• US Court of Appeals for the Second Circuit Clarifies Standard for “Domestic Transactions” Prong of Morrison
  • April 26, 2012 | Authors: Domenic C. "Dom" Cervoni; Joseph De Simone; Lisa H. Miller; Richard M. Rosenfeld
  • Law Firms: Mayer Brown LLP - New York Office ; Mayer Brown LLP - Washington Office
  • The Second Circuit Court of Appeals has issued an opinion that addresses the ambiguity created by Morrison’s off-market transactions prong, announcing a standard for “domestic transactions” that combines tests proposed by both the Eleventh Circuit and the Southern District of New York. In addition to clarifying the legal standard, the opinion provides useful guidance as to what Second Circuit defendants may now argue in Morrison-based motions to dismiss.