Legislation to reinstate a six-year statute of limitations for the Martin Act, which gives the New York Attorney General’s Office authority to prosecute and pursue civil claims of securities fraud against Wall Street’s financial firms, was signed by Gov. Andrew Cuomo Monday.
The new law reverses a decision last year from the New York Court of Appeals, the state’s highest court, which interpreted the law to have a three-year statute of limitations. While those cases are typically considered a priority for the office, last year’s decision placed a first-time limit on how they’re pursued.
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