Morrison Test Applicable In Summary Judgment Ruling Against Investment Brokers

Mealey's (May 12, 2021, 2:16 PM EDT) -- BOSTON — A federal district court did not err in applying federal securities laws to two investment brokers who the Securities and Exchange Commission alleged engaged in a scheme to solicit domestic and international investment in unregistered securities of a company that sold a machine that would clean and decontaminate mail, a First Circuit U.S. Court of Appeals panel ruled May 10, rejecting the appellants’ argument that the extraterritoriality test established by the U.S. Supreme Court in Morrison v. National Australia Bank, Ltd. did not allow for such a ruling....