Court curbs overseas reach of US securities laws

The US Supreme Court limited foreign investors’ ability to sue companies based abroad in American courts, throwing out a shareholder lawsuit against National Australia Bank Ltd. The justices unanimously said federal securities laws don’t reach allegations by three Australians who bought shares of Melbourne-based NAB in that country. The Australians argued that US courts could consider the case because it centered on alleged wrongdoing by a former US subsidiary of the bank.

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