Supreme Court applies statute of limitations to SEC enforcement action News
Supreme Court applies statute of limitations to SEC enforcement action

[JURIST] The US Supreme Court [official website] ruled [opinion, PDF] Monday in Kokesh v. Securities and Exchange Commission [SCOTUSblog materials] that claims for disgorgement in an SEC enforcement action are held within the five-year statute of limitations. The court was unanimous in its opinion that the SEC filing for disgorgement [Cornell LII backgrounder] to prevent unjust enrichment is limited as it is a penalty that requires a statute of limitations. Justice Sonia Sotomayor wrote the opinion, which reversed lower court’s decision. “SEC disgorgement thus bears all the hallmarks of a penalty: It is imposed as a consequence of violating a public law and it is intended to deter, not to compensate. The 5-year statute of limitations in §2462 therefore applies when the SEC seeks disgorgement.”

The court granted certiorari in the case in January and heard oral arguments [JURIST reports] in April.

THIS DAY @ LAW

Pope Urban II sparks First Crusade

Pope Urban II threw his support behind what would become the First Crusade on November 27, 1095 during the Council of Clairmont. The Pope urged the council's participants to render aid to the Byzantine Empire, which was being attacked by the Seljuks. Pope Urban called for a wide coalition of rich and poor to combat the threat, which eventually resulted in the conquest of much of the Muslim-controlled Levant by the Crusaders and the establishment of the Crusader States. Read Pope Urban's address.  

Catholic Code of Canon Law revised

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