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High Court Wants Government’s Take on Extraterritorial Fraud

Jan. 14, 2019, 2:49 PM

The U.S. Supreme Court wants to know what the federal government thinks about a case over whether domestic securities transactions are sufficient or just necessary for Exchange Act fraud claims.

Japanese manufacturing giant Toshiba Corp. asked for another chance to show that a would-be investor class action against it shouldn’t go forward because the company doesn’t offer or sell its stock in the U.S. The Supreme Court Jan. 14 asked the U.S. Solicitor General to weigh in on the suit before it decides whether to hear it.

The call for the solicitor general’s views on the case suggests that ...