Case Detail

Kokesh v. Securities and Exchange Commission
On March 3, 2017, WLF asked the U.S. Supreme Court to overturn a Tenth Circuit decision that permitted the SEC to seek monetary penalties for securities law violations that occurred decades ago. In an amicus brief filed in the case, WLF argued that a strict five-year statute of limitations (28 U.S.C. § 2462) precludes such SEC enforcement actions. WLF reminded the appeals court that statutes of limitations serve important goals; they permit citizens to arrange their affairs secure in the knowledge that they won’t suddenly face sanctions based on long-ago events. WLF’s brief further contended that the “disgorgement” remedy SEC sought in the case has never been recognized as an equitable remedy throughout American legal history. Because the SEC never attempted to use disgorged funds to provide restitution to fraud victims, those funds served a punitive rather than a remedial purpose.
Case Status:
Oral argument held April 18, 2017. Awaiting decision.
More Information and Downloads:
3/3/2017: Download the Brief
Press Release: WLF Asks U.S. Supreme Court to Limit SEC’s Authority to Punish Long-Ago Activities
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