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9 Fed. Cts. L. Rev. 1 (2015-2016)

handle is hein.journals/fecourtl9 and id is 1 raw text is: THE FEDERAL COURTS LAW REVIEW Volume 9, Issue 1 2016 The Phantasmal Presence: American Depositary Receipts and Personal Jurisdiction Brendan M. Daniels' TABLE OF CONTENTS I. INTRODUCTION ............................................. 1 II. GENERAL OVERVIEW OF AMERICAN DEPOSITARY RECEIPTS ................. 2 III. ADR TYPES AND LEVELS .................5...........5 IV. PERSONAL JURISDICTION AND ADRS ............ .............. 8 V. COMBINING FOREIGN BUSINESS'S ADR BENEFITS WITH LITIGATION RISK MANAGEMENT ..................... ..... 12 VI. CHANGING THE ADR'S ROLE IN DETERMINING JURISDICTION........... 13 VII. CONCLUSION ........................................... 14 I. INTRODUCTION In J.Mclntyre Machinery, Ltd. v. Nicastro, Justice Breyer noted in his concurrence that the way the technological advances have changed global business was not planned for in the Court's earlier opinions and that broad rules that could dramatically effect the flow of modem commerce should only be adopted after careful, deliberate thought in the ripples effects the holding causes.2 In the same case, Justice Ginsberg's dissent focused on the problems of establishing personal jurisdiction over foreign businesses at the 1. Candidate for Juris Doctor 2016, Charleston School of Law; M.S. in Finance, Webster University; B.A., Saint Louis University. I would like to thank Lauren for her laughter, support, and patience. 2. I do not doubt that there have been many recent changes in commerce and communication, many of which are not anticipated by our precedents. . . . I think it unwise to announce a rule of broad applicability without full consideration of the modem-day consequences. J. McIntyre Mach. Ltd., v. Nicastro, 131 S. Ct. 2780, 2791 (2011) (Breyer, J., concurring).