CII Releases New Paper, "A Survey of Morrison's Impact on CII Members"
It’s been three years since the U.S. Supreme Court sharply curtailed the right of investors to use the U.S. federal courts to sue for fraud related to securities traded exclusively on foreign exchanges or purchased overseas. The Supreme Court’s 2010 decision in Morrison v. National Australia Bank reduced the jurisdictional scope of the antifraud provision of the Securities Exchange Act of 1934. To find out how institutional investors are adjusting to the post-Morrison landscape, CII surveyed its members to determine whether the decision had affected their investment and litigation strategies. The survey found that most General Member funds continue to invest in non-U.S. securities on foreign exchanges and have not altered their investment behavior. However, many are changing, or considering changing, their litigation strategies or policies. CII members can access this exclusive paper in our Library of Governance Basics.
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