News & Analysis as of September 20, 2024

Disgorgement

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Statute of Limitations refers to a statute that sets the time period during which a legal claim can be brought. Most statute of limitations laws require individuals to sue at some point during a set period usually commencing from the date of the wrong or injury or the discovery of the wrong or injury. Except for under a limited set of circumstances, if an individual does not file a suit within the specified time period, the law bars them from ever suing on that claim. less -

Ninth Circuit Upholds FERC’s Interpretation of Statute of Limitations to Enforce Civil Penalties

Pierce Atwood LLP on 8/23/2023

On August 18, 2023, the United States Court of Appeals for the Ninth Circuit upheld a district court order adopting the Federal Energy Regulatory Commission’s (FERC) interpretation of the statute of limitations applicable to...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

SEC Disgorgement: Looking to the Future

Faegre Drinker Biddle & Reath LLP on 3/21/2020

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

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

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

Insurance Coverage for SEC Disgorgement Awards After the Supreme Court's Kokesh Decision

Jones Day on 10/17/2019

The Situation: In 2017, the United States Supreme Court held in Kokesh that disgorgement awards by federal courts in U.S. Securities and Exchange Commission ("SEC") enforcement proceedings are "penalties" for purposes of a...more

The Lasting Impact of Kokesh: Footnote 3 and Beyond

King & Spalding on 9/17/2019

In June 2017, the Supreme Court held in Kokesh v. SEC that SEC disgorgement is a penalty, rather than an equitable remedy, and thus subject to the five-year statute of limitations codified in 28 U.S.C. § 2462. More than two...more

Kokesh May Lead to Lower Monetary Sanctions in SEC Enforcement Proceedings

Brownstein Hyatt Farber Schreck on 6/26/2017

The U.S. Supreme Court’s recent decision in Kokesh v. SEC provides the defense bar with significant ammunition to argue for lower monetary sanctions in securities enforcement matters pending in federal district courts. In...more

Kokesh v. SEC: Supreme Court Reins in SEC’s Powerful Disgorgement Remedy

Akin Gump Strauss Hauer & Feld LLP on 6/12/2017

This week, the Supreme Court in Kokesh v. SEC unanimously held that the Securities and Exchange Commission’s (SEC) equitable disgorgement remedy is subject to a five-year statute of limitations because it is a “penalty”...more

This Week in FCPA-Episode 56

Thomas Fox - Compliance Evangelist on 6/11/2017

This week, Jay and I have a wide-ranging discussion on some of the week’s top compliance related stories. We discuss: 1. The Kokesh case at the US Supreme Court is significant for SEC enforcement of the FCPA around profit...more

U.S. Supreme Court Blocks SEC from Imposing Disgorgement beyond Five-Year Statute of Limitations

Mintz - EB-5 Financing Viewpoints on 6/9/2017

Our colleague Rebecca Zeidel just published a terrific blog posting on the U.S. Supreme Court’s recent decision in Kokesh v. SEC, in which the Court imposed a five-year statute of limitations on agency-sought disgorgement in...more

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Statute of Limitations › Penalties › Disgorgement

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