# Foreign cubed

`kaal:entity:foreign-cubed`

**Status.** derived

This node is assembled mechanically from the 8 claims that carry the concept tag `foreign-cubed`. It is a roster of what the corpus says under this term. It is **not** an adjudicated definition: no single statement here has been ruled canonical, and no first-appearance call has been made. Read the claims and judge for yourself.

## Every claim under this term

8 claims across 2 works, 2010 to 2011.

**2010**

- [1664809-004](https://wulfkaal.github.io/claims/1664809-004) [failure/argued] *(failure mode)* -- 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.
  > United States into the global arbiter of securities fraud allegations,
  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
- [1664809-011](https://wulfkaal.github.io/claims/1664809-011) [empirical/evidenced] -- Foreign cubed cases in US courts rose over the decade preceding 2010, and in 2008 the number of such cases exceeded any previous year.
  > In 2008, foreign cubed cases exceeded any previous year
  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
- [1664809-024](https://wulfkaal.github.io/claims/1664809-024) [empirical/evidenced] -- 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.
  > are now relatively rare45 - although there has been a substantial
  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
- [1664809-025](https://wulfkaal.github.io/claims/1664809-025) [predictive/argued] -- 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.
  > make foreign cubed cases an integral part of the legal landscape
  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

**2011**

- [1765901-026](https://wulfkaal.github.io/claims/1765901-026) [condition/argued] -- 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.
  > 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
  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
- [1765901-031](https://wulfkaal.github.io/claims/1765901-031) [predictive/argued] -- 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.
  > 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.
  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
- [1765901-032](https://wulfkaal.github.io/claims/1765901-032) [predictive/argued] -- 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.
  > 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
  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
- [1765901-034](https://wulfkaal.github.io/claims/1765901-034) [normative/asserted] -- Regardless of what the SEC study concludes, Congress should decline to reinstate private rights of action in foreign-cubed cases.
  > 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.
  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

Every claim above resolves to a record carrying a verbatim source quote, the sha256 of the source PDF, and a preformatted citation. Nothing here asks to be taken on trust.

    curl -s https://wulfkaal.github.io/entities/foreign-cubed.md | sha256sum

**Canonical form.** This markdown file is the canonical hashed representation of this entity node. Its sha256 is the content hash.