News & Analysis as of

Split of Authority Disgorgement

Venable LLP

SEC v. Govil: Circuit Split Creates Uncertainty - and Opportunity - for Defendants in Enforcement Actions

Venable LLP on

In SEC v. Govil, No. 22-1658, 2023 WL 7137291 (2d Cir. Oct. 31, 2023), the United States Court of Appeals for the Second Circuit made clear that, in the Second Circuit, the disgorgement remedy available to the SEC pursuant to...more

Royer Cooper Cohen Braunfeld LLC

U.S. Supreme Court - Willfulness is not a Prerequisite for a Profit Award for Trademark Infringement

In its unanimous April 23, 2020 opinion in Romag Fasteners v. Fossil, Inc., the Supreme Court made clear once and for all that a successful trademark plaintiff is not required to establish that the defendant’s infringement...more

Dorsey & Whitney LLP

SCOTUS Agrees to Consider Whether Copyright Act Section 411 Requires an Intent to Defraud

Dorsey & Whitney LLP on

The U.S. Supreme Court recently granted certiorari to tackle a technical copyright registration question: when a defendant alleges knowing inaccuracies in a copyright registration, does 17 U.S.C. § 411 require referral to the...more

Faegre Drinker Biddle & Reath LLP

SEC Disgorgement: Looking to the Future

On March 3, 2020, the Supreme Court heard arguments in the case of Liu v. SEC, No. 18-1501. This article summarizes what transpired at the hearing, in which the arguments centered on a challenge to the ability of the U.S....more

Holland & Knight LLP

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

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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

Dorsey & Whitney LLP

SEC Disgorgement: Who Gets the Money?

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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

A&O Shearman

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

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

Seyfarth Shaw LLP

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

Seyfarth Shaw LLP on

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

Cozen O'Connor

Supreme Court Appears Unlikely to Further Curtail SEC Disgorgement Authority

Cozen O'Connor on

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

Bass, Berry & Sims PLC

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

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

Foley Hoag LLP - White Collar Law &...

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

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

K&L Gates LLP

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

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

Hogan Lovells

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

Hogan Lovells on

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

Goodwin

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

Goodwin on

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

Skadden, Arps, Slate, Meagher & Flom LLP

Skadden's 2020 Insights

Despite political and economic uncertainties, markets and deal activity were resilient in 2019, and strong fundamentals remain in place heading into 2020. Companies continue to face a challenging litigation and enforcement...more

Skadden, Arps, Slate, Meagher & Flom LLP

2019-20 Supreme Court Update

The U.S. Supreme Court’s 2019-20 term is receiving substantial attention for cases involving signature initiatives of President Donald Trump’s administration. But the Court also maintains an extensive docket directly relevant...more

Akin Gump Strauss Hauer & Feld LLP

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

• 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

Jones Day

Supreme Court to Review SEC's Authority to Obtain Disgorgement

Jones Day on

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

Dorsey & Whitney LLP

Remedies in SEC Enforcement Actions: The End of Disgorgement?

Dorsey & Whitney LLP on

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

Foley Hoag LLP - White Collar Law &...

Supreme Court to Decide Whether SEC Can Disgorge

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

Latham & Watkins LLP

Supreme Court to Review SEC’s Authority to Seek Disgorgement

Latham & Watkins LLP on

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

Foley & Lardner LLP

Supreme Court May Give Brand Owners an Easier Path to Trademark Damages

Foley & Lardner LLP on

In a case that may have a major impact on trademark litigation across the country, the Supreme Court decided on June 28, 2019 to grant certiorari in Romag Fasteners, Inc., v. Fossil, Inc., et al., in which Romag has asked the...more

Proskauer - Advertising Law

SCOTUS to Decide Whether the Lanham Act Requires Proof of Willfulness for Disgorgement of Profits

On Friday, June 28, 2019, the Supreme Court granted certiorari in Romag Fasteners, Inc. v. Fossil, Inc. to decide whether a showing of willfulness is necessary to obtain a defendant’s profits under the Lanham Act....more

Vedder Price

Supreme Court Decides Kokesh v. SEC

Vedder Price on

Earlier this week, the U.S. Supreme Court (“Supreme Court”) issued its decision in Kokesh v. SEC, No. 16-529, unanimously holding that disgorgement claims brought as part of enforcement actions by the U.S. Securities and...more

BCLP

In Apparent First, Eleventh Circuit Extends Five-Year Statute of Limitations to Declaratory Relief and Disgorgement Actions by SEC...

BCLP on

A federal appellate court recently held that the five-year statute of limitations in 28 U.S.C. § 2462 applies to actions by the Securities and Exchange Commission for declaratory relief and disgorgement. The decision extends...more

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