The decision was unanimous in favour of the defendants (albeit with Justice Sotomayor recusing herself, given that she had been involved in the case at the Second Circuit). However, different reasons were given. The majority opinion, by Scalia, held that since the plain language of section 10(b) only applies to US securities, it should not be read to apply to non-US securities, despite long-standing precedent, originating in the 2nd Circuit, and since adopted by other circuits also, that 10(b) also applies to non-US securities.
