On August 7th, the Fifth Circuit affirmed the dismissal of the SEC's stock option back dating case as barred by the statute of limitations. The "catch all" statute of limitations, 28 U.S.C. Section 2462, requires the SEC to file suit within five years of the action's accrual and the "discovery rule" does not apply to that statute. In addition, because officer and director bars and permanent injunctions are penalties, Section 2462's five-year limitations period applies to cases seeking those remedies. SEC v. Bartek.