“Around the World in a Decade: The Evolving Landscape of Securities Litigation Post-Morrison


By Maya Saxena and members of the National Association of Public Pension Attorneys (NAPPA) Morrison Working Group Sub-Committee

Nearly ten years ago the Supreme Court of the United States, by its decision in Morrison v. National Australia Bank, Ltd., 561 U.S. 247 (2010), launched the institutional investor’s odyssey into the developing world of non-U.S. securities law and regulation. Moreover, during this same decade, markets have continued to expand and globalize, and as investors have accordingly increased their exposure to international assets, worldwide securities litigation has become an increasing necessity for institutional investors seeking to recover losses from wrongdoing regarding securities purchased on foreign exchanges.

In June 2012, NAPPA’s Securities Litigation working group published a white paper entitled, “Living in a Post-Morrison World: How To Protect Your Assets Against Securities Fraud,” which served as a first-of-its-kind guide to post-Morrison securities litigation outside of the United States. Several years later, the NAPPA working group updated the white paper with a publication in June 2016 entitled, “Post-Morrison: The Global Journey Toward Asset Recovery.”

This 2019 white paper update presents the current state of the law in 11 foreign jurisdictions that have seen a significant volume of post-Morrison foreign securities litigation involving U.S investors, as well as guidance to investors on factors to consider and the types of questions to ask before participating in foreign litigation, and it also provides a review of a select number of foreign case decisions.

Saxena White is proud to be among those who contributed to this project. For a full version of the paper, please contact co-author Maya Saxena.