In February, in Gabelli v. SEC, a unanimous Supreme Court rejected the Securities and Exchange Commission’s argument that a statute of limitations deadline for its enforcement actions should not begin ticking until it gets around to discovering that securities laws have been violated. In so ruling, as Cato had urged in our amicus brief, the Court struck a blow for basic fairness as well as reasonable statutory interpretation: stale charges are the hardest to defend against, given that witnesses, memories, and documents have often scattered, and citizens deserve a right to get on with their lives rather than face battles over how to interpret financial transactions that took place many years in the past.
Read more at http://www.cato.org/blog/set-back-9-0-high-court-sec-turns-congress
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