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Kramer Levin Launches Public Alternative Funds Blog
Electronic Discovery Update: Spring 2013
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When the Securities and Exchange Commission seeks penalties in a civil enforcement action, a question arises as to the applicable statute of limitations. Defendants typically have taken the view that the five-year limitations period under 28 U.S.C. § 2462 applies to penalty claims, and begins to run immediately upon the commission of the purported unlawful act. In response, the SEC has argued for application of a "discovery" rule under which, at least with respect to alleged conduct involving fraud, the five-year period under § 2462 does not begin to run until the agency discovers, or through reasonable diligence should discover, the conduct. On February 27, 2013, in Gabelli v. Securities and Exchange Commission, No. 11-1274, the Supreme Court resolved that issue against the SEC, and held that § 2462 is not subject to a "discovery" rule.