District Court Applies Securities Fraud Provision to Foreign Transactions
Does § 10(b) of the Securities Exchange Act apply to securities on foreign exchanges? Generally, the answer is no. The Supreme Court held in Morrison v. National Australia Bank (2010) that § 10(b)—the Act’s principal antifraud provision—applies only to transactions on U.S. exchanges and to transactions in unlisted securities that occur in the United States….
Continue ReadingBrazil’s New Law on Forum Selection Clauses: Throwing the Baby out with the Bathwater?
Brazil has changed its law on international forum selection clauses. In June this year, a new statutory provision came into force, adding, unexpectedly, new requirements for their enforceability. In this attempt to redistribute domestic litigation, the Brazilian legislator may well have thrown out the baby, international forum selection clauses, with the bathwater. The Recognition of…
Continue ReadingAnti-Comity and N.Y. General Obligations Law 5-1401
Not many statutes can fairly be described as bruisers. Section 5-1401 of New York General Obligations Law is an exception. In the immortal words of The Bachelor: “Section 5-1401 didn’t come here to make friends.” The purpose of Section 5-1401 is to generate business for New York lawyers and maintain New York’s status as a…
Continue ReadingA Deeply Flawed Personal Jurisdiction Decision in the SDNY
When dealing with forum selection clauses, one of the most important—if unappreciated—distinctions is between inbound and outbound clauses. An inbound clause selects the court where the suit was filed. An outbound clause selects a court that is not the forum. Another important distinction is the one between exclusive clauses, which stipulate that suit must be…
Continue ReadingA Typical 1782 Case
28 U.S.C. § 1782 allows a federal court to order discovery for use in a foreign or international tribunal. After the Supreme Court’s first § 1782 decision in 2004, Intel Corp. v. Advanced Micro Devices, Inc., the number of § 1782 petitions increased dramatically, more than quadrupling between 2005 and 2017. In re Petition of…
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