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  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0000-0003-0757-275X"
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  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/1664809-008",
   "identifier": "kaal:claim:1664809-008",
   "text": "Section 7216 of the Wall Street Reform and Consumer Protection Act of 2009 would extend federal antifraud jurisdiction to conduct within the United States constituting significant steps in furtherance of a violation, even when the securities transaction occurs abroad and involves only foreign investors.",
   "abstract": "conduct within the United States that constitutes significant steps in furtherance of the violation, even if the securities transaction occurs outside the United States and",
   "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": "definitional",
   "confidence": "asserted",
   "is_failure_mode": false,
   "scope_conditions": [
    "if section 7216 is enacted in the form introduced"
   ],
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  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/1664809-009",
   "identifier": "kaal:claim:1664809-009",
   "text": "The significant steps standard of section 7216 is probably broader than the Second Circuit's conduct and effect test, and the proposed statutory language would therefore reach a wider range of defendants.",
   "abstract": "statutory language in section 7216 is arguably broader than the",
   "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": "condition",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
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  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/1664809-010",
   "identifier": "kaal:claim:1664809-010",
   "text": "If section 7216 is enacted and covers section 10(b), the United States could become a magnet for global class actions, and US lawyers would benefit from securities litigation tourism much as UK lawyers have benefited from libel tourism.",
   "abstract": "a magnet for global class actions'. 24 US lawyers may benefit",
   "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 including section 10(b) of the 1934 Act"
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  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/1664809-013",
   "identifier": "kaal:claim:1664809-013",
   "text": "If section 7216 becomes law and permits extraterritorial application of US antifraud provisions, it would further incentivize forum shopping by plaintiffs' attorneys.",
   "abstract": "further incentivize forum shopping by plaintiffs' attorneys.",
   "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",
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/1664809-019",
   "identifier": "kaal:claim:1664809-019",
   "text": "Under section 7216 US law could apply to EU companies accused of conduct violating US securities laws even if those companies have no securities traded in the United States.",
   "abstract": "conduct violating US securities laws, even if they have no securi-",
   "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",
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/1664809-020",
   "identifier": "kaal:claim:1664809-020",
   "text": "Section 7216 could have the opposite effect of forcefully exporting US law onto other jurisdictions including Europe, even though it would be preferable for other nations to decide for themselves whether to have a class action litigation system.",
   "abstract": "7216 could have the opposite effect of forcefully exporting US law",
   "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": [
    "countries that have deliberately declined to adopt class action litigation"
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  {
   "@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",
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  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/1664809-027",
   "identifier": "kaal:claim:1664809-027",
   "text": "If section 7216 extends US securities fraud provisions to non-US securities transactions, European financial intermediaries could become the dominant target for plaintiffs' attorneys.",
   "abstract": "intermediaries could become the dominant target for plaintiff's",
   "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",
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   "is_failure_mode": false,
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  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/1664809-029",
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   "text": "The defendants harmed by section 7216 would almost all be non-US financial intermediaries and issuers who are less able to defend themselves in the US political system, which helps explain why Congress is not seriously considering repeal of the PSLRA but is seriously considering section 7216.",
   "abstract": "be non-US financial intermediaries and issuers who are less able",
   "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": "mechanism",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
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  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/1664809-030",
   "identifier": "kaal:claim:1664809-030",
   "text": "If section 7216 is enacted, European plaintiffs and defendants will likely turn to the expertise of American law firms, which would further exacerbate the already difficult competitive situation of European law firms.",
   "abstract": "will likely turn to the expertise of American law firms.",
   "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": [
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  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/1664809-032",
   "identifier": "kaal:claim:1664809-032",
   "text": "If Congress enacts section 7216, EU investors will on the whole probably earn a lower return on their investments than they otherwise would, because the substantial costs the US litigation system imposes on EU companies will be passed on to investors.",
   "abstract": "enacts section 7216, EU investors will, on the whole probably, earn",
   "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": true,
   "scope_conditions": [
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    "costs of US litigation borne by EU issuers"
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  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/1664809-035",
   "identifier": "kaal:claim:1664809-035",
   "text": "Section 7216 could be one more impediment to good diplomatic relations if the United States is perceived as establishing its courts as international courts in securities matters with universal jurisdiction.",
   "abstract": "7216 could be one more impediment to good diplomatic relations if the United States is perceived as establishing its courts as inter- national courts in securities matters with universal jurisdiction.",
   "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": [
    "perception by European governments of US judicial overreach"
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/1664809-038",
   "identifier": "kaal:claim:1664809-038",
   "text": "European boards of directors and company lawyers should follow the Morrison decision and the section 7216 legislative process closely, prepare for the resulting changes, and ask Congress to reconsider section 7216.",
   "abstract": "European Boards of Directors and company lawyers should fol- low upcoming events closely and prepare themselves for these impending changes. They should also ask Congress to reconsider",
   "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": "normative",
   "confidence": "asserted",
   "is_failure_mode": false,
   "scope_conditions": [
    "pending outcome of Morrison v. NAB and of section 7216"
   ],
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   "status": "current"
  }
 ],
 "description": "13 claims in the published works of Wulf A. Kaal carry the concept tag 'section-7216'. Derived node: a roster, not an adjudicated definition."
}