Law Professors File Amicus Brief in
F-Cubed Securities Case
MARCH 2, 2010—Law School Professor Richard Painter was the principal author of an amicus brief, also signed by Professors John Matheson and Edward Adams, filed Feb. 27, 2010, with the U.S. Supreme Court in Morrison v. National Australia Bank (No. 08-1191).
The brief urged the Court to adopt a bright line rule that foreign plaintiffs alleging fraud in connection with securities purchased or sold outside the United States should not be permitted to sue foreign defendants in U.S. courts (securities litigation often referred to as "f-cubed": on behalf of foreign plaintiffs against foreign companies for trading on foreign exchanges).
"If adopted by this Court, this bright line rule would provide predictability for transacting parties in the global securities market and avoid burdening United States courts with foreign disputes that are better resolved by the courts of countries involved," the brief stated.
Amici were 21 American law school professors who have studied and written about corporate and securities law. They represent 18 law schools across the country. The University of Minnesota Law School was most strongly represented with three signatures.
A team of appellate lawyers at Skadden Arps in New York City represented the professors in this pro bono project.