By Matthew Martens, Jaclyn Moyer and Jim Lux ( September 22, 2017, 11:26 AM EDT) -- For U.S. Securities and Exchange Commission enforcement practitioners, perhaps the blockbuster decision of the last U.S. Supreme Court term was Kokesh v. SEC[1] — but not for the reason that you might suspect. In Kokesh, the Supreme Court held that the disgorgement remedy, when sought by the SEC in an enforcement action, is a "penalty" subject to the five-year statute of limitations found in 28 U.S.C. § 2462. On its own terms, this is a significant decision, as the SEC each year obtains orders for disgorgement in amounts that far outstrip ordered monetary penalties....
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