kaal:claim:1765901-019

Porsche could be exposed to substantial U.S. sanctions even though neither its own common stock nor Volkswagen's traded in the United States, solely because of swap agreements to which Porsche was not a party.

Albeit seemingly without its own common stock trading in the U.S. or the common stock of Volkswagen trading in the U.S., Porsche could be ex- posed to substantial sanctions in the U.S. merely because of swap agreements in which Porsche had no involvement.

Kaal and Painter, The Aftermath of Morrison v. National Australia Bank and Elliott Associates v. Porsche (2011), II. Open Questions After Morrison; 2. Does Section 10(b) Apply to Derivative Transactions in the U.S. that Are Based on Foreign Traded Stocks?, p. 12
https://ssrn.com/abstract=1765901 · source PDF

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

• derivative contracts referencing foreign traded shares
• foreign issuers with no U.S. listing

failuresupport: arguedfailure: third-party-swap-exposurefamily: otherinstitutional-design

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