Court Dismisses Both "Foreign Cubed" As Well As "Foreign Squared" Securities Claims Based On Morrison

In the absence of appellate guidance, District Courts continue to apply or expand the ruling of Morrison v. National Australia Bank Ltd., No. 08-1191 (June 24, 2010), the first "foreign-cubed" securities action to appear before the Supreme Court—in which (i) non-U.S. plaintiffs, (ii) sued a non-U.S. issuer, (iii) based on securities transactions outside of the United States (see the discussion of the extraterritorial implications of Morrison in our e-book, International Practice: Topics and Trends, as well as in our blog postings (e.g., " Morrison and International Practice in Financial Services and Products: Scorecard Nine Months In")). In the current decision, In re UBS Securities Litigation, No. 07 Civ. 11225 (RJS) (S.D.N.Y. Sept. 2011), the District Court continues the trend and arguably extends it.