Overview
This morning the Supreme Court granted certiorari in Gabelli v. SEC, a case that raises the question of whether the five-year statute of limitations in 28 U.S.C. § 2462 begins to run (1) when the SEC's claims could have first been brought, or (2) when the SEC could reasonably have discovered them. Judge Batts originally dismissed certain "market timing" claims as untimely, but the Second Circuit, in a decision written by Judge Rakoff (sitting by designation), reversed. SCOTUSBlog has all the relevant documents here.
