The Supreme Court, in a case involving National Australia Bank, ruled against "foreign-cubed" lawsuits, in which a group of foreign plaintiffs sues a foreign issuer based on securities transactions in a foreign country for alleged violation of U.S. securities law. The court ruled that the securities-fraud provision applies only to "transactions in securities listed on domestic exchanges, and domestic transactions in other securities." The decision represents a significant victory for SIFMA, which has long railed against foreign-cubed litigation in numerous amicus briefs. View SIFMA's amicus briefs. Read the Supreme Court opinion, in which SIFMA's amicus brief, among others, were cited by the court.

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