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ARTICLE · 07 DECEMBER 2009

Supreme Court Docket Report - November 30, 2009

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Section 10(b) of the Securities Exchange Act of 1934, 15 U.S.C. § 78j(b), authorizes the Securities and Exchange Commission ("SEC") to promulgate rules forbidding "any manipulative or deceptive device or contrivance" used in connection with the purchase or sale of securities. Section 10(b) has long been understood to support a private cause of action against persons or entities violating SEC Rule 10b-5, which generally prohibits the use of deceptive acts or schemes to buy or sell securities.

United StatesLitigation, Mediation & Arbitration
Andrew Tauber
Andrew Tauber
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Originally published November 30, 2009

Keywords: Securities Exchange Act, extraterritoriality, SEC, purchase, sale, securities, SEC Rule 10b-5, Morrison, National Australia Bank Ltd, NAB, foreign shareholders

Today the Supreme Court granted certiorari in one case of interest to the business community:

Securities Exchange Act—Extraterritoriality

Section 10(b) of the Securities Exchange Act of 1934, 15 U.S.C. § 78j(b), authorizes the Securities and Exchange Commission ("SEC") to promulgate rules forbidding "any manipulative or deceptive device or contrivance" used in connection with the purchase or sale of securities. Section 10(b) has long been understood to support a private cause of action against persons or entities violating SEC Rule 10b-5, which generally prohibits the use of deceptive acts or schemes to buy or sell securities. Courts are divided, however, on the extent to which transnational frauds are actionable under this rule. Today, the Supreme

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