Transnational Class Actions and Interjurisdictional Preclusion‪.‬

INTRODUCTION As global markets have expanded and transborder disputes have multiplied, American courts have been pressed to certify transnational class actions--i.e., class actions brought on behalf of large numbers of foreign citizens or against foreign defendants. (1) The Supreme Court's recent decision in Morrison v. National Australia Bank Ltd. (2) is likely to reduce the number of "foreign-cubed" or "f-cubed" securities fraud class actions filed in the United States, at least in the short term. (3) But Morrison is unlikely to inhibit the filing of transnational class actions involving securities listed on domestic stock exchanges, transnational class actions raising claims that arise under federal laws that apply extraterritorially, or transnational class actions against defendants whose conduct within the United States is the "focus" of Congressional concern. In short, even after Morrison, class counsel are likely to keep filing transnational class actions and defense counsel are likely to keep opposing them.