# kaal:claim:2029983-001

**Claim.** After Morrison, parties to securities transactions can be confident that U.S. law will not apply in private suits so long as their transactions are definitively located outside the United States, a certainty that did not exist under the prior conduct and effects tests.

**Type.** condition  **Support.** argued

**Holds when.**

- private lawsuits, not SEC or DOJ enforcement
- transaction location is unambiguous

**Source quote.**

> after Morrison transacting parties can be confident that U.S. law will not apply in private suits provided their transac- tions are definitively outside the United States.

**From.** Wulf A. Kaal, Richard W. Painter, *Forum Competition and Choice of Law Competition in Securities Law after Morrison v. National Austral* (2012), Introduction, page 4

**Cite as.** Wulf A. Kaal, Richard W. Painter, Forum Competition and Choice of Law Competition in Securities Law after Morrison v. National Austral (2012). SSRN: https://ssrn.com/abstract=2029983

**Verify.** sha256 of source PDF `fde2ff611420eb283cbb49a6b681a2ae8efa2b4603ae71480e2d91483f0295f2` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20and%20Painter%20-%202012%20-%20Forum%20Competition%20and%20Choice%20of%20Law%20Competition%20in%20Securities%20Law%20after%20Morrison%20v.%20National%20Austral.pdf

**Topics.** securities-law, law-and-legal-systems

**Keywords.** morrison, extraterritoriality, securities-law, choice-of-law, private-litigation

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