The Need For A Limitations Period On SEC Disgorgement Claims

By Daniel McCaughey, Annie Hancock and Matthew Tolve, Ropes & Gray LLP (January 19, 2017, 5:31 PM EST) -- Daniel McCaughey

Annie Hancock

Matthew Tolve The U.S. Supreme Court recently granted certiorari to review whether civil enforcement claims brought by the U.S. Securities and Exchange Commission for the remedy of disgorgement are subject to any statute of limitations, or whether instead the SEC can effectively pursue such claims based on conduct dating back to the enactment of the federal securities laws as part of the New Deal.[1] This pending case, Kokesh v. SEC, will have significant implications for registered entities and any other participants in the financial markets subject to potential SEC enforcement actions.

The SEC regularly pursues two principal...

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