In HomeSide's first year, it earned A$313 2 million in mortgage servicing fees, and contributed to NAB's net profits. By March of 2000, HomeSide, as a wholly owned subsidiary of NAB, held the rights to service $18 billion of mortgages, making it America's sixth biggest mortgage service company.įollowing the acquisition, HomeSide's operations were profitable. HomeSide serviced mortgages in exchange for fees. Service provider headquartered in Jacksonville, Florida, for $1.22 billion. In February 1998, NAB acquired HomeSide Lending Inc., an American mortgage While NAB's ordinary shares do not trade on United States exchanges, its American Depository Receipts 1 ("ADRs") trade on the New York Stock Exchange. NAB's approximately 1.5 billion "ordinary shares" (the equivalent of American common stock) trade on the Australian Securities Exchange, the London Stock Exchange, the Tokyo stock exchange, and the New Zealand stock exchange. In 2000, its Australian business accounted for roughly 55% of its assets and revenues, with its international operations responsible for the remainder. Founded in 1858, headquartered in Melbourne, and incorporated under Australian law, the National Australia Bank ("NAB") calls itself Australia's largest bank. This appeal requires us to revisit the vexing question of the extraterritorial application of the securities laws, Rule 10b-5 in particular. Shirey, Securities and Exchange Commission, Washington, DC, Amicus Curiae in Response to the Court's Request.īefore: NEWMAN, CALABRESI, B.D. for the Securities Industry and Financial Markets Association, the Chamber of the Commerce of the United States of America, the United States Council for International Business, and the Association Francaise des Entreprises Privees, Amici Curiae in Support of Appellees.īrian G. Flick, United States Council for International Business, New York, N.Y. Sarwal, National Chamber Litigation Center, Inc., Washington, DC Charlene B. Carroll, Securities Industry and Financial Markets Association, Washington, DC Robin S. Makanju, Cleary Gottlieb Steen & Hamilton LLP, New York, NY Ira D. Olderman, Williams & Connolly LLP, Washington, DC Susan Hacker, Association of Corporate Counsel for The Association of Corporate Counsel, Amicus Curiae in Support of Appellees.ĭeborah M. Kamenar, Washington Legal Foundation, Washington, DC for Washington Legal Foundation, Amicus Curiae in Support of Appellees. Richenthal, Wilmer Cutler Pickering Hale and Dorr LLP, New York, NY Daniel J. Rubin, Wilmer Cutler Pickering Hale and Dorr LLP, Washington, DC Daniel C. Blake Wilson.Įric Seiler, Friedman Kaplan Seiler & Adelman LLP, New York, NY, for Appellee Washington Mutual Bank, S.A., as successor in interest to HomeSide Lending, Inc. Graham Allen, Rogers Towers, P.A., Jacksonville, FL, for Appellees Hugh Harris, Kevin Race and W. Conway III, Wachtell, Lipton, Rosen & Katz, New York, NY, for Appellees National Australia Bank Limited and Frank Cicutto.Ī. Russell Leslie Owen, Brian Silverlock and Geraldine Silverlock. Johnson and Barry Michael Okun, on the brief), Labaton Sucharow & Rudoff LLP, New York, NY, for Appellants Robert Morrison, United States Court of Appeals, Second Circuit. NATIONAL AUSTRALIA BANK LTD., Homeside Lending Inc., Frank Cicutto, Hugh Harris, Kevin Race and W. 547 F.3d 167 Robert MORRISON, individually and on behalf of all others similarly situated, Russell Leslie Owen, Brian Silverlock and Geraldine Silverlock, Plaintiffs-Appellants,
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