SEC Commissioner Luis Aguilar on April 11 published a lengthy dissent over the agency’s study on the rights of investors to sue in securities cases that involve foreign exchanges. Aguilar detailed his concern in the aftermath of a 2010 U.S. Supreme Court ruling barring U.S. fraud suits for securities traded on foreign exchanges. Aguilar was displeased that the study, mandated under the Dodd-Frank Act, did not recommend to Congress that it strongly reestablish the right for U.S. investors to sue for actions in foreign exchanges.
“In the United States we have a strong belief that, whether rich or poor, we are all entitled to our day in court. Sadly, for many American investors this is no longer true,” Aguilar writes.