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U.S. Supreme Court Allows Profits-Based SEC Disgorgement Awards

The Court holds that the Securities and Exchange Commission ("SEC") can continue to seek disgorgement from wrongdoers, while narrowing the remedy to net profits that are returned to victims. In Liu v. SEC, 591 U.S. ___...more

SEC Enforcement in Financial Reporting and Disclosure: 2019 Year-End Update

We are pleased to present our annual year-end update on financial reporting and issuer disclosure enforcement activity for 2019. This White Paper focuses on the U.S. Securities and Exchange Commission's ("SEC") enforcement...more

Supreme Court to Review SEC's Authority to Obtain Disgorgement

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

U.S. Supreme Court Holds SEC's Staff Appointments for Administrative Law Judge Unconstitutional

In Lucia v. SEC, the U.S. Supreme Court made things messy for the Securities and Exchange Commission ("SEC") by vindicating constitutional concerns over the agency's use of administrative law judges. The Court concluded that...more

Supreme Court Rules on Whistleblower Reporting to SEC

The U.S. Supreme Court unanimously held in Digital Realty Trust, Inc. v. Somers that whistleblowers must report alleged misconduct to the Securities and Exchange Commission in order to benefit from Dodd-Frank's...more

New Tax Bill Will Rewrite Rules for Deducting Disgorgement Payments to SEC

U.S. tax reform will mean new rules for deducting fines, penalties, and other amounts, including disgorgement, paid to the Securities and Exchange Commission ("SEC"). Currently, Internal Revenue Code section 162(f)...more

U.S. Supreme Court Significantly Limits SEC's Power to Recover Disgorgement

On June 5, 2017, in an unanimous ruling in Kokesh v. SEC, No. 16-529, the United States Supreme Court significantly limited the breadth of the Securities and Exchange Commission's primary enforcement tool. The Court held that...more

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