Kokesh Does Not Bar SEC Disgorgement Orders, Judge Says
Law360, Boston (August 22, 2018, 5:28 PM EDT) -- The U.S. Supreme Court's landmark 2017 Kokesh decision does not bar the U.S. Securities and Exchange Commission from collecting disgorgement payments, a Massachusetts federal judge ruled Wednesday as he dismissed a putative class action claiming the SEC had reeled in nearly $15 billion in illegal disgorgements.
The suit, led by the liquidation trustee for F-Squared Investment Management LLC's bankruptcy estate, argued that the high court’s unanimous ruling in Kokesh v. SEC, which held that the SEC is subject to a five-year statute of limitations on civil penalties, obliterates the commission’s ability to “double dip” by collecting disgorgements on top of penalties...
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