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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