SEC Gets No Extra Time For Fraud Suits, Supreme Court Rules

Law360, New York (February 27, 2013, 11:54 AM EST) -- The U.S. Supreme Court on Wednesday ruled that the U.S. Securities and Exchange Commission must file enforcement actions within five years of discovering an alleged fraud in a finding that could reach across a host of government agencies.

In a unanimous ruling that overturned a landmark August 2011 Second Circuit decision, the high court found that the SEC filed claims alleging that two Gabelli Funds LLC officials allowed an investor to engage in market-timing of a mutual fund long after the five-year statute of limitations had...
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