U.S. Supreme Court,
Securities
Jun. 23, 2020
Supreme Court upholds SEC’s disgorgement authority, but raises other issues
The good news for the SEC is that the court, by an 8-1 margin, rejected a bid to block the agency from requiring disgorgement as part of equitable relief under the Securities Exchange Act of 1934, which was amended in 2005.
The Securities and Exchange Commission can still require wrongdoers to disgorge profits from illegal schemes, but a U.S. Supreme Court decision Monday in a Los Angeles case leaves a number of questions unresolved that might influence how the complaint and future litigation is resolved.
The good news for the SEC is that the court, by an 8-1 margin, rejected a bid to block the agency from requiring disgorgement as part of equitable rel...
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