Statute of Limitations Gabelli v SEC

Statute of Limitations refers to a statute that sets the time period during which a legal claim can be brought. Most statute of limitations laws require individuals to sue at some point during a set period... more +
Statute of Limitations refers to a statute that sets the time period during which a legal claim can be brought. Most statute of limitations laws require individuals to sue at some point during a set period usually commencing from the date of the wrong or injury or the discovery of the wrong or injury. Except for under a limited set of circumstances, if an individual does not file a suit within the specified time period, the law bars them from ever suing on that claim. less -
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Graham Decision Adopts Gabelli Rationale to Apply Five-Year Statute of Limitations to Enforcement Actions Seeking Equitable Relief

The decision of a U.S. District Court for the Southern District of Florida judge to dismiss a case involving an alleged $300 million Ponzi scheme on statute of limitations grounds holds significant implications for time...more

"Business Cases in the US Supreme Court"

The U.S. Supreme Court recently closed its 2012 term with its usual headline-grabbing flurry of June decisions. Several of those decisions, as well as many more that received less publicity, will affect business interests. In...more

Seventh Circuit Presents Statute of Limitations Roadblock for Future PSD Enforcement Matters

On July 8, 2013, in United States v. Midwest Generation, et. al, the U.S. Court of Appeals for the Seventh Circuit ruled that the failure to obtain a prevention of significant deterioration (PSD) construction permit under the...more

Total S.A. FCPA Actions Hearken Back to Time of Tupac Shakur, Beepers

Remember 1995? It was a long time ago, so you can be forgiven for not recalling much of it. To re-orient you: it was President Clinton’s first term; the Oklahoma City bombing happened in April; a jury found O.J. Simpson not...more

Supreme Court Holds SEC to Five-Year Statute of Limitations for Civil Enforcement Actions; Decision May Extend to Other Federal...

The Supreme Court recently rebuffed an attempt by the U.S. Securities and Exchange Commission (“SEC”) to gain more time to file actions to enforce civil penalties by invoking the “discovery rule.” In the case of Gabelli vs....more

Gabelli v. SEC: The Supreme Court Limits the Statute of Limitations for SEC Actions

In a recent unanimous decision, the U.S. Supreme Court held that the Securities Exchange Commission (SEC) has five years from the date when an alleged fraud begins – not from the date when the SEC uncovers the fraud – to...more

SEC Gets Five Years to Seek Civil Penalties for Fraud

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

In The Wake Of Gabelli, SEC Voluntarily Dismisses Follow-On Cert. Petition

Today, the Solicitor General filed a motion asking the Supreme Court to dismiss the Securities and Exchange Commission’s petition for a writ of certiorari in SEC v. Bartek. As noted in a previous blog post, the Bartek...more

Supreme Court Denies SEC Extra Time to Bring Enforcement Actions for Civil Penalties

The US Supreme Court recently held that the Securities and Exchange Commission has five years from the date an alleged fraud occurs, not from the date of its discovery, to bring an enforcement action for civil penalties....more

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

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

Inside The Courts - March 2013 | Volume 5 | Issue 1

In This Issue: *U.S. SUPREME COURT - Class Certificaton - Amgen Inc. v. Conn. Ret. Plans and Trust Funds, No. 11 1085 (U.S. Feb. 27, 2013) - Statutes of Limitations - Gabelli v. Sec. & Exch. Comm’n, No....more

The Supreme Court Holds that the “Discovery Rule” Does Not Apply to SEC Enforcement Actions for Financial Penalties and Affirms...

In Gabelli v. SEC, No. 11-1274 (Feb. 27, 2013), a unanimous Supreme Court issued a much anticipated decision on the statute of limitations for civil enforcement actions in which the SEC seeks monetary penalties, fines or...more

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

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...

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

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

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

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...

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 rejects SEC’s request for exception to statute of limitations in Gabelli

On February 27, 2013, the Supreme Court issued its much-anticipated decision in Gabelli v. SEC, unanimously rejecting the SEC’s view that government agencies can bring enforcement actions seeking civil penalties for...more

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

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

Use It or Lose It: U.S. Supreme Court Holds the SEC Must Bring Civil Enforcement Actions Within Five Years of Wrongful Conduct

On February 27, 2013, the United States Supreme Court put a stop to the Securities and Exchange Commission's (SEC) practice of bringing civil enforcement actions outside the five-year statute of limitations. In an opinion by...more

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

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

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

Supreme Court Adopts Strict Interpretation of the Statute of Limitations for SEC Civil Penalty Enforcement Actions

On February 27, 2013, the United States Supreme Court unanimously adopted a strict interpretation of the five-year period in which the Securities and Exchange Commission (“SEC”) may seek to impose a civil penalty on a...more

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

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

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