Questions about the scope of the SEC’s disgorgement authority remain open, including in administrative proceedings.
Key Points:
..Since the April 2017 decision in Kokesh v. SEC, the statutory authority of the Securities...more
6/24/2020
/ 15 U.S.C. § 78u(d)(5) ,
Administrative Authority ,
Business Expenses ,
Calculation of Damages ,
Corporate Misconduct ,
Disgorgement ,
Enforcement Actions ,
Equitable Relief ,
Kokesh v SEC ,
Lack of Authority ,
Liu v Securities and Exchange Commission ,
Net Profits ,
Remedies ,
SCOTUS ,
Securities and Exchange Commission (SEC)
Respondents in pending or future proceedings should carefully assess their options until several key legal questions are resolved.
The United States Supreme Court recently issued its ruling in Lucia v. Securities and...more
By limiting the availability of Dodd-Frank whistleblower anti retaliation provisions, the Court’s decision may incentivize increased SEC reporting.
In Digital Realty Trust, Inc. v. Somers, the Supreme Court of the United...more
Rejecting the Tenth Circuit Kokesh decision, the holding that the five-year limitations period applies to SEC disgorgement claims will dramatically affect enforcement actions.
Key Points:
..The Supreme Court decision...more
Salman reaffirms Dirks and holds that a “gift” of inside information to a trading relative or friend continues to meet the personal-benefit requirement.
The Salman Prosecution -
In 2011, Bassam Yacoub Salman was...more
In Halliburton Co. v. Erica P. John Fund, Inc., a rebuttable presumption must yield to the evidence at class certification.
On June 23, 2014, the United States Supreme Court sustained the “fraud-on-the-market”...more