# kaal:claim:1765901-031

**Claim.** Extending private rights of action extraterritorially would expose non-U.S. companies to Section 10(b) liability based on any U.S. conduct, including conduct inside U.S. business operations alleged to have produced securities fraud abroad, and much of global securities litigation would migrate to the United States.

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

**Holds when.**

- if Congress legislatively overrules Morrison for private plaintiffs

**Source quote.**

> Non-U.S. companies could be subject to liability under Section 10(b) if they have any conduct in the U.S. - for example conduct inside U.S. business operations — that could be alleged to have resulted in securities fraud outside the U.S.

**From.** Kaal and Painter, *The Aftermath of Morrison v. National Australia Bank and Elliott Associates v. Porsche* (2011), III. The Dodd-Frank Act; 3. The SEC Study of Private Rights of Action, Section 929Y, page 21

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

**Keywords.** private-right-of-action, foreign-cubed, litigation-migration, section-10b

**Related claims.**

- restates: https://wulfkaal.github.io/claims/1664809-004

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