Morrison v. National Australia Bank Ltd.

Justice Stevens,

with whom

Justice Ginsburg joins, concurring in the judgment.

While I agree that petitioners have failed to state a claim on which relief can be granted, my reasoning differs from the Court’s. I would adhere to the general approach that has been the law in the Second Circuit, and most of the rest of the country, for nearly four decades.

I

Today the Court announces a new “transactional test,” ante, at 269, for defining the reach of § 10(b) of the Securities Exchange Act of 1934 (Exchange Act), 15 U. S. C. §78j(b), and SEC Rule 10b-5, 17 CFR § 240.10b-5(b) (2009): Henceforth, those…