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Full-Text Articles in Securities Law
Remedies For Foreign Investors Under U.S. Federal Securities Law, Hannah Buxbaum
Remedies For Foreign Investors Under U.S. Federal Securities Law, Hannah Buxbaum
Articles by Maurer Faculty
In its 2010 decision in Morrison v. National Australia Bank, the Supreme Court held that the general anti-fraud provision of U.S. securities law applies only to (a) transactions in securities listed on domestic exchanges and (b) domestic transactions in other securities. That decision forecloses the use of the “foreign-cubed” class action, and in general precludes the vast majority of claims that might otherwise have been brought in U.S. court by foreign investors. This article assesses the post-Morrison landscape, addressing the question of remedies in U.S. courts for investors defrauded in foreign transactions. It begins by reviewing the current case law, …
Selective Disclosure By Federal Officials And The Case For An Fgd (Fairer Government Disclosure) Regime, Donna M. Nagy, Richard W. Painter
Selective Disclosure By Federal Officials And The Case For An Fgd (Fairer Government Disclosure) Regime, Donna M. Nagy, Richard W. Painter
Articles by Maurer Faculty
This Article addresses a problem at the intersection of securities regulation and government ethics: the selective disclosure of market-moving information, by federal officials in the executive and legislative branches, to securities investors outside the government who use that information for trading. These privileged investors, often aided by political intelligence consultants, can profit substantially from their access to knowledgeable sources inside the government. In most instances, however, neither the disclosure nor the trading violates the antifraud provisions of the federal securities laws (under which the insider trading prohibitions arise). This legally protected favoritism undermines investor confidence in the fairness and integrity …