The U.S. Supreme Court today will hear oral arguments in a case that looks at whether a company that regularly attempts to collect debts it purchased after the debts had fallen into default is a “debt collector” subject to the Fair Debt Collection Practices Act. Henson v. Santander Consumer USA, Inc. was granted certiorari on January 13. Click here for more about the case.
ABI’s Bill Rochelle will publish a special recap later today summarizing the oral argument.
The U.S. Supreme Court today will also hear oral arguments in a case that has the potential to scale back the Securities and Exchange Commission's ability to recover illegal profits earned as a result of fraud or other wrongdoing, Reuters reported. The case, which involves New Mexico-based investment adviser Charles Kokesh, who was sued by the SEC in 2009, hinges on whether ill-gotten gains, in an agency recovery remedy known as "disgorgement," are subject to a five-year statute of limitations. The ruling in the case could have broad consequences for the policing of Wall Street. The SEC already faces a five-year statute of limitations for collecting civil monetary penalties, a time bar that the Supreme Court upheld unanimously in its 2013 Gabelli v. SEC ruling. Read more.
