Discovery Rule, Fraud | JD Supra Law News

SEC Gets Five Years to Seek Civil Penalties for Fraud

by Holland & Knight LLP on 3/20/2013

On February 27, 2013, the U.S. Supreme Court decided that if the SEC wants to bring civil penalties against an investment adviser for fraud, there is a five-year statute of limitation period which starts to toll from the date...more

U.S. Supreme Court Rejects SEC’s Bid For More Time To Bring Civil Fraud Enforcement Action

by BuckleySandler LLP on 3/11/2013

On February 27, the U.S. Supreme Court held that the clock on the five-year statute of limitations for the SEC to pursue civil fraud claims under the Investment Advisers Act begins to run when the fraud occurs, and not when...more

Fraud and the “Discovery Rule” — Two Takeaways from The Supreme Court’s Recent Decision in Gabelli v. Securities and Exchange...

by Timothy J. Taylor | Holland & Knight LLP on 3/8/2013

Fraud likes to hide. Which is why, since the 18th century, courts have held that a statute of limitations for fraud does not begin to run until the victim discovers the fraud. In Gabelli v. Securities and Exchange Commission,...more

United States Supreme Court Declines to Apply the "Discovery Rule" to Extend the Five-Year Statute of Limitations for SEC Punitive...

by Taraneh Fard, John Stigi | Sheppard Mullin Richter & Hampton LLP on 3/7/2013

In Gabelli v. Securities & Exchange Commission, No. 11-1274, 2013 WL 691002 (U.S. Feb. 27, 2013), the United States Supreme Court, in a unanimous opinion by Chief Justice Roberts, held that the five-year statute of...more

Statute of Limitations for Government Enforcement Actions Seeking Civil Penalties Starts When Conduct Occurs, Not When Discovered

by Fernando Aenlle-Rocha, Kenneth A. Caruso, Christopher Curran, G. William Currier, Scott E. Hershman, Darryl S. Lew, Gregory G. Little, Neal McAliley, Owen Pell | White & Case LLP on 3/6/2013

In Gabelli v. SEC, 568 US ___ (2013), a unanimous Supreme Court reversed the Second Circuit and held that the five-year statute of limitations for Government civil penalty enforcement actions under 28 U.S.C. §2642 begins to...more

Supreme Court Rejects SEC's Position Concerning Statute of Limitations in Securities Fraud Actions

by Bradley Bondi, James Treanor | Cadwalader - Financial Restructuring on 3/5/2013

On February 27, 2013, the Supreme Court of the United States issued its decision in Gabelli v. SEC, holding that, in an action by the government for civil penalties, the five-year statute of limitations provided by 28 U.S.C....more

Supreme Court Finds No Fraud Exception to Five-Year Statute of Limitations for Government Lawsuits Seeking Civil Penalties

by Bruce Ericson, David Furbush, Sarah A. Good | Pillsbury Winthrop Shaw Pittman LLP on 3/5/2013

The U.S. Supreme Court’s recent decision in Gabelli v. Securities Exchange Commission (Feb. 27, 2013) rejects an attempt by the Securities and Exchange Commission to extend a statute of limitations by invoking a “discovery...more

Gabelli v. SEC: the Supreme Court's Statute of Limitations Ruling Puts Pressure on Federal Agencies to Investigate More...

by Stephen Fogdall | Schnader Harrison Segal & Lewis LLP on 3/5/2013

In a sweeping decision that could impact numerous enforcement actions by a number of federal agencies, the U.S. Supreme Court rejected the federal government’s argument that an agency should be entitled to the protection of...more

Supreme Court Update: Two Securities Law Decisions This Week, and Another to Come

by Jeffrey Cook, Brian Miller | Akerman Senterfitt on 3/1/2013

The United States Supreme Court has taken a keen interest in the securities arena this current term, agreeing to hear at least three cases (of only approximately 70 in total). This week, the Supreme Court announced decisions...more

Supreme Court Knocks Out Last Prop of OSHA Rule on Statute of Limitations

by James Lastowka, Arthur Sapper | McDermott Will & Emery on 3/1/2013

On February 27, 2013, the Supreme Court of the United States in Gabelli v. SEC unanimously disapproved of the so-called discovery rule for postponing the running of a statute of limitations when a federal government agency...more

Supreme Court Rules SEC Has Five Years to Seek Penalties

by Fredric Firestone, Eugene Goldman, Michael Ungar | McDermott Will & Emery on 3/1/2013

In an important decision, the Supreme Court held that the SEC has five years from when a fraud occurred to file an action to seek civil penalties. Although the ruling was limited to civil penalties, the decision might prompt...more

U.S. Supreme Court Rules That the Government Does Not Have an Unlimited Amount of Time in Which to Bring Civil Penalty Actions

by Kathleen Massey, Edward McDonald, Joshua Sherman | Dechert LLP on 3/1/2013

In a unanimous decision written by Chief Justice John G. Roberts, Jr., the United States Supreme Court has ruled that the Government does not have an unlimited amount of time to bring civil penalty actions based on fraud. In...more

Supreme Court Unanimously Limits SEC’s Ability To Bring Civil Penalty Claims For Conduct Older Than Five Years

by Robert Cohen, Justin Lichterman, Rachel McKenzie, Lori Lynn Phillips | Orrick - Securities Litigation and Regulatory... on 2/28/2013

In Gabelli v. SEC, a unanimous Supreme Court held that the statute of limitations for “penalty” claims in governmental enforcement actions begins to run from the date of the underlying violation of the law, not when the...more

Death and Taxes? Recent Supreme Court Arguments in Gabelli v. SEC Concerning a General Statute of Limitations for Civil Fines May...

by Christopher R. Hall, Brian Simons | Saul Ewing LLP on 1/25/2013

On January 8, the Supreme Court of the United States heard oral arguments in Gabelli v. S.E.C., 133 S. Ct. 97 (2012) on the question: By when must the government initiate an action to enforce a civil fine, penalty, or...more

White Collar Watch - January 2013

by Andrea P. Brockway, Christopher R. Hall, Randall M. Lutz, Nicholas J. Nastasi, Christine Pickel, Brian Simons, Chad Williams III | Saul Ewing LLP on 1/23/2013

In This Issue: - Death and Taxes? Recent Supreme Court Arguments in Gabelli v. SEC Concerning a General Statute of Limitations for Civil Fines May Also Affect How Long the IRS Has to Assess Penalties - Avoiding...more

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Discovery Rule › Fraud