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City of Pontiac Policemen’s and Firemen’s Retirement System v. UBS AG

United States Court of Appeals for the Second Circuit
752 F.3d 173 (2014)

Written by Robert Cane, JD

Facts

UBS AG (UBS) (defendant), a German company, listed shares of its stock for sale on both foreign exchanges and the New York Stock Exchange. Union Asset Management Holding AG (Union); International Fund Management, S.A. (IFM); Arbejdsmarkedets Tillaegspension (ATP); and Oregon Public Employees Board (the board) (plaintiffs) all purchased shares of UBS on a foreign exchange. Union, IFM, ATP, and the board brought a class action against UBS for violations of § 10(b) of the Securities Exchange Act of 1934 (1934 act) in connection with UBS shares purchased on a foreign exchange. The district court dismissed the claims based on purchases made on foreign exchanges. Union, IFM, ATP, and the board appealed.

Rule of Law

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Issue

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Holding and Reasoning (Cabranes, J.)

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The procedural disposition (e.g., reversed and remanded, affirmed, etc.).

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