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Tenth Circuit Affirms Ruling Allowing SEC to Bring Securities Fraud Claims Over Certain Foreign Transactions

By Leslie N. Silverman, Abena Mainoo, Matthew C. Solomon & Alexander Janghorbani on January 30, 2019
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Last week, in SEC v. Scoville, the U.S. Court of Appeals for the Tenth Circuit held that Dodd-Frank allows the Securities and Exchange Commission to bring fraud claims based on sales of securities to foreign buyers where defendants engage in fraudulent conduct within the United States.

In so holding, the Court concluded that Dodd-Frank abrogated in part the Supreme Court’s rule, announced in Morrison v. National Australia Bank Ltd., that fraud claims under the federal securities laws can only be brought with respect to transactions in securities listed on a U.S. exchange or transactions in other securities in the U.S.  If adopted more broadly, this ruling would restore in government enforcement actions the more expansive conduct-and-effects test that the Morrison Court rejected.

Please click here to read the full alert memorandum.

Photo of Abena Mainoo Abena Mainoo

Abena Mainoo’s practice focuses on investigations and civil litigation.

Read more about Abena MainooEmail
  • Posted in:
    Corporate & Commercial
  • Blog:
    Cleary M&A and Corporate Governance Watch
  • Organization:
    Cleary Gottlieb Steen & Hamilton LLP
  • Article: View Original Source

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