Pension Fund Alliance seeks Morrison u-turn
March 29 2011, 12:26 pmAn alliance of 69 funds including superannuation funds, Pension funds and Fund managers jointly submitted a letter on 18th February 2011 to Elizabeth Murphy, Secretary of the Securities & Exchange Commission regarding Release No. 63174.
The alliance members are responsible for in excess of USD2 trillion and are voicing their concerns and comments on the ability of non-US investors to achieve appropriate restitution in the US courts following the NAB vs Morrison ruling on F-cubed (“also known as Foreign-cubed) securities.
The alliance assert that restoring the legislation to pre-Morrison standards “would not transform the United States into the worlds court” as any alleged cases of mis-management, fraud etc would still have a mandatory requirement to prove a “significant US nexus.”
The letter sent to the Secretary of the Securities & Exchange Commission can be viewed here – SEC Foreign Funds letter (18/02/11)
