X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

On Feb. 27, the U.S. Supreme Court held in a unanimous ruling in Gabelli v. SEC that actions by the Securities and Exchange Commission (SEC) for civil penalties must be brought within five years from the date on which the claim first accrued, as opposed to five years from discovery of the underlying wrongful conduct. The five-year limitations period is based upon 28 U.S.C. § 2462 – Time for Commencing Proceedings, which applies to actions for civil penalties where the federal statute upon which the claim is based does not contain its own statute of limitations. An issue not reached by the Supreme Court’s Gabelli decision, however, is whether Section 2462 applies to suits in which the government is seeking equitable relief, as opposed to civil penalties. The lower federal courts have reached varying conclusions on this issue. 

ALM Legal Publication Newsletters

Sign Up Today and Never Miss Another Story.

As part of your digital membership, you can sign up for an unlimited number of a wide range of complimentary newsletters. Visit your My Account page to make your selections. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2017 ALM Media Properties, LLC. All Rights Reserved.