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Kokesh v. Securities and Exchange Commission, No. 16-529 (6/5/2017). The US Supreme Court ruled that a claim for disgorgement in an SEC enforcement action must be commenced within 5 years of the date the claim accrued. Disgorgement, because it goes beyond compensation, is intended to punish, and labels defendants as wrongdoers, is a penalty and thus falls within the statute’s 5-year limitations period for proceedings to enforce any “fine, penalty or forfeiture”.
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