- Posted March 01, 2013
- Tweet This | Share on Facebook
SUPREME COURT NOTEBOOK
No extra time to sue for securities fraud
WASHINGTON (AP) -- The Supreme Court says the federal government doesn't get more time to sue for securities fraud.
Justices on Wednesday said the Securities and Exchange Commission must file suit within five years of an alleged fraudulent security action, but that the SEC can't start the clock running whenever it discovers a bad practice.
Writing the court's unanimous opinion, Chief Justice John Roberts said this was the law's "most natural" reading.
The case involved Gabelli Funds LLC executive Bruce Alpert and former executive Marc J. Gabelli, who said the SEC missed its chance to sue them for allegedly committing securities fraud by allowing a hedge fund to rapidly trade shares of a mutual fund.
In a second opinion, the court also voted 6-3 to make it easier to file security fraud class action lawsuits.
Published: Fri, Mar 1, 2013
headlines Oakland County
- Associations gather for Spring Fling
- Law school’s team wins William and Mary Colonial Cup Competition
- Supreme Court makes it easier to sue for job discrimination over forced transfers
- Oakland County Physician bound over on insurance fraud charges
- Innocence Project leaders present at University of Pennsylvania Carey Law School Spring Symposium
headlines National
- Incarceration series includes female inmates but doesn’t tell full story
- ACLU and BigLaw firm use ‘Orange is the New Black’ in hashtag effort to promote NY jail reform
- Former DOJ official who alleged election fraud violated at least one ethics rule, ethics committee says
- Winston & Strawn will provide reduced-cost legal services for routine tasks under Winston Legal Solutions umbrella
- Should Justice Sotomayor retire? Chemerinsky, White House haven’t joined calls for her to step down
- Which BigLaw firms are increasing lateral associate hiring the most? One made legal headlines last year