News & Analysis as of September 20, 2024

Kokesh v SEC

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The United States Supreme Court is the highest court of the United States and is charged with interpreting federal law, including the United States Constitution. The Court's docket is largely discretionary with only a limited number of cases granted review each term. The Court is comprised of one chief justice and eight associate justices, who are nominated by the President and confirmed by the Senate to hold lifetime positions. less -

Surprise Year-End SEC Disgorgement Legislation Settles Some Issues but Raises Others

King & Spalding on 2/4/2021

The legitimacy and scope of the SEC’s “disgorgement” remedy have been the focus of increasing scrutiny for the better part of the past decade. Among other things, two Supreme Court decisions in the past four years placed...more

Congress Passes NDAA Legislation Extending SEC’s Disgorgement Powers

Foley & Lardner LLP on 1/12/2021

On January 1, 2021, the U.S. Congress voted to override a presidential veto of the National Defense Authorization Act (NDAA)1, the annual military spending bill. Tucked away in the 1,400-page legislation are provisions...more

Congress Extending the SEC Statute of Limitations to 10 Years?!!

Faegre Drinker Biddle & Reath LLP on 1/12/2021

Congress recently overrode President Trump’s veto of the $740 billion 2021 National Defense Authorization Act (“NDAA”) and signed it into law. While the focus of the NDAA is not on the U.S. Securities and Exchange Commission...more

Four Things You Need to Know About the Extended Limitations Period for SEC Disgorgement

Winstead PC on 1/7/2021

The Securities and Exchange Commission’s disgorgement powers have made legal headlines a couple of times over the last few years – most notably, with the U.S. Supreme Court’s decisions in Kokesh v. SEC, 137 S. Ct. 1635 (2017)...more

Supreme Court Considers SEC's Authority to Seek Disgorgement in Judicial Proceedings

Holland & Knight LLP on 3/13/2020

The U.S. Supreme Court heard arguments in Liu v. SEC, a case in which the petitioner challenged the U.S. Securities and Exchange Commission's (SEC) statutory authority to pursue the remedy of disgorgement in federal court....more

SEC Disgorgement: Who Gets the Money?

Dorsey & Whitney LLP on 3/12/2020

Liu v. SEC, No. 18-15-1, argued before the Court last week, is potentially one of the most important cases to be heard by the Supreme Court on SEC Enforcement. The question under consideration is whether the Securities and...more

United States Supreme Court Hears Oral Arguments In Liu v. SEC to Determine Whether the SEC Can Seek Disgorgement in Judicial...

A&O Shearman on 3/12/2020

On March 3, 2020, the Supreme Court heard oral arguments in Liu v. SEC, No. 18-1501, once again taking up the question of whether the Securities and Exchange Commission (“SEC”) may seek disgorgement as equitable relief in a...more

SCOTUS Oral Argument Suggests SEC Disgorgement Will Survive—But Might Be Limited To Victim Compensation

Seyfarth Shaw LLP on 3/10/2020

Seyfarth Synopsis: On Tuesday, March 3, 2020, the Supreme Court heard oral arguments in Liu et al v. Securities and Exchange Commission, in what some thought would be a landmark case on the SEC’s power to seek disgorgement...more

Supreme Court Appears Unlikely to Further Curtail SEC Disgorgement Authority

Cozen O'Connor on 3/6/2020

The fate of the Securities & Exchange Commission (SEC)’s ability to obtain disgorgement moved one step closer to a decision this week with oral arguments before the Supreme Court in Liu v. SEC. The high court appeared willing...more

Oral Argument Suggests Disgorgement May Survive Supreme Court Review in Liu v. SEC

Bass, Berry & Sims PLC on 3/6/2020

In Liu v. SEC, one of this Term’s most closely watched securities cases, the U.S. Supreme Court seemed poised during oral argument on Tuesday to affirm but potentially clarify the SEC’s ability to seek disgorgement in federal...more

Supreme Court Seems Poised to Limit But Not Eliminate SEC Disgorgement in Judicial Proceedings

Foley Hoag LLP - White Collar Law &... on 3/6/2020

On Tuesday, the Supreme Court heard oral argument in Liu v. SEC, which concerns whether, or to what extent, the SEC may ask courts to disgorge defendants’ ill-gotten gains. As I discussed in a previous post, disgorgement...more

Supreme Court Hears Oral Arguments in Liu v. SEC to Determine the Fate of the SEC’s Ability to Seek Disgorgement in Judicial...

