The Securities and Exchange Commission sued Barry Graham and others over alleged securities violations and sought injunctions, disgorgement, declaratory relief, and civil penalties. The district court dismissed the action as barred by the five-year limitations period in 28 United States Code section 2462 without reaching the parties’ competing summary-judgment motions. The Eleventh Circuit affirmed in part, reversed in part, and remanded. It held that the statute barred the SEC’s claims for declaratory relief and disgorgement because those remedies functioned as a penalty and a forfeiture. The court rejected the district court’s conclusion that the limitations rule deprived it of jurisdiction, but that distinction did not change the result on the time-barred remedies. The court held that an injunction was not a penalty within section 2462 and could proceed. It therefore remanded for further proceedings on the injunction while leaving the time-bar ruling in place for the other remedies.