Bob Giuffra Quoted in AmLaw Litigation Daily Article on S&C’s Victory for UBS in a Securities LitigationSeptember 13, 2011
On September 13, Mr. Giuffra was quoted in an article in The AmLaw Litigation Daily regarding S&C's recent victory for client UBS in securities litigation pending in the Southern District of New York. The article, “Wielding Morrison, Sullivan & Cromwell Slashes Securities class Action Against UBS,” highlighted the court's decision that day granting UBS's motion to dismiss claims brought by investors who purchased UBS shares outside the United States, likely reducing UBS's financial exposure in the case by many billions of dollars. Investors brought the litigation in connection with UBS's subprime securities losses and its settlement of government investigations involving its cross-border business; over the putative class period, UBS's market capitalization decline by more than $110 billion. Mr. Giuffra noted, “We are pleased with the court's decision dismissing all claims based on purchases of UBS's shares outside the United States.” The decision rejected the plaintiffs' arguments that the court should interpret the U.S. Supreme Court's Morrison v. National Australia Bank ruling to allow claims by foreign investors who bought shares on foreign exchanges (“foreign-cubed” claims) or, in the alternative, at least allow claims by U.S. investors who bought shares on foreign exchanges (“foreign-squared” claims), so long as the company's shares were also listed on a U.S. exchange. As AmLaw pointed out, this decision, “marks yet another defeat for plaintiffs lawyers” in their attempts to bring putative securities class actions following the Morrison decision.