K&L Gates LLP on 3/6/2020

On March 3, 2020, the Supreme Court heard oral arguments in Liu v. SEC, once again taking up the question of whether the Securities and Exchange Commission (“SEC”) may seek disgorgement as equitable relief for a securities...more

Status Quo? Supreme Court to Decide SEC's Disgorgement Authority

Hogan Lovells on 3/5/2020

This week, on March 3, 2020, the Supreme Court heard oral arguments in Liu v. SEC to determine whether the SEC has authority to seek disgorgement of ill-gotten gains in federal court. ...more

Supreme Court Appears Poised to Limit, But Ultimately Uphold, SEC’s Power to Obtain Disgorgement In Enforcement Actions Brought In...

Goodwin on 3/4/2020

On March 3, 2020, the U.S. Supreme Court heard argument in Liu v. Securities and Exchange Commission, a case about whether disgorgement is an available remedy in SEC enforcement actions filed in federal court under a...more

Disgorgement: One Less Arrow in the SEC’s Quiver?

Manatt, Phelps & Phillips, LLP on 12/5/2019

Can the Supreme Court’s 2017 decision in Kokesh v. SEC, which found that disgorgement is a penalty and not an equitable remedy for statute of limitations purposes, be logically expanded to spell the end of the SEC’s...more

SEC’s Enforcement Division Releases 2019 Annual Report: Asset Management Industry Enforcement Leads to Record Numbers

Dechert LLP on 12/3/2019

The Enforcement Division (Division) of the Securities and Exchange Commission released its Annual Report on November 6, 2019, summarizing the year’s enforcement activity. It was a record-setting year for the Division due to...more

The SEC in 2019: Doing More With Less

Faegre Drinker Biddle & Reath LLP on 11/18/2019

Facing a 35-day government shutdown and new restrictions on the ability to recover disgorgement, it would be perfectly understandable if the SEC’s Division of Enforcement suffered a lackluster year. Nevertheless, according to...more

Liu v. SEC: Supreme Court Agrees to Hear Challenge to SEC’s Ability to Obtain Disgorgement

Akin Gump Strauss Hauer & Feld LLP on 11/12/2019

• The Supreme Court will review whether the SEC has the authority to obtain disgorgement in actions to enforce the federal securities laws. • Since the Supreme Court’s decision in Kokesh v. SEC, 137 S. Ct. 1635 (2017),...more

Supreme Court to Review SEC's Authority to Obtain Disgorgement

Jones Day on 11/11/2019

The Situation: The U.S. Supreme Court has granted certiorari to consider whether the Securities and Exchange Commission ("SEC") has authority to obtain disgorgement in district court actions. The Significance: The SEC...more

Remedies in SEC Enforcement Actions: The End of Disgorgement?

Dorsey & Whitney LLP on 11/8/2019

The Supreme Court granted certiorari in a case that may well have a very significant impact on the remedies available in Commission enforcement actions: Liu v. Securities and Exchange Commission, No. 18-1501 (Cert. granted...more

Supreme Court to Decide Whether SEC Can Disgorge

Foley Hoag LLP - White Collar Law &... on 11/8/2019

The Supreme Court has granted certiorari to decide whether the U.S. Securities and Exchange Commission can seek and obtain disgorgement from a court as a remedy for a securities violation. A decision that the SEC does not...more

Supreme Court to Review SEC’s Authority to Seek Disgorgement

Latham & Watkins LLP on 11/7/2019

The Supreme Court has agreed to hear a case that challenges the SEC’s authority to pursue disgorgement in civil enforcement actions. Key Points: ..The upcoming case will resolve a split of authority on whether the SEC...more

Financial Daily Dose 11.04.2019 | Top Story: Feds Probe Under Armour Accounting Practices

Robins Kaplan LLP on 11/4/2019

Federal authorities have been looking into Under Armour’s accounting practices for the better part of the past two years, a revelation that sent company shares reeling in premarket trading this morning....more

Rocky Mountain Securities Conference: A Review Of Enforcement

Proskauer - The Capital Commitment on 6/11/2019

The SEC, in conjunction with the Colorado Bar Association and Colorado Society of Certified Public Accountants, recently sponsored the 51st Annual Rocky Mountain Securities Conference featuring SEC officials and corporate...more

The Catch with Kokesh: Insurers Refusing to Cover Disgorgement to SEC

King & Spalding on 10/24/2018

In the wake of the Supreme Court’s unanimous decision in Kokesh v. SEC, which defined disgorgement as a penalty subject to the five-year statute of limitations, we observed that the decision was likely to have far-reaching...more

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Supreme Court of the United States › Statute of Limitations › Kokesh v SEC

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