News & Analysis as of September 20, 2024

Supreme Court of the United States

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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 -

The SEC in 2019: Doing More With Less

Faegre Drinker Biddle & Reath LLP on 11/18/2019

Facing a 35-day government shutdown and new restrictions on the ability to recover disgorgement, it would be perfectly understandable if the SEC’s Division of Enforcement suffered a lackluster year. Nevertheless, according to...more

The Future of FCPA Enforcement After Kokesh

Pillsbury Winthrop Shaw Pittman LLP on 11/15/2017

Increased international cooperation, more aggressive investigations and greater focus on individual accountability. In light of the U.S. Supreme Court’s decision in Kokesh v. SEC, the SEC is expected to prioritize quicker,...more

Red Notice Newsletter - June 2017

Akin Gump Strauss Hauer & Feld LLP on 7/4/2017

ANTICORRUPTION DEVELOPMENTS - Linde Group Receives DOJ Declination Pursuant to FCPA Pilot Program - On June 16, 2017, German based chemical and gas company Linde Group’s American affiliates, Linde North America Inc....more

Supreme Court Deals Blow to SEC By Applying Five-Year Statute of Limitations to Disgorgement Remedies in SEC Enforcement Actions

Sheppard Mullin Richter & Hampton LLP on 6/29/2017

On June 5, 2017 the Supreme Court dealt a significant setback to the Securities and Exchange Commission (“SEC”) by limiting its power to extract ill-gotten profits from securities laws violators....more

Reflections on Kokesh v. SEC: Potential Ramifications of SEC Disgorgement Being a Penalty

King & Spalding on 6/14/2017

In the week since the Supreme Court’s unanimous decision in Kokesh v. SEC, which rejected the Securities and Exchange Commission’s longstanding position that disgorgement was an equitable remedy not subject to the five-year...more

SEC’s Negotiating Power Curbed - U.S. Supreme Court holds disgorgement subject to a five-year statute of limitations

Pillsbury Winthrop Shaw Pittman LLP on 6/9/2017

Earlier this week, the U.S. Supreme Court resolved a circuit split among the Tenth and Eleventh Circuit Courts of Appeals by holding that because disgorgement in a Securities and Exchange Commission (SEC) enforcement action...more

In Two Unanimous Rulings, U.S. Supreme Court Limits Penalties in SEC Enforcement and Criminal Actions

Kramer Levin Naftalis & Frankel LLP on 6/9/2017

In a pair of decisions issued on June 5, the Supreme Court sharply curtailed the scope of financial sanctions available in civil securities enforcement and criminal drug trafficking cases. In addition to the results, which...more

Supreme Court Provides New Leverage for Defendants in SEC Enforcement Actions

Troutman Pepper on 6/8/2017

For many years, the U.S. Securities and Exchange Commission (SEC) has sought both civil monetary penalties and disgorgement of unlawful gains from those alleged to have violated federal securities laws. While civil monetary...more

Supreme Court Limits SEC Disgorgement Orders With Five-Year Statute of Limitations

Seyfarth Shaw LLP on 6/8/2017

Seyfarth Synopsis: On June 5, 2017, the United States Supreme Court resolved a split among the federal circuit courts by unanimously holding that disgorgement collected by the Securities and Exchange Commission is subject to...more

Supreme Court Limits SEC Disgorgement Orders to a Five-Year Statute of Limitations

Hogan Lovells on 6/8/2017

Recently, the Supreme Court unanimously held in Kokesh v. SEC that disgorgement orders in enforcement actions by the Securities and Exchange Commission are subject to the same five-year statute of limitations as monetary...more

Supreme Court Decision Provides Significant Protection to Securities Industry, Limits SEC Enforcement

Bradley Arant Boult Cummings LLP on 6/7/2017

In a decision previewed in an earlier post, the United States Supreme Court ruled unanimously in Kokesh v. Securities and Exchange Commission that the five-year statute of limitations in 28 U.S.C. section 2462 applies to SEC...more

The Kokesh Decision – One Question Answered, Others Left Open

Thomas Fox - Compliance Evangelist on 6/7/2017

In the case of Kokesh v. SEC, the US Supreme Court held the profit disgorgements operate as a penalty under the Securities and Exchange Act of 1934, as amended. As such “any claim for disgorgement in an SEC enforcement action...more

Supreme Court: SEC Disgorgement a Penalty Subject to 5-Year Limitations

Burr & Forman on 6/6/2017

A unanimous Supreme Court held June 5 that SEC disgorgement is a “penalty” subject to five-year limitations under 28 U.S.C. §2462 and Gabelli v. SEC, 568 U.S. 442 (2013)(5-year limitations applies to civil monetary...more

Recent Supreme Court Decision Clarifies Key Principles Concerning Withdrawal from Criminal Conspiracies

Foley Hoag LLP on 3/29/2013

Smith v. United States Has Significant Implications for White Collar Prosecutions - In Smith v. United States, No. 11-8976 (Jan. 9, 2013), the Supreme Court resolved a circuit split at “the intersection of a withdrawal...more

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

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

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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