On July 11, 2007, ACC filed an amicus brief in a case which presents important questions about whether, and to what extent, US securities class actions may be brought by non-US investors against non-US companies, concerning disclosures and trades made outside the US. The plaintiffs in this case brought a class action in New York seeking damages on behalf of all persons in the entire world who purchased National Australia Bank's (NAB) ordinary shares during a period of 2-1/2 years - a huge number of investors – even though those shares trade exclusively on the Australian Securities Exchange and other non-U.S. exchanges, and even though 99.97 percent of these shares were held by people outside the United States.
Region:
United States
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