High court weighs fraud lawsuit vs. Aussie bank
Lawyer Blogs
The Supreme Court indicated Monday it could prohibit foreign investors from using U.S. securities law and American courts to sue a foreign bank for fraud.
The court heard argument in a challenge from Australian investors who want to sue the Melbourne-based National Australia Bank for securities fraud in U.S. federal court. The investors say they should have access to American courts because the claim of fraud relies on the actions of a bank-owned mortgage servicing company in Florida.
But none of the justices appeared to accept the investors' argument.
"Australian plaintiffs, Australian defendants, shares purchased in Australia. It has Australia written all over it," Justice Ruth Bader Ginsburg said. "Isn't the most appropriate choice the law of Australia rather than the law of United States?"
The court could use the case to clarify whether and when disputes over international dealings can be resolved in American courts, which often are more generous to plaintiffs than foreign courts.
Business interests and the governments of Australia, France and Great Britain are urging the court rule in favor of the bank.
Related listings
-
Lawyers await hearing on combining Toyota lawsuits
Lawyer Blogs 03/26/2010As lawsuits over Toyota acceleration problems multiply nationwide, more than 150 attorneys gathered Wednesday to sharpen their legal skills on the eve of a major federal court hearing on whether dozens of cases will be consolidated before a single ju...
-
Calif. voters could legalize pot in Nov. election
Lawyer Blogs 03/25/2010When California voters head to the polls in November, they will decide whether the state will make history again — this time by legalizing the recreational use of marijuana for adults.The state was the first to legalize medicinal marijuana use, with ...
-
Galleon founder wins stay of wiretaps in civil case
Lawyer Blogs 03/24/2010Galleon hedge fund founder Raj Rajaratnam, accused of insider trading along with several associates, won a suspension of a court order to hand over wiretap evidence to U.S. market regulators, pending appeal.The U.S. Court of Appeals for the 2nd Circu...
New York Commercial Litigation Law Firm - Woods Lonergan PLLC
Founded in 1993 by Managing Partner James F. Woods, Woods Lonergan PLLC has built a strong reputation as a resourceful and industrious firm that provides clients with clear, concise, and straightforward answers to their most challenging legal issues. Partner Lawrence R. Lonergan, who joined the firm in 2008, has been a friend and colleague to Mr. Woods for over 40 years and shares the same business philosophy. Woods Lonergan PLLC’s collective experience and expertise enables the firm to expeditiously and effectively analyze the increasing challenges clients face in an evolving business and legal world, in many instances, avoiding unnecessary time and expense to our clients. Our mission is simple: provide cutting-edge expertise and sound advice in select areas of the law for corporate and business clients. We thrive on providing each client with personalized attention, forceful representation, and a collaborative team effort that embraces collective knowledge.