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Punitive Relief Is An Open Question In SEC Case

Law360 (July 23, 2007, 12:00 AM EDT) -- In SEC v. Jones, Judge Casey of the Southern District of New York dismissed the Securities and Exchange Commission’s action seeking civil monetary penalties and an injunction against former Citigroup Asset Management executives Thomas W. Jones and Lewis E. Daidone.

The court found the SEC’s action was time-barred by the statute of limitations codified in 28 U.S.C. § 2462 (SEC v. Jones, No. 05 Civ. 7044, 2007 WL 632730 at *5-11 (S.D.N.Y. Feb. 26, 2007). The court also granted summary judgment and dismissed the SEC’s request...
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