Tuesday, February 15, 2022

Paul, Weiss experts analyze Morrison jurisdictional issues of unsponsored ADRs in Stoyas v. Toshiba Corp.

By Daniel Kramer, Richard Rosen, Raphael Russo, Audra Soloway, Daniel Sinnreich, and Emily Glavin of Paul, Weiss, Rifkind, Wharton & Garrison LLP

Attorneys at Paul, Weiss discuss the implications of a recent decision by the U.S. District Court for the Central District of California to deny class certification in Stoyas v. Toshiba Corp., a case asserting U.S. and Japanese securities law claims on behalf of investors in unsponsored ADRs. At issue is whether purchases of unsponsored ADRs were “domestic transactions” for purposes of the extraterritorial reach of the U.S. securities laws under the Supreme Court’s decision in Morrison v. National Australia Bank Ltd.

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For comprehensive coverage of today’s news, go to the Securities Legal Research & News section of VitalLaw.