House Minority Leader Nancy Pelosi addressed a rally outside the Supreme Court on Wednesday. The Court is wrestling with the fate of a section of a landmark civil rights law that has helped millions of Americans exercise their right to vote. (Feb. 27)
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House Minority Leader Nancy Pelosi addressed a rally outside the Supreme Court on Wednesday. The Court is wrestling with the fate of a section of a landmark civil rights law that has helped millions of Americans exercise their right to vote. (Feb. 27)
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** CORRECTS SPELLING OF SECOND REFERENCE TO SABBATELLA INSTEAD OF SABATELLA ** Martin Sabbatella, left, head of the government media regulation body, is surrounded by reporters outside the newspaper office of Grupo Clarin in Buenos Aires, Argentina, Monday, Dec. 17, 2012. Sabbatella said Monday that the government will make the conglomerate and other companies comply with the law, which bars any company from owning too many different media properties. The law could require Grupo Clarin to sell off broadcast licenses as well as its majority stake in Cablevision, the cable TV network that has become the company's cash cow. (AP Photo/Daniel Dabove,Telam)
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** CORRECTS SPELLING OF SECOND REFERENCE TO SABBATELLA INSTEAD OF SABATELLA ** Martin Sabbatella, center, head of the government media regulation body, Federal Authority on Audiovisual Communication Services (AFSCA) and Sergio Surano, right, director of the AFSCA legal department, listen as Grupo Clarin's lawyer Damian Cassino, left, speaks during a meeting, in Buenos Aires, Argentina, Monday, Dec. 17, 2012. Sabbatella said Monday that the government will make the conglomerate and other companies comply with the law, which bars any company from owning too many different media properties. The law could require Grupo Clarin to sell off broadcast licenses as well as its majority stake in Cablevision, the cable TV network that has become the company's cash cow. (AP Photo/Daniel Dabove,Telam)
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U. S. Attorney for the Southern district of N.Y. Preet Bharara speaks at a news conference, Tuesday, Nov. 20, 2012, in New York. Mathew Martoma, a former hedge fund portfolio manager was arrested Tuesday on charges that he helped carry out the most lucrative insider trading scheme in U.S. history, enabling investment advisers and their hedge funds to make more than $276 million in illegal profits. (AP Photo/Louis Lanzano)
Court: No extra time to sue for securities fraud
WASHINGTON (
AP) — The
Supreme Court says the federal government doesn't get more time to sue for securities fraud.
Justices on Wednesday said the Securities and Exchange Commission must file suit within five years of an alleged fraudulent security action, but that the SEC can't start the clock running whenever it discovers a bad practice.
Writing the court's unanimous opinion, Chief Justice John Roberts said this was the law's "most natural" reading.
The case involved Gabelli Funds LLC executive Bruce Alpert and former executive Marc J. Gabelli, who said the SEC missed its chance to sue them for allegedly committing securities fraud by allowing a hedge fund to rapidly trade shares of a mutual fund.
In a second opinion, the court also voted 6-3 to make it easier to file security fraud class action lawsuits.
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