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CITY OF PONTIAC POLICEMEN'S SYSTEM v. UBS AG

No. 12-4355-cv.

752 F.3d 173 (2014)

CITY OF PONTIAC POLICEMEN'S AND FIREMEN'S RETIREMENT SYSTEM, Arbejdsmarkedets Tillaegspension, Union Asset Management Holding AG, Counsel of the Borough of South Tyneside, Plaintiffs-Appellants, Oregon Public Employees Board, and Alaska Laborers-Employers Retirement Fund, Movants-Appellants, v. UBS AG, Peter A. Wuffli, Clive Standish, David S. Martin, Marcel Ospel, Marcel Rohner, Marco Suter, Walter Stuerzinger, Ramesh Singh, Huw Jenkins, James Stehli, John Costas, Michael Hutchins, Deutsche Bank Ag, Bnp Paribas, Credit Suisse, J.P. Morgan Securities Ltd., Morgan Stanley & Co. International Plc, Goldman Sachs International, Deutsche Bank Ag, London Branch, Ubs Securities Llc, Ernesto Bertarelli, Stephan Haeringer, Gabrielle Kauffmankohler, Sergio Marchionne, Rolf A. Meyer, Peter Voser, Lawrence A. Weinbach, Joerg Wolle, Helmut Panke, Peter Spuhler, Defendants-Appellees.

United States Court of Appeals, Second Circuit.

Decided: May 6, 2014.

Attorney(s) appearing for the Case

Gregory M. Castaldo ( Andrew L. Zivitz , Sharan Nirmul , Richard A. Russo, Jr. , Kessler Topaz Meltzer & Check, LLP, Radnor, PA; Jennifer L. Joost , Kessler Topaz Meltzer & Check, LLP, San Francisco, CA; Geoffrey C. Jarvis , Grant & Eisenhofer P.A., Wilmington, DE; Jay W. Eisenhofer , Charles T. Caliendo , Brenda F. Szydlo , Grant & Eisenhofer P.A., New York, NY; Samuel H. Rudman , Robert M. Rothman , Robbins Geller Rudman & Dowd LLP, Melville, NY; Gregg S. Levin , Motley Rice LLC, Mt. Pleasant, SC; William H. Narwold , Motley Rice LLC, Hartford, CT, on the brief) Kessler Topaz Meltzer & Check, LLP, Radnor, PA, for Plaintiffs-Appellants.

Robert J. Giuffra, Jr. ( Matthew A. Schwartz , Justin J. DeCamp , Thomas C. White , on the brief) Sullivan & Cromwell LLP, New York, NY, for UBS Defendants-Appellees.

Barry R. Ostrager ( Jonathan K. Youngwood , Craig S. Waldman , on the brief) Simpson Thacher & Bartlett LLP, New York, NY, for Underwriter Defendants-Appellees.

Before: CABRANES, HALL and CHIN, Circuit Judges.

JOSÉ A. CABRANES, Circuit Judge:

In this appeal we consider, as a matter of first impression, whether the bar on extraterritorial application of the United States securities laws, as set forth in Morrison v. National Australia Bank Ltd., 561 U.S. 247, 130 S.Ct. 2869, 177 L.Ed.2d 535 (2010), precludes claims arising out of foreign-issued securities purchased on foreign exchanges, but cross-listed on a domestic exchange...

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