The state Attorney General’s Office will once again have a six-year statute of limitations to pursue criminal charges and civil claims of securities fraud against Wall Street firms, after lawmakers approved a bill this week to reverse the effect of a recent decision by the New York Court of Appeals.
In that decision, handed down one year ago, the state’s highest court ruled that actions brought under the Martin Act, a 1920s law used by the Attorney General’s Office to police fraud, had a three-year statute of limitations.