The U.S. Attorney's Office for the Southern District of New York has announced that its prosecutors will not be significantly impacted by a recent appellate court decision concluding that Morrison's proscription against extraterritoriality applies also in the criminal context.
In United States v. Vilar, the United States Court of Appeals for the Second Circuit ruled that the U.S. Supreme Court's Morrison decision limited the extraterritorial Securities Exchange Act of 1934 Section 10(b) and applied it to criminal as well as civil cases.
The USAO has indicated it will continue its prosecutions since many also effect domestic concerns.
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