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In SEC v. Cohen, Court Continues Trend of Limiting SEC Enforcement Powers

July 19, 2018, Covington Alert

Last week, in SEC v. Cohen, a federal district court dismissed an SEC enforcement action, in its entirety, on statute-of-limitations grounds. Most notably, citing the Supreme Court’s 2017 Kokesh decision, the court held that the injunction sought by the SEC in the case "would function at least partly to punish Defendants and is therefore a penalty" for purposes of the five-year statute of limitations applicable to all federal government actions seeking a civil fine, penalty, or forfeiture.

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