# kaal:claim:1664809-010

**Claim.** If section 7216 is enacted and covers section 10(b), the United States could become a magnet for global class actions, and US lawyers would benefit from securities litigation tourism much as UK lawyers have benefited from libel tourism.

**Type.** predictive  **Support.** argued

**Holds when.**

- enactment of section 7216 including section 10(b) of the 1934 Act

**Source quote.**

> a magnet for global class actions'. 24 US lawyers may benefit

**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.** law-and-legal-systems

**Keywords.** litigation-tourism, global-class-actions, section-7216, libel-tourism, forum-shopping

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