In a friend-of-the-court brief filed with the US Court of Appeals for the Second Circuit in Manhattan in the case of AIG Asian Infrastructure Fund LP vs. Chase Manhattan Asia Ltd and JP Morgan Partners, the Securities and Exchange Commission (SEC) has called for an extension of the statute of limitations in fraud cases.
Although the Sarbanes-Oxley Act increased the time limits for the filing of lawsuits following the discovery of fraudulent behaviour (from one to two years) and following the occurrence of the violation itself (from three to five years), the SEC has argued that investors who missed out under the previous rules should be permitted to revive their claims.
"The pre-Sarbanes statute of limitations for private securities fraud actions was inappropriately short and left many existing defrauded investors without recourse in the complicated and long-standing frauds then being uncovered," the regulator explained.
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