kaal:claim:2029983-013

Because Section 929P did not restore private rights of action, the most powerful weapon in plaintiffs' arsenal, the fraud-on-the-market theory in class actions, is thwarted wherever the transaction took place outside the United States.

most powerful weapon in plaintiffs' arsenal, the fraud-on-the- market theory in class actions, is thus thwarted in those in- stances where transactions are outside the United States.

Wulf A. Kaal, Richard W. Painter, Forum Competition and Choice of Law Competition in Securities Law after Morrison v. National Austral (2012), I.C. Bifurcated Jurisdictional Competition in Securities Law, p. 21
https://ssrn.com/abstract=2029983 · source PDF

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

• private class actions over non-U.S. transactions
• SEC and DOJ actions remain possible

failuresupport: arguedfailure: no-private-right-offshorefamily: enforcement-gapeconomics

• extends kaal:claim:1664809-017 In US securities class actions plaintiffs may proceed on the fraud on the market theory rather than proving ac...

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