# kaal:claim:1765901-019

**Claim.** 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.

**Type.** failure  **Support.** argued

**Holds when.**

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

**Source quote.**

> 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.

**From.** 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?, page 12

**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

**Failure mode.** third-party-swap-exposure  (family: other)

**Topics.** institutional-design

**Keywords.** porsche, swap-agreements, extraterritorial-sanctions, comity

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