Split Panel Affirms Dismissal Of Securities Suit Based On Act Of State Doctrine

Mealey's (September 20, 2019, 2:16 PM EDT) -- SAN FRANCISCO — A split Ninth Circuit U.S. Court of Appeals panel on Sept. 17 ruled that a federal district court correctly ruled that a securities fraud class action lawsuit against a mining company and several of its current and former senior executives and directors was barred by the act of state doctrine because the lead plaintiffs’ federal securities law claims would require a court in the United States to issue a judgment on the validity of a ruling by the Mexican tax authority (Royal Wulff Ventures LLC, et al. v. Primero Mining Corp., et al., No. 17-56367, 9th Cir., 2019 U.S. App. LEXIS 28080)....