{
 "@context": "https://schema.org",
 "@type": "DefinedTerm",
 "@id": "https://wulfkaal.github.io/entities/foreign-cubed",
 "identifier": "kaal:entity:foreign-cubed",
 "name": "Foreign cubed",
 "termCode": "foreign-cubed",
 "inDefinedTermSet": {
  "@id": "https://wulfkaal.github.io/entities/index.json"
 },
 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0000-0003-0757-275X"
 },
 "dateModified": "2026-07-29",
 "canonicalForm": "https://wulfkaal.github.io/entities/foreign-cubed.md",
 "sha256": "ebb2e5a664e0897cf777829dedcccb7ab7d0c294ce748d551c1e1ead40db14b1",
 "additionalProperty": [
  {
   "@type": "PropertyValue",
   "name": "status",
   "value": "derived"
  },
  {
   "@type": "PropertyValue",
   "name": "claim_count",
   "value": 8
  },
  {
   "@type": "PropertyValue",
   "name": "work_count",
   "value": 2
  },
  {
   "@type": "PropertyValue",
   "name": "year_span",
   "value": [
    "2010",
    "2011"
   ]
  },
  {
   "@type": "PropertyValue",
   "name": "non_current_claims",
   "value": 0
  }
 ],
 "subjectOf": [
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/1664809-004",
   "identifier": "kaal:claim:1664809-004",
   "text": "Allowing foreign plaintiffs to sue foreign defendants in US courts over securities purchased and sold in foreign countries would turn the United States into the global arbiter of securities fraud allegations.",
   "abstract": "United States into the global arbiter of securities fraud allegations,",
   "citation": "Richard W. Painter, Wulf A. Kaal, Extraterritorial Application of US Securities Law – Will the US Become the Default Jurisdiction for (2010). SSRN: https://ssrn.com/abstract=1664809",
   "datePublished": "2010",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "foreign cubed litigation permitted in US courts"
   ],
   "source_pdf_sha256": "2d5c8c30f969f8eb613bfa1fe6888a7cfa1a452e1027bcda0489618ceac62c20",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/1664809-011",
   "identifier": "kaal:claim:1664809-011",
   "text": "Foreign cubed cases in US courts rose over the decade preceding 2010, and in 2008 the number of such cases exceeded any previous year.",
   "abstract": "In 2008, foreign cubed cases exceeded any previous year",
   "citation": "Richard W. Painter, Wulf A. Kaal, Extraterritorial Application of US Securities Law – Will the US Become the Default Jurisdiction for (2010). SSRN: https://ssrn.com/abstract=1664809",
   "datePublished": "2010",
   "claim_type": "empirical",
   "confidence": "evidenced",
   "is_failure_mode": false,
   "scope_conditions": [
    "US federal securities class action filings through 2009"
   ],
   "source_pdf_sha256": "2d5c8c30f969f8eb613bfa1fe6888a7cfa1a452e1027bcda0489618ceac62c20",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/1664809-024",
   "identifier": "kaal:claim:1664809-024",
   "text": "Relative to the total number of US securities fraud and securities class action cases, foreign cubed cases are still relatively rare, although there was a substantial increase in them in 2008.",
   "abstract": "are now relatively rare45 - although there has been a substantial",
   "citation": "Richard W. Painter, Wulf A. Kaal, Extraterritorial Application of US Securities Law – Will the US Become the Default Jurisdiction for (2010). SSRN: https://ssrn.com/abstract=1664809",
   "datePublished": "2010",
   "claim_type": "empirical",
   "confidence": "evidenced",
   "is_failure_mode": false,
   "scope_conditions": [
    "US securities litigation as of 2010"
   ],
   "source_pdf_sha256": "2d5c8c30f969f8eb613bfa1fe6888a7cfa1a452e1027bcda0489618ceac62c20",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/1664809-025",
   "identifier": "kaal:claim:1664809-025",
   "text": "Enactment of section 7216 could make foreign cubed cases an integral part of the legal landscape in the United States and hence in Europe, ending the current situation in which most European companies are unaware of or unconcerned with that risk.",
   "abstract": "make foreign cubed cases an integral part of the legal landscape",
   "citation": "Richard W. Painter, Wulf A. Kaal, Extraterritorial Application of US Securities Law – Will the US Become the Default Jurisdiction for (2010). SSRN: https://ssrn.com/abstract=1664809",
   "datePublished": "2010",
   "claim_type": "predictive",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "enactment of section 7216"
   ],
   "source_pdf_sha256": "2d5c8c30f969f8eb613bfa1fe6888a7cfa1a452e1027bcda0489618ceac62c20",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/1765901-026",
   "identifier": "kaal:claim:1765901-026",
   "text": "Foreign-cubed rulings such as Morrison determined the size of the plaintiff class in private suits, but were irrelevant to the SEC's ability to enforce wherever a U.S. securities transaction is connected to the alleged fraud.",
   "abstract": "Morrison and other foreign-cubed cases determined the size of the plaintiff class in private suits, an issue relevant to the compensation of plaintiffs' lawyers, but the rulings in these cases were irrelevant to whether the SEC could pursue enforcement",
   "citation": "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",
   "datePublished": "2011",
   "claim_type": "condition",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "private class actions compared with SEC enforcement"
   ],
   "source_pdf_sha256": "7b08b8a15f7d72b4eeed41be2d17c20428cb4727269077a6575c5d22e31ecdc5",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/1765901-031",
   "identifier": "kaal:claim:1765901-031",
   "text": "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.",
   "abstract": "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.",
   "citation": "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",
   "datePublished": "2011",
   "claim_type": "predictive",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "if Congress legislatively overrules Morrison for private plaintiffs"
   ],
   "source_pdf_sha256": "7b08b8a15f7d72b4eeed41be2d17c20428cb4727269077a6575c5d22e31ecdc5",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/1765901-032",
   "identifier": "kaal:claim:1765901-032",
   "text": "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.",
   "abstract": "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",
   "citation": "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",
   "datePublished": "2011",
   "claim_type": "predictive",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "if Congress imposes a private right of action in foreign-cubed cases",
    "EU companies with U.S. operations"
   ],
   "source_pdf_sha256": "7b08b8a15f7d72b4eeed41be2d17c20428cb4727269077a6575c5d22e31ecdc5",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/1765901-034",
   "identifier": "kaal:claim:1765901-034",
   "text": "Regardless of what the SEC study concludes, Congress should decline to reinstate private rights of action in foreign-cubed cases.",
   "abstract": "An SEC study of private rights of action is also required by the Dodd-Frank Act, but regardless of the outcome of this study, Congress should decline to reinstate private rights of action in \"foreign-cubed\" cases.",
   "citation": "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",
   "datePublished": "2011",
   "claim_type": "normative",
   "confidence": "asserted",
   "is_failure_mode": false,
   "scope_conditions": [
    "the Section 929Y study of private rights of action"
   ],
   "source_pdf_sha256": "7b08b8a15f7d72b4eeed41be2d17c20428cb4727269077a6575c5d22e31ecdc5",
   "status": "current"
  }
 ],
 "description": "8 claims in the published works of Wulf A. Kaal carry the concept tag 'foreign-cubed'. Derived node: a roster, not an adjudicated definition."
}