Limitations Period for SEC Enforcement Matters

Supreme Court to decide

VERONICA E. CALLAHAN, DANIEL M. HAWKE AND MICHAEL D. TRAGER, ARNOLD & PORTER KAYE SCHOLER

On April 18, 2017, the United States Supreme Court heard oral argument in Kokesh v. Securities and Exchange Commission to determine whether disgorgement of ill-gotten gains in civil actions brought by the United States Securities and Exchange Commission (SEC) is subject to a five-year statute of limitations period or is an equitable remedy that falls outside the statute. The statute at issue is 28 U.S.C. § 2462, which applies to government actions seeking a “civil fine, penalty, or...

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