Corporate and Securities Litigation

Disgorgement Subject to 5-Year Statute of Limitations in SEC Enforcement Proceedings

, New York Law Journal

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Corporate and Securities Litigation columnists Margaret A. Dale and Mark D. Harris write: For nearly a half-century, when bringing enforcement proceedings for violations of federal securities laws, the SEC has sought a sanction which forces defendants to fork over ill-gotten gains, regardless of how long before the initiation of the proceeding the wrongful conduct generating those gains occurred. Now a unanimous U.S. Supreme Court has put a stop to the SEC's end-run around the limitations period otherwise applicable to agency enforcement proceedings.

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