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  • Posts by Matthew Allen
    Principal

    Over the past decade, Matt has been consistently voted by his peers as a leading lawyer in Michigan and the United States by the publications Best Lawyers in America, Michigan Super Lawyers, and Leading Lawyers. Matt has also been ...

Image related to The U.S. Supreme Court Puts S.E.C. Disgorgement Actions on the Clock

The U.S. Supreme Court continues to limit the timeframe in which the U.S. Securities and Exchange Commission (“S.E.C.”) can seek to levy monetary penalties in enforcement actions it brings against violators of the federal securities laws. Most recently, the Court limited to five years the window of time in which the S.E.C. can bring a claim to “disgorge,” or take away, ill-gotten gains from a defendant’s securities fraud. These rulings may result in quicker or more aggressive enforcement actions by the S.E.C. against companies or individuals accused of securities fraud, even perhaps before investigations are complete. The holdings may also affect the willingness of corporate or individual defendants to enter into “tolling agreements” with the S.E.C. that would toll (or stop) the limitations period while the parties discuss a potential resolution or settlement.

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