• Girard Gibbs LLP Services

Non-U.S. Securities Litigation


In its June 2010 landmark decision, Morrison v. National Australian Bank Ltd., 561 U.S. 247, 266 (2010), the Supreme Court ruled that Section 10(b) of the Securities Exchange Act of 1934 only reaches “transactions in securities listed on domestic exchanges” and “domestic transactions in other securities,” regardless of whether the alleged misconduct occurred within the United States or caused a substantial effect within the United States.

Morrison has significant implications for U.S. institutional investors who routinely invest in foreign securities.   For example, according to its 2010 report, the California Public Employees’ Retirement System—the largest state pension fund in the United States—had 24 percent of its investments in international equities, compared to just 21 percent in domestic equities.

Through a strategic allegiance with our Paris-based sister firm Lazareff Le Bars, with offices in Paris and Bruxelles, we are able to combine our resources and expertise to maximize and complement the services we provide institutional clients in order to recover financial losses occurring abroad as a result of misconduct.