City of Pontiac Policemen’s and Firemen’s Retirement System et al. v. UBS AG et al.
City of Pontiac Policemen’s and Firemen’s Retirement System et al. v. UBS AG et al.
1 PagesThe Second Circuit upheld the Southern District of New York’s decision on all counts in this UBS securities case, affirming the district court’s dismissal under Morrison v. National Australia Bank Ltd. Retained by Sullivan & Cromwell Defense counsel retained Cornerstone Research in a putative class action in which the plaintiffs alleged that Swiss-based bank UBS was liable to shareholders for credit-crisis-related losses. The issues included whether investors could bring claims for shares purchased on a foreign exchange, if those shares were dually listed on a domestic exchange, or if the purchase followed a “buy order” placed in the United States. “The fact that a U.S. entity places a buy order in the United States for the purchase of foreign securities on a foreign exchange is insuffic
