Jenner & Block

Client Alert: Kokesh v. SEC

On June 5, 2017, the US Supreme Court unanimously ruled in favor of Jenner & Block’s client, Charles Kokesh, in Kokesh v. SEC, No. 16-529, briefed and argued by Adam Unikowsky.  The Court held that a claim by the SEC for disgorgement is subject to the five-year statute of limitations under 28 U.S.C. § 2462 that also governs claims for civil penalties in such cases.  As a result of the Supreme Court’s decision, over $29 million of the disgorgement judgment against Mr. Kokesh has been swept away; and the SEC’s ability to extract judgments and settlements in enforcement actions alleging long-running schemes is likely to be substantially constrained.

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