SRG

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So called “Foreign cubed cases” have been on the radar of many attorney’s. These cases involve foreign plaintiffs and issuers & violation of U.S. securities laws. The twist here is the violations are alleged to have occurred in foreign markets. These cases have had far reaching implications on investors in securities in the US and foreign markets. The outcome of prominent cases including: Morrison v. National Australia Bank Ltd have suggested to legal experts that the courts may examine these types of requests on a case by case basis. This view seems to suggest that the courts may be opened to hearting these types of cases.

This Live Webcast will explore the critical issues in this field, with a special emphasis on the Morrison v. National Australia Bank Ltd. Decision of October 2008. Securities and litigation professionals will find this discussion especially valuable. This Live Web cast will scrutinize the court’s reasoning in this decision and its impact on decisions in the Second Circuit and the Southern District of New York and the entire securities industry. The program is appropriate for securities and litigation professionals alike.

Course Level: Intermediate
Prerequisite: None
Method Of Presentation: Group-Based-Internet
Developer: The Knowledge Conference
Recommended CLE/CPE Hours: 1.75 - 2.0
(Please note, your State Bar or Accounting Board will make the final determination with respect to continuing education credit. If you are applying for CLE credit in Texas you must register 20 days before the event date.)
Advance Preparation: Print and review course materials
Course Code: 093840
Recording Fee: $299 (Please click here for details)
NASBA Sponsor Number: 109004

 

Featured Speakers for Stricter Rules Governing live webcast:


  Event Talking Points (click here to view more)
SEGMENT 1:


Andrew N. Vollmer, Partner, Securities Department, former Deputy General Counsel at the U.S. Securities and Exchange Commission,
Wilmer Cutler Pickering Hale and Dorr LLP

- Application of the U.S. securities laws to U.S. conduct having effects abroad.
- The Second Circuit’s decision in National Australia Bank.
- The position of the SEC.
- Should the conduct test be retained?

SEGMENT 2:


David S. Hoffner, Partner, White Collar and Securities Litigation,
Dechert LLP

Impact of National Australia Bank decision on the continued relevance of the "effects" test for subject matter jurisdiction over claims of F-Cubed investors

Whether, after National Australia Bank, the "conduct" test may be satisfied based on U.S. conduct underlying a false statement compiled and issued from abroad or whether all domestic conduct that impacts a foreign disclosure is "merely preparatory" and therefore insufficient

Availability of jurisdiction over claims of F-Cubed investors based on supplemental jurisdiction to U.S. investor claims

SEGMENT 3:


Joseph N. Sacca, Partner, Litigation,
Skadden, Arps, Slate, Meagher & Flom LLP

- U.S. courts appear to be trending towards more rigorous application of the conduct and effects
  tests when assessing whether they have subject matter jurisdiction over the claims of F-Cubed
  investors.

- Even where they find subject matter jurisdiction, some courts still deny class action status
  to claims of F-Cubed investors by (a) determining that the risk of a foreign jurisdiction not
  recognizing the judgment of the US court prevents the class action mechanism from being the
  superior method of resolving the case; or (b) declining to extend the fraud-on-the-market
  presumption to claims of foreign investors.

- Absent a US forum, F-Cubed investors can still seek potentially obtain remedies through (a)
  the Dutch Act on Collective Settlement of Mass Damages, or (b) through foreign courts, though
  usually without the procedural advantages provided by the US courts.

SEGMENT 4:


Grace Lamont, Partner, Leader of the Securities Litigation Practice,
PricewaterhouseCoopers LLP

– Recent trends against foreign companies
– Number of cases hit an all time high
– Settlements still high
– Increasingly, foreign institutions assuming the lead plaintiff role
– Increased involvement from foreign shareholders

– Attraction of the US courts
– Larger opportunity for financial recovery
– Mounting pressure on pension funds re fiduciary obligations
– Existence of contingency fees
– Jury verdicts

– Additional Impetus provided by
– Changing attitudes
– Collaboration between US law firms and foreign law firms
– Cross border cooperation between regulators
– Global recession and credit crisis



Wilmer Cutler Pickering Hale and Dorr LLP
Andrew N. Vollmer
Partner, Securities Department
former Deputy General Counsel at the U.S. Securities and Exchange
                      Commission
                      speaker bio »»

Dechert LLP
David S. Hoffner
Partner, White Collar and Securities Litigation
speaker bio »»

Skadden, Arps, Slate, Meagher & Flom LLP
Joseph N. Sacca
Partner, Litigation
speaker bio »»

PricewaterhouseCoopers LLP
Grace Lamont
Partner, Leader of the Securities Litigation Practice
speaker bio »»

Who Should Attend?

- General Counsels
- Securities Litigation Director/Officers
- Foreign Issuers
- Senior Corporate Executives
- Securities Litigation Lawyers
- White Collar Litigation Practicing Lawyers
- Regulatory Enforcement Attorneys

Why Attend?

This is a must attend event to everyone to hear and understand the up-to-the-minute and most relevant updates on the “Foreign-Cubed” issues.
- New guidance explained by the most qualified key leaders & experts
- Hear directly from key regulators & thought leaders
- Interact directly with panel during Q&A

Registration Information:                                                                                                                                    



Stricter Rules Governing “Foreign-Cubed” Claims For Attorneys
Speaker Firms:








 

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