluded that the plaintiff failed to adequately plead that its purchases of debt securities issued by a Brazilian mining company constituted domestic transactions under the U.S. Supreme Court s decision in
Morrison v. National Australia Bank Ltd., 561 U.S. 247 (2010), and the Second Circuit s prior decision in