Supreme Court Holds That Five-Year Statute of Limitations Applies to SEC Disgorgement Actions
Date: 06/12/17
On June 5, 2017, the Supreme Court of the United States unanimously held in Kokesh v. SEC that disgorgement collected by the Securities and Exchange Commission (SEC) is a "penalty" subject to the five-year statute of limitations on civil penalties under 28 U.S.C. § 2462.¹ The decision resolves a circuit split over whether disgorgement is a "penalty or forfeiture" within the meaning of § 2462.
CGR Memo - Supreme Court Holds That Five-Year Statute of Limitations Applies to SEC Disgorgement Actions.pdf (pdf | 225.94 KB )