Hearing arguments yesterday in Washington, justices across the court's ideological divide voiced doubt about the Obama administration's position in a case involving market timing, the practice of making frequent, short-term trades at the expense of other investors.
The issue is whether the five-year window for suits had expired by the time the SEC sued two Gabelli Funds LLC officials, saying they secretly allowed market timing by a client. The Obama administration says the window opens only after the government has reason to know about a fraud -- an approach several justices said would reverse hundreds of years of practice and give federal enforcers too much power.
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