But Consumers Union said allowing more time for people to bring securities fraud lawsuits would give "defrauded investors a fair chance at recovering their losses."

In February 2012, the office filed and simultaneously settled a civil fraud lawsuit against CitiMortgage.

In a case earlier this year the S.E.C. urged a legal standard that would make it harder for shareholders to win fraud lawsuits.

The proposal would, however, also lengthen the amount of time plaintiffs have to file securities fraud lawsuits, a provision many Republicans have objected to.

A 2011 civil fraud lawsuit against Hotton claimed he had a "long history of criminal misconduct and fraud".

The standards conflict has spawned antitrust and civil fraud lawsuits and spilled over into Congress.

The organization was dissolved, as part of a consent decree following a fraud lawsuit brought against the group.

American Medical Holdings said it had agreed to pay $16 million to settle a civil fraud lawsuit.

The ruling was also hailed by lawyers for shareholders, who bring many more securities fraud lawsuits than Federal authorities.

In 2006, Google settled a click fraud lawsuit for US$90 million.