The Impact Of Kokesh So Far, And What's Next: Part 1

Law360 (February 13, 2018, 11:17 AM EST) -- Until June 2017, when the U.S. Supreme Court issued its unanimous opinion in Kokesh v. SEC,[1] the U.S. Securities and Exchange Commission took the position that it could obtain disgorgement from defendants no matter how long ago the alleged wrongdoing occurred. Kokesh changed that, holding that SEC disgorgement is a penalty, not an equitable remedy, and therefore subject to the five-year statute of limitations codified in 28 U.S.C. § 2462. Courts and the SEC have been grappling with the ramifications of Kokesh ever since.

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