# kaal:claim:1765901-032

**Claim.** A private right of action in foreign-cubed cases would compel EU companies to modify U.S. business operations that expose them to Section 10(b) litigation, including operations unrelated to U.S. securities markets or U.S. investors.

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

**Holds when.**

- if Congress imposes a private right of action in foreign-cubed cases
- EU companies with U.S. operations

**Source quote.**

> If Congress decided to impose a private right of action in foreign-cubed cases, EU companies could be compelled to modify their U.S. business operations that expose them to Section 10(b) litigation, including business operations that have nothing to do with U.S. securities markets

**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.** institutional-design

**Keywords.** private-right-of-action, eu-companies, foreign-cubed, business-operations

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