Regulatory Monitor: SEC Update


Liu v. SEC: The US Supreme Court Upholds the SEC’s Power to Obtain Disgorgement in Civil Actions, but with Important Limitations -

On June 22, the Supreme Court held in Liu v. SEC that the Securities and Exchange Commission (SEC) may obtain disgorgement in federal court cases, as long as the disgorgement does not exceed a wrongdoer’s “net profits and is awarded for victims.” The Court’s decision is a mixed bag for defendants, as it permits the SEC to seek disgorgement but limits

what can be sought and the parties to whom disgorgement

can be awarded. Much uncertainty (and therefore litigation) remains.

Originally published in The Investment Lawyer - September 2020.

Please see full Article below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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