A Rare Statute-Of-Limitations Victory Against The SEC
By Joseph Dever and Matthew Elkin (July 30, 2018, 2:10 PM EDT) -- Earlier this month, the U.S. Securities and Exchange Commission suffered a major setback to its core enforcement principle that no statute of limitations bars the agency from filing cases for permanent injunctions. In SEC v. Cohen et al., Judge Nicholas G. Garaufis of the U.S. District Court for the Eastern District of New York dismissed as untimely the SEC's entire case, including its claim for injunctive relief, on statute of limitations grounds. This is an important decision for SEC defense counsel to take note of when dealing with the agency in litigation and investigations. The decision is a rare complete victory against the SEC on statute-of-limitations grounds at the pleadings stage. Moreover, the decision provides defense counsel with ammunition to boost their argument in Wells meetings with the SEC staff that the agency should forgo completely any charges based on older conduct falling outside a five-year window....
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!