Additionally, SDNY declined to interpret Rule 10b-16(b) as requiring UBS to provide advance notice to Willow Creek before it changed its margin rules (in apparent contradistinction to its credit terms and conditions ).

FORBES: No Error Of Margin In $25 Million UBS Lawsuit

On appeal, the United States Supreme Court noted that it had never applied the Discovery Rule in a matter where the plaintiff is the government bringing an enforcement action for civil penalties, in contradistinction to a defrauded victim seeking recompense.

FORBES: Supreme Court Reverses SEC V. Gabelli On Discovery Rule Grounds