# kaal:claim:1664809-007

**Claim.** The Lehman Repo 105 transactions, consummated in London but booked as sales in Lehman's US securities filings, underscore the effect that conduct in one country can have on markets elsewhere.

**Type.** mechanism  **Support.** evidenced

**Holds when.**

- cross-border transactions structured to exploit differences in national law

**Source quote.**

> the affect that conduct in one country can have on markets

**From.** Richard W. Painter, Wulf A. Kaal, *Extraterritorial Application of US Securities Law – Will the US Become the Default Jurisdiction for* (2010), 3. CONGRESS MAY SUBJECT NON-US SECURITIES TRANSACTIONS TO US SECURITIES LITIGATION, page 3

**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

**Topics.** regulatory-failure

**Keywords.** repo-105, lehman-brothers, cross-border-conduct, regulatory-arbitrage, accounting

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