Eversheds Sutherland 11th Circuit Business Blog
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To Bar, or Not to Bar: That Is the Certified Question

How long after winning a judgment in the federal court can a Florida plaintiff conduct post-judgment collection efforts? That is the question at the heart of Salinas v. Ramsey, 2017 WL 1593469 (11th Cir. May 2, 2017). The issue has been decided differently in cases before the Florida District Courts of Appeal, and so Tuesday, the Eleventh Circuit certified a question to the Florida...

Supreme Court to Decide Circuit Split on Statute of Limitations for SEC Disgorgement Claims

This past Friday, the Supreme Court granted certiorari in Kokesh v. SEC, No. 16-529 (cert. granted Jan. 13, 2017), to review a circuit split on whether the SEC’s claims for disgorgement are limited to a five-year statute of limitations.  28 U.S.C. § 2462 places a five-year statute of limitations on any “action, suit or proceeding for the enforcement of any civil fine, penalty, or...

The Eleventh Circuit Delves into the “Murky” Waters Surrounding the U.S. Virgin Islands

For many years, the IRS has been aggressively auditing taxpayers who have filed income tax returns with the U.S. Virgin Islands (USVI) Bureau of Internal Revenue (VIBIR), claiming a 90% tax credit under the USVI Economic Development Program (EDP).  The IRS has long believed that individuals are falsely claiming to be “bona fide” USVI residents to obtain the tax credit, and the IRS...

Ask Not for Whom the Securities Exchange Act’s Statute of Repose Tolls; It Doesn’t.

Is a statute of repose subject to tolling? Although its holding was limited to the applicability of American Pipe tolling, created by the commencement of a class action, to the five-year statute of repose under Section 20(a) of the Securities Exchange Act of 1934, the Eleventh Circuit discussed the issue in broad terms in its August 10 opinion in Dusek v. JPMorgan Chase & Co., 832...

Eleventh Circuit Limits SEC’s Claims for Declaratory Judgment and Disgorgement to Five-Year Statute of Limitations

Unless otherwise provided by law, 28 U.S.C. § 2462 ordinarily requires the government to bring any “action, suit or proceeding for the enforcement of any civil fine, penalty, or forfeiture” within five years of the claim’s accrual. In SEC v. Graham, 2016 WL 3033605 (11th Cir. May 26, 2016), the Eleventh Circuit held that this statute of limitations barred claims asserted by the...