On June 5, 2017, the United States Supreme Court unanimously held in Kokesh v. Securities and Exchange Commission  that disgorgement in SEC enforcement actions operates as a penalty, and as a result is subject to the federal five-year statute of limitations under 28 U.S.C. §2462. The Kokesh decision resolved a split between the US Court of Appeals for the Tenth Circuit and Eleventh Circuit, and in the process undermined a key source of large recoveries by the SEC in FCPA resolutions, and in SEC proceedings more broadly.
‘Enforcement 40’ for 2020
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