On Monday, Judge Richard Casey of the United States District Court for the Southern District of New York

issued a significant decision regarding the application of the statute of limitations to actions brought by the

Securities and Exchange Commission seeking civil penalties and injunctive relief. In SEC v. Jones, No. 05 Civ.

7044, Judge Casey granted summary judgment in favor of defendants Thomas Jones and Lewis Daidone, holding that the SEC had failed to establish that the statute of limitations should be tolled as a result of the defendants’ alleged concealment of their actions and that the statute of limitations applied to the SEC’s claim for a permanent injunction. The ruling hands a significant setback to the SEC, which had charged Jones, the former head of Citigroup Asset Management, and garnered much media attention in 2005.