On Friday, June 26 the Securities and Exchange Commission filed a stipulation dismissing with prejudice all claims against Cleary Gottlieb’s client Marc Gabelli that it brought in April 2008 for violations of the Investment Advisors Act.
The SEC’s dismissal with prejudice followed the United States Supreme Court’s unanimous decision in February 2013 in favor of Mr. Gabelli, holding that the federal government could not indefinitely delay the running of a federal statute of limitations period for penalty claims until it “discovered” a violation of the underlying statute upon which its claims were based.