Gabelli Could Kickstart The 'Civil' Prosecution Debate

Law360, New York (February 27, 2013, 1:34 PM EST) -- Less than two months after hearing oral argument, the U.S. Supreme Court has unanimously ruled against the U.S. Securities and Exchange Commission in an important statute of limitations case. In its opinion in Gabelli v. SEC, written by Chief Justice John Roberts, the court unanimously held that when the government is seeking punitive sanctions in the form of civil penalties, it gets no benefit from the so-called “discovery rule,” even in cases alleging fraud. Because most SEC investigations linger for several years before any charges are...
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