Robert Morrison, et al. v. National Australia Bank LTD. et al. (561 U.S. 247)
U.S. Supreme Court · decided June 24, 2010 · Supreme Court Database (Spaeth)
- Citation
- 561 U.S. 247 · 130 S. Ct. 2869
- Decided
- June 24, 2010
- Term
- October Term 2009
- Vote
- 8–0
- Majority author
- Justice Scalia
- Issue area
- Economic Activity
- Disposition
- Affirmed
- Outcome
- Petitioning party lost
- Ideological direction
- Conservative
Opinion excerpt
Justice Scalia delivered the opinion of the Court. We decide whether § 10(b) of the Securities Exchange Act of 1934 provides a cause of action to foreign plaintiffs suing foreign and American defendants for misconduct in connection with securities traded on foreign exchanges. I Respondent National Australia Bank Limited (National) was, during the relevant time, the largest bank in Australia. Its Ordinary Shares — what in America would be called “common stock” — are traded on the Australian Stock Exchange Limited and on other foreign securities exchanges, but not on any exchange in the United States. There are listed on the New York Stock Exchange, however, National’s American Depositary Receipts (ADRs), which represent the right to receive a specified number of National’s Ordinary Shares. 547 F. 3d 167, 168, and n. 1 (CA2 2008). The complaint alleges the following facts, which we accept as true. In February 1998, National bought respondent HomeSide Lending, Inc., a mortgage-servicing company headquartered in Florida. HomeSide’s business was to receive fees for servicing mortgages (essentially the administrative tasks associated with collecting mortgage payments, see J. Rosenberg, Dictionary of Banking and Financial Services 600 (2d ed. 1985)). The rights to receive those fees, so-called mortgage-servicing rights, can provide a valuable income stream. See 2 The New Palgrave…
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