Permitting Section 10(b) suits over dually listed securities traded outside the United States would undermine Morrison's own policy rationale, because it would interfere with the laws of other countries and turn the United States into a haven for plaintiffs' lawyers suing over foreign exchange purchases.
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Furthermore, allowing Section 10(b) suits over dually listed securities traded outside the United States would undermine the strongest policy arguments discussed in the Morrison opinion -that applying Section 10(b) to foreign exchanges would interfere with the laws of other countries
From
Kaal and Painter, The Aftermath of Morrison v. National Australia Bank and Elliott Associates v. Porsche (2011), II. Open Questions After Morrison; 1. Does Section 10(b) Apply to Dually Listed Securities?, p. 6 https://ssrn.com/abstract=1765901 · source PDF
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Kaal and Painter, The Aftermath of Morrison v. National Australia Bank and Elliott Associates v. Porsche (2011). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1765901
specializeskaal:claim:1664809-004 Allowing foreign plaintiffs to sue foreign defendants in US courts over securities purchased and sold in forei...
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