Note that this USSC decision was 9-0 unanimous! Best news I've seen in a while.
The allegations by BIEL's defence counsel that the SEC Division used "distortions" rather than the truth, if believed by the Supreme Court, will alienate these Justices incredibly, who seem to have just made a significant 'abuse of power' decision aka bullying!
As I have long said, BIEL should have been been north of 5 cents for months, based on shares and market, IP and FDA clearance for OTC USA. FDA will hopefully soon 'get it' that its approval and clearance for 3 body parts; RecoveryRx approval for post-op eye surgery (near the brain), foot and knee OTC clearance, now present zero complications to issuing general OTC clearance for the entire anatomy. Any further delay is outrageous and causing unnecessary and grievous pain to >140Million Americans suffering from chronic and acute pain every day by recklessly denying them the opportunity of buying ActiPatch OTC, which FDA has declared efficacious and safe in treating pain!
The Supreme Court decision article . . .
"The U.S. Supreme Court on Monday scaled back the Securities and Exchange Commission's power to recover ill-gotten profits from defendants' misconduct, handing Wall Street firms a victory and dealing another blow to the regulator's enforcement powers.
In a 9-0 ruling, the Supreme Court found that the SEC's recovery remedy known as "disgorgement" is subject to a five-year statute of limitations. The justices sided with New Mexico-based investment adviser Charles Kokesh, who previously was ordered by a judge to pay $2.4 million in penalties plus $34.9 million in disgorgement of illegal profits after the SEC sued him.
The decision marked the second time since 2013 that the Supreme Court has reined in the SEC's enforcement powers. In the prior case, called Gabelli v. SEC, the justices unanimously ruled that civil monetary penalties are also subject to a five-year time bar.
The ruling represented a major victory for Wall Street firms, whose Securities Industry and Financial Markets Association trade group had urged the justices to curb the SEC's powers in order to provide more certainty and predictability to the enforcement process.
Writing for the court, Justice Sonia Sotomayor said that disgorgement counts as a penalty and is therefore bound by a five-year statute of limitations that already applies to "any civil fine, penalty or forfeiture."
The SEC disgorgement process "bears all the hallmarks of penalty: It is imposed as a consequence of violating a public law and is intended to deter, not to compensate," Sotomayor wrote.
"We are pleased with the Supreme Court's opinion today, which grants important protection to defendants facing enforcement actions by the SEC and other agencies," said Adam Unikowsky, one of Kokesh's lawyers.
An SEC spokesman declined to comment on the ruling.
Kokesh was sued by the SEC in 2009 for misappropriating investors' money. His penalties covered conduct within the five-year statute of limitations, but the disgorgement covered conduct that largely occurred outside that time frame.
Kokesh appealed to the Supreme Court after losing at the Denver-based 10th U.S. Circuit Court of Appeals. Kokesh's attorney argued that a disgorgement in the case constituted a punitive "forfeiture" that is time-barred."
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