On September 25th, the U.S. Supreme Court granted certiorari to consider when the SEC's market timing enforcement action against two mutual fund executives accrued. At issue is whether the "discovery rule," which delays accrual of a cause of action until the plaintiff has "discovered" it, applies to the civil penalties statute of limitations, 28 U.S.C. Sec. 2462. The Second Circuit held that the discovery rule did apply and that the SEC's action was therefore timely. Gabelli v. SEC. View opinion below.