# kaal:claim:1765901-017

**Claim.** Non-U.S. investors have a strong incentive to route foreign trades through U.S. brokers if that preserves a U.S. cause of action, because their home jurisdictions rarely offer the attractive features of the U.S. system such as broad discovery, higher damages, class actions, and no exposure to defendants' costs.

**Type.** mechanism  **Support.** argued

**Holds when.**

- a broker location theory accepted by U.S. courts
- non-U.S. clients trading non-U.S. securities

**Source quote.**

> Indeed, the home jurisdiction of non-U.S. clients of U.S. brokers is not likely to provide many of the attractive features of the U.S. legal system, such as unparalleled discovery, a tendency towards higher damages and settle- ment amounts, the availability of securities class actions

**From.** Kaal and Painter, *The Aftermath of Morrison v. National Australia Bank and Elliott Associates v. Porsche* (2011), II. Open Questions After Morrison; 4. Does a Transaction Take Place in the U.S. if a U.S. Broker Is Involved?, page 15

**Cite as.** 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

**Verify.** sha256 of source PDF `7b08b8a15f7d72b4eeed41be2d17c20428cb4727269077a6575c5d22e31ecdc5` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20and%20Painter%20-%202011%20-%20The%20Aftermath%20of%20Morrison%20v.%20National%20Australia%20Bank%20and%20Elliott%20Associates%20v.%20Porsche.pdf

**Topics.** institutional-design

**Keywords.** forum-shopping, broker-location, class-actions, discovery, comparative-procedure

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.