This Comment argues that, based on existing case law, the Second Circuit improperly held that the district court had subject matter jurisdiction over a foreign takeover attempt in its Gold Fields decision. Part I examines the legal principles that govern the extraterritorial application of U.S. securities laws. Part II presents the factual background of Gold Fields and the legal analysis of the decision. Part III argues that the Second Circuit incorrectly exercised subject matter jurisdiction over the foreign securities claim. This Comment concludes that U.S. courts should decline to exercise subject matter jurisdiction in securities cases where domestic interests are insignificant in comparison to foreign interests.
William R. Covey,
Consolidated Gold Fields PLC v. Minorco, S.A.: The Extraterritorial Application of U.S. Securities Laws in International Equities Markets,
14 Fordham Int'l L.J. 240
Available at: http://ir.lawnet.fordham.edu/ilj/vol14/iss1/11