Like a stone cast into a pond, the United States Supreme Court's 2010 decision in Morrison v. National Australia Bank produced an impact the consequences of which continue to ripple in an ever widening circle. In the narrowest circle, application of Morrison's location of the transaction test, and Congress' hurried and incomplete response in the Dodd-Frank Act, present questions regarding when U.S. government prosecutions and private class actions brought under Rule 10B-5 can reach frauds that take place in increasingly globalized securities trading. Moving outward from securities regulation, Morrison's use of the presumption against extraterritorial application of U.S. law casts a shadow over the application of a host of other U.S. laws, such as the Alien Tort Statute, to conduct beyond the United States. At the outermost circle, retrenchment of U.S. enforcement and private remedies prompts the question of whether other nations will move to fill the void, particularly in terms of providing procedures that allow for practical adjudication of actions involving large numbers of potential claimants from various countries.
Panels of leading experts addressed these issues on March 1, 2013, at the McGeorge School of Law, University of the Pacific, in Sacramento, California. The McGeorge Global Center for Business & Development organized the March 1 conference as the first of a two-part, two-location examination of these issues from both a United States and a European perspective undertaken in cooperation with the Max Planck Institute Luxembourg for International, European and Regulatory Procedural Law. The second session, organized by the Max Planck Institute Luxembourg, focused on European developments dealing with cross-border collective actions. It will take place in Luxembourg on March 25, 2013.
March 1, 2013
Northwest Hall, rooms S-4 and S-5 on the McGeorge campus.
This event was in collaboration with the Max-Planck-Institute Luxembourg for International, European and Regulatory Procedural Law.