# kaal:claim:2029983-013

**Claim.** 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.

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

**Holds when.**

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

**Source quote.**

> 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.

**From.** 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, page 21

**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

**Failure mode.** no-private-right-offshore  (family: enforcement-gap)

**Topics.** economics

**Keywords.** fraud-on-the-market, private-rights-of-action, dodd-frank-929p, class-actions

**Related claims.**

- extends: https://wulfkaal.github.io/claims/1664809-017

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