Logourl black
From our private database of 14,000+ case briefs...

Morrison v. National Australia Bank, Ltd.

United States Supreme Court
130 S.Ct. 2869 (2010)


Facts

National Australia Bank Limited (National) (defendant) is an Australian bank whose shares are traded on foreign securities exchanges. In February 1998, National purchased HomeSide Lending, Inc. (HomeSide) (defendant), a domestic mortgage servicing company. From 1998 to 2001, National and HomeSide executives made a series of public statements that overestimated the value of HomeSide’s mortgage-servicing rights. Russell Leslie Owen and Brian and Geraldine Silverlock (plaintiffs) are Australian owners of National’s stock. They brought suit against National and HomeSide in the United States District Court for the Southern District of New York, alleging a violation of Section 10(b) of the Securities Exchange Act of 1934 (Act). The defendants moved to dismiss the complaint for lack of subject matter jurisdiction and failure to state a claim. The District Court dismissed the complaint on grounds that the court lacked subject matter jurisdiction. The Court of Appeals for the Second Circuit affirmed. This Court granted certiorari.

Rule of Law

The rule of law is the black letter law upon which the court rested its decision.

To access this section, please start your free trial or log in.

Issue

The issue section includes the dispositive legal issue in the case phrased as a question.

To access this section, please start your free trial or log in.

Holding and Reasoning (Scalia, J.)

The holding and reasoning section includes:

  • A “yes” or “no” answer to the question framed in the issue section;
  • A summary of the majority or plurality opinion, using the CREAC method; and
  • The procedural disposition (e.g. reversed and remanded, affirmed, etc.).

To access this section, please start your free trial or log in.

Concurrence (Breyer, J.)

The concurrence section is for members only and includes a summary of the concurring judge or justice’s opinion.

To access this section, please start your free trial or log in.

Concurrence (Stevens, J.)

The concurrence section is for members only and includes a summary of the concurring judge or justice’s opinion.

To access this section, please start your free trial or log in.

What to do next…

  1. Unlock this case brief with a free (no-commitment) trial membership of Quimbee.

    You’ll be in good company: Quimbee is one of the most widely used and trusted sites for law students, serving more than 97,000 law students since 2011. Some law schools—such as Yale, Vanderbilt, Berkeley, and the University of Illinois—even subscribe directly to Quimbee for all their law students. Read our student testimonials.

  2. Learn more about Quimbee’s unique (and proven) approach to achieving great grades at law school.

    Quimbee is a company hell-bent on one thing: helping you get an “A” in every course you take in law school, so you can graduate at the top of your class and get a high-paying law job. We’re not just a study aid for law students; we’re the study aid for law students. Read more about Quimbee.

Here's why 175,000 law students have relied on our case briefs:

  • Written by law professors and practitioners, not other law students. 14,000 briefs, keyed to 188 casebooks. Top-notch customer support.
  • The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
  • Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
  • Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.