Joseph Dever and Matthew Elkin, of Cozen O'Connor's Commercial Litigation Practice, co-authored, "NJ Case Bolsters The Limitations Defense Against SEC," for Law360. The article details a recent decision from the U.S. District Court for the District of New Jersey and its implications on Section 2462, the provision that bars the government from filing claims seeking punitive remedies, but not equitable remedies, for conduct that took place more than five years from the filing date. In SEC v. Gentile, Civ. Action No.: 16-1619 (D.N.J.) (Dec. 13, 2017), Chief Judge Jose Linares dismissed the SEC’s complaint in its entirety against defendant Guy Gentile for securities fraud, ruling that Section 2462’s five-year statute of limitations period applies in equal force to SEC claims for permanent injunctions and penny stock bars — two remedies that are generally considered to be remedial, not punitive.
To read the article, click here.