Securities and Exchange Commission v. Richardson

SIFMA submitted an Amicus “Friend of the Court” Brief.

Court: 

U.S. Court of Appeals

(Fifth Circuit)

Amicus Issue:  

Whether SEC claims for civil penalties are barred by the five-year statute of limitations (28 USC Section 2462) or whether the discovery rule delays the running until the alleged securities law violations are discovered.  Whether certain forms of relief, such as an injunction, and an officer and director bar, are penalties under Section 2462 because they are equitable and non-monetary.

Counsel of Record:  

Cleary Gottlieb Steen & Hamilton LLP

Lewis J. Liman

Katherine L. Wilson-Milne

Zuckerman Spaeder LLP

Paul Shechtman

Other Amici:

None