Dodd-Frank Rule Doesn't Bar Delayed SEC Suits, Judge Says

Law360, New York (March 25, 2013, 3:18 PM EDT) -- A U.S. Securities and Exchange Commission suit cannot be dismissed on grounds that the agency failed to comply with a Dodd-Frank Act rule requiring it to seek approval for delays in filing complex cases, a New York federal judge ruled Sunday.

After it notifies the target of an investigation about a matter, the SEC’s enforcement division has 180 days to file a formal suit. A provision of Dodd-Frank allows the enforcement division to obtain up to an additional 180 days as long as it notifies the...
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