Legal Opinion
City of Pontiac Policemen's & Firemen's Retirement System v. UBS AG
Court of Appeals for the Second Circuit
Decided May 6, 2014No. 12-4355-cvPublishedCited by 325 opinions
1Opinion of the Court
JOSÉ A. CABRANES, Circuit Judge:
In this appeal we consider, as a matter of first impression, whether the bar on extraterritorial application of the United States securities laws, as set forth in Morrison v. National Australia Bank Ltd., 561 U.S. 247, 130 S.Ct. 2869, 177 L.Ed.2d 535 (2010), precludes claims arising out of foreign-issued securities purchased on foreign exchanges, but cross-listed on a domestic exchange (the so-called “listing theory”). We also consider whether the alleged misstatements at issue here are actionable under the securities laws.
We conclude that: (1) the Supreme…
2Cases cited21 opinions
- Ashcroft v. IqbalSupreme Court of the United States · 2009
- Tellabs, Inc. v. Makor Issues & Rights, Ltd.Supreme Court of the United States · 2007
- ATSI Communications, Inc. v. Shaar Fund, Ltd.Court of Appeals for the Second Circuit · 2007
- Morrison v. National Australia Bank Ltd.Supreme Court of the United States · 2010
- Rothman v. GregorCourt of Appeals for the Second Circuit · 2000
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3Cited by325 opinions
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- Universities Superannuation Scheme Ltd. v. Petróleo Brasileiro S.A. PetrobrasCourt of Appeals for the Second Circuit · 2017
- Mastafa v. Chevron Corp.Court of Appeals for the Second Circuit · 2014
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