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U.S. Supreme Court: Discovery Rule Doesn’t Apply To SEC

WASHINGTON, D.C. - (Mealey's) The U.S. Supreme Court on Feb. 27 reversed a Second Circuit U.S. Court of Appeals ruling allowing the Securities and Exchange Commission to seek securities fraud penalties for conduct that had ceased more than five years before the SEC brought the lawsuit, saying that...

Supreme Court Rejects SEC Effort to Extend Statute of Limitations

The Supreme Court rejected the SEC's effort to extend the five year statute of limitations for imposing a civil penalty by engrafting a discovery exception onto the statute. Chief Justice Roberts, writing for a unanimous Court, held that under Section 2462 of Title 28, the statute of limitations...