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PARKCENTRAL GLOBAL HUB v. PORSCHE AUTO. HOLDINGS

Docket Nos. 11-397-cv(L), 11-403-cv(CON), 11-416-cv(CON), 11-418-cv(CON), 11-428-cv(CON), 11-447cv(CON).

763 F.3d 198 (2014)

PARKCENTRAL GLOBAL HUB LIMITED, et al., Plaintiffs-Appellants, v. PORSCHE AUTOMOBILE HOLDINGS SE, f/k/a Dr. Ing. H.C. F. Porsche AG, Wendelin Wiedeking, Holger P. Härter, Defendants-Appellees.

United States Court of Appeals, Second Circuit.

Decided: August 15, 2014.

Attorney(s) appearing for the Case

James B. Heaton, III ( Kaspar J. Stoffelmayr , on the brief), Bartlit Beck Herman Palenchar & Scott LLP, Chicago, IL, David Parker , Kleinberg, Kaplan, Wolff & Cohen P.C., New York, N.Y., Jay W. Eisenhofer , James J. Sabella , Grant & Eisenhofer P.A., New York, N.Y., Thomas E. Redburn, Jr. , Sheila A. Sadighi , Lowenstein Sandler PC, Roseland, NJ, Marc L. Greenwald , Quinn Emanuel Urquhart & Sullivan, LLP, New York, N.Y., for Plaintiffs-Appellants.

Robert J. Giuffra, Jr. ( John L. Warden , William J. Williams, Jr. , Suhana S. Han , Alexander J. Willscher , on the brief), Sullivan & Cromwell LLP, New York, N.Y., for Defendant-Appellee Porsche Automobil Holding SE.

Jay B. Kasner , Scott D. Musoff , Skadden, Arps, Slate, Meagher & Flom LLP, New York, N.Y., for Defendant-Appellee Dr. Wendelin Wiedeking.

Michael J. Chepiga , Paul C. Curnin , Emma Lindsay , Alexandra C. Pitney , Simpson Thacher & Bartlett LLP, New York, N.Y., for Defendant-Appellee Holger P. Härter. Meredith E. Kotler , Cleary Gottlieb Steen & Hamilton LLP, New York, N.Y., Giovanni P. Prezioso , Lee F. Berger , Cleary Gottlieb Steen & Hamilton LLP, Washington, DC, for Amici Curiae Securities Industry and Financial Markets Association and Chamber of Commerce of the United States of America.

Ira D. Hammerman , Kevin M. Carroll , Securities Industry and Financial Markets Association, Washington, DC, for Amicus Curiae Securities Industry and Financial Markets Association.

Robin S. Conrad , Sheldon Gilbert , National Chamber Litigation Center Inc., Washington, DC, for Amicus Curiae Chamber of Commerce of the United States of America.

Andrew J. Pincus , Marc R. Cohen , Alex C. Lakatos , Paul W. Hughes , Mayer Brown LLP, Washington, DC, for Amici Curiae The Federation of German Industries, Mouvement Des Entreprises De France, Economiesuisse, European Banking Federation, Association of Bankers Association.

Richard W. Painter , University of Minnesota Law School, Minneapolis, MN, Ronald J. Colombo , Hofstra University Law School, Hempstead, N.Y., for Amici Curiae Law Professors.

Judge LEVAL joins in this PER CURIAM opinion and concurs in a separate opinion.

PER CURIAM:

In Morrison v. National Australia Bank Ltd., 561 U.S. 247, 130 S.Ct. 2869, 177 L.Ed.2d 535 (2010), the Supreme Court established that, by virtue of the presumption against extraterritorial application of U.S. statutes, § 10(b) of the Securities Exchange Act of 1934, the basic antifraud provision of the U.S. securities laws, has no extraterritorial application, and no civil suit under that section may be brought...

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