News & Analysis as of September 22, 2024

Disgorgement

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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 -

Congress Seeks to Amend Securities Laws on Disgorgement

Kramer Levin Naftalis & Frankel LLP on 12/22/2020

The House of Representatives (on Dec. 8, 2020) and the Senate (on Dec. 11, 2020) passed the William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021, H.R. 6395 (the NDAA). While the bill’s principal...more

Kokesh v. SEC: Supreme Court Reins in SEC’s Powerful Disgorgement Remedy

Akin Gump Strauss Hauer & Feld LLP on 6/12/2017

This week, the Supreme Court in Kokesh v. SEC unanimously held that the Securities and Exchange Commission’s (SEC) equitable disgorgement remedy is subject to a five-year statute of limitations because it is a “penalty”...more

Supreme Court Applies Statute of Limitations to SEC Disgorgement Orders

Skadden, Arps, Slate, Meagher & Flom LLP on 6/8/2017

In a unanimous decision issued on June 5, 2017, the U.S. Supreme Court, in Kokesh v. SEC, 581 U.S. ___, held that disgorgement in securities enforcement cases is a “penalty” within the meaning of 28 U.S.C. § 2462, the general...more

Supreme Court Recognizes Five-Year Statute of Limitations for SEC Disgorgement Claims

Dechert LLP on 6/8/2017

In a unanimous decision with significant implications for Securities and Exchange Commission (“SEC”) enforcement, the U.S. Supreme Court in Kokesh v. Securities and Exchange Commission1 held June 5, 2017 that disgorgement in...more

SCOTUS Sets a Clock on Disgorgement in SEC Enforcement Actions

Mintz - Securities & Capital Markets... on 6/8/2017

The U.S. Supreme Court’s recent decision in Kokesh v. SEC imposes a five-year statute of limitations on agency-sought disgorgement in SEC enforcement actions, resolving a Circuit split and definitively categorizing...more

5-Year Statute of Limitations Applies to SEC Disgorgement

Foley & Lardner LLP on 6/7/2017

On June 5, 2017, the Supreme Court issued a unanimous opinion in Kokesh v. Securities and Exchange Commission, resolving a circuit split and holding that the 5-year statute of limitations for civil penalties applies to SEC...more

U.S. Supreme Court Significantly Limits SEC's Power to Recover Disgorgement

Jones Day on 6/7/2017

On June 5, 2017, in an unanimous ruling in Kokesh v. SEC, No. 16-529, the United States Supreme Court significantly limited the breadth of the Securities and Exchange Commission's primary enforcement tool. The Court held that...more

SCOTUS Limits SEC Disgorgement Remedies

Bass, Berry & Sims PLC on 6/6/2017

On June 5, 2017, the U.S. Supreme Court unanimously held that SEC disgorgement remedies used as punitive sanctions for violating federal securities laws constitute civil penalties and are subject to the five-year statute of...more

Eleventh Circuit Applies Five-Year Statute of Limitations to SEC Disgorgement Claims

Katten Muchin Rosenman LLP on 6/13/2016

On May 26, the Eleventh Circuit Court of Appeals unanimously ruled that the five-year statute of limitations applicable to Securities and Exchange Commission claims for fines and suspensions or bars also applies to SEC claims...more

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Statute of Limitations › Securities Fraud › Disgorgement

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