California Lawyer | June.01.2012
This article, about a U.S. Supreme Court opinion in Morrison v. Nat'l Australia Bank holding that federal securities laws do not apply to transactions on foreign exchanges, quotes San Francisco securities litigation and regulatory enforcement partner Michael Torpey.
So what's an investor in foreign securities to do? "We don't think there are any work-arounds," says Michael D. Torpey, partner in the San Francisco office of Orrick, Herrington & Sutcliffe and chair of the firm's Securities Litigation Group. "The statutory scheme doesn't lend itself to work-arounds - there is no state court jurisdiction over Rule 10(b)-5. There's no fix for Morrison."