20.01 In Morrison v National Australia Bank Ltd,1 the United States Supreme Court held that purchasers of shares in the Australian Defendant who had purchased those shares on an Australian securities exchange could state no cause of action under United States law, and in particular under section 10(b) of the Securities and Exchange Act 1934 and SEC rule 10b-5. 20.02 When analysed as a question of whether United States law provided a cause of action on such facts, it is hardly surprising that the Supreme Court reached the conclusion it did. The casual observer...
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