Down Under Securities Case Goes . . . Down

 
One is reminded of a terrier.

Something about a class of overseas people suing an Australian bank about securities fraud that emanated from the world's smallest continent.  They lost on subject matter grounds.  Seems the U.S. Securities Exchange Act doesn't reach so far.  Morrison v. National Australia Bank Ltd., No. 07-0583-cv (2d Cir. Oct. 23, 2008).

Kinda like Empagran.