# kaal:claim:1664809-004

**Claim.** Allowing foreign plaintiffs to sue foreign defendants in US courts over securities purchased and sold in foreign countries would turn the United States into the global arbiter of securities fraud allegations.

**Type.** failure  **Support.** argued

**Holds when.**

- foreign cubed litigation permitted in US courts

**Source quote.**

> United States into the global arbiter of securities fraud allegations,

**From.** Richard W. Painter, Wulf A. Kaal, *Extraterritorial Application of US Securities Law – Will the US Become the Default Jurisdiction for* (2010), 2. MORRISON V. NATIONAL AUSTRALIA BANK, page 2

**Cite as.** Richard W. Painter, Wulf A. Kaal, Extraterritorial Application of US Securities Law – Will the US Become the Default Jurisdiction for (2010). SSRN: https://ssrn.com/abstract=1664809

**Verify.** sha256 of source PDF `2d5c8c30f969f8eb613bfa1fe6888a7cfa1a452e1027bcda0489618ceac62c20` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Painter%20and%20Kaal%20-%202010%20-%20Extraterritorial%20Application%20of%20US%20Securities%20Law%20%E2%80%93%20Will%20the%20US%20Become%20the%20Default%20Jurisdiction%20for.pdf

**Failure mode.** global-arbiter-effect  (family: jurisdictional-conflict)

**Topics.** law-and-legal-systems, securities-law

**Keywords.** foreign-cubed, global-arbiter, foreign-relations, jurisdiction, securities-fraud

**Related claims.**

- extended_by: https://wulfkaal.github.io/claims/1765901-033
- supported_by: https://wulfkaal.github.io/claims/2029983-040
- generalizes: https://wulfkaal.github.io/claims/1765901-008
- restated_by: https://wulfkaal.github.io/claims/1765901-031

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