Last month the United States Court of Appeals for the Eleventh Circuit held in SEC. v. Graham et al that the five-year statute of limitations in 28 USC §2462 applies to SEC claims for disgorgement or declaratory relief.
Although Graham is not binding outside of the Eleventh Circuit, it represents a significant challenge to the SEC’s stated position that disgorgement is not subject to the U.S. Code’s general statute of limitations established by §2462 because it is an equitable remedy.
‘Enforcement 40’ for 2020
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