PLI's inSecurities Podcast - How much in disgorgement!?
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KT Sound Bytes Episode 1 | The Effects of the Supreme Court Decision in Liu v. SEC
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Tax Litigation: The Week of July 11th, 2022, through July 15th, 2022 Estate of DeMuth, v. Comm’r, T.C. Memo. 2022-72 | July 12, 2022 | Jones, J. | Dkt. No. 18724-19 Whistleblower 972-17W v. Comm’r, 159 T.C. No. 1 | July 13,...more
The SEC’s disgorgement request in a litigated proceeding in federal district court is being challenged in the wake of the Supreme Court’s 2020 decision in Liu v. SEC, which limited how much the agency can seek in...more
There were several important developments impacting private investment funds in 2020. The SEC continued to prioritize this area of the capital markets, and it issued important rules and guidance impacting private funds and...more
We're pleased to announce the launch of our podcast, KT Sound Bytes! Our first episode features Partner Adria Perez and Associate Jessica Nwokocha, with assistance from Summer Associate Davis Brooke Caswell, discussing the...more
While the U.S. Supreme Court’s decision in Liu v. SEC limited the SEC’s disgorgement power, it also left open certain complicated issues that are now subject to interpretation. As we previously summarized, in an 8–1 vote, the...more
For the first time outside of the originating case itself, a federal appeals court was called upon to apply the principles governing disgorgement in SEC enforcement actions established by the United States Supreme Court’s...more
The U.S. Supreme Court’s landmark decision in Liu v. SEC is less than two months old, yet the ramifications of the decision on the SEC’s enforcement powers are already taking shape....more
The U.S. Supreme Court’s recent decision in Liu v. SEC, No. 18-1501 (June 22, 2020), limiting the SEC’s ability to obtain monetary equitable relief in securities fraud litigation, may seem an odd topic for this blog. But Liu...more
Late in June, the U.S. Supreme Court issued a decision in Liu v. SEC, a closely watched case in which the Court in an 8-1 opinion curtailed the authority of the Securities and Exchange Commission (SEC) to seek disgorgement of...more
Seyfarth Synopsis: A recent Supreme Court decision on federal securities law may hold ramifications for ERISA practitioners by addressing whether disgorgement is an equitable remedy....more
On July 9, 2020, the U.S. Supreme Court granted petitions for certiorari in FTC v. Credit Bureau Center and AMG Capital Management, LLC v. FTC, cases that question the Federal Trade Commission’s authority to demand equitable...more
In Liu v. Securities & Exchange Commission, the Supreme Court upheld, but circumscribed, the Securities and Exchange Commission's (SEC's) disgorgement authority by holding 8-1 that the SEC may seek disgorgement through its...more
The U.S. Supreme Court’s decision last month in Liu v. SEC raises the question of whether disgorgement payments in SEC enforcement actions should now be deductible for federal income tax purposes. The Court held that a...more
On June 22, 2020, in Liu v. SEC, the Supreme Court held in an 8-1 decision that the SEC is authorized under 15 U.S.C. § 78u(d)(5) (2015) to seek disgorgement as “equitable relief” in district court actions, as long as the...more
Although the Supreme Court handed the SEC a win by preserving its authority to seek disgorgement, the Liu decision limits that authority and creates uncertainty that will likely benefit defendants, particularly in insider...more
In Liu v. Securities & Exchange Comm’n, No. 18-1501, 2020 WL 3405845 (U.S. Jun. 22, 2020), the United States Supreme Court upheld the ability of the Securities and Exchange Commission (“SEC”) to seek disgorgement as an...more
On June 22, 2020, in a Securities and Exchange Commission (SEC) enforcement action, the U.S. Supreme Court ruled that the SEC may disgorge profits obtained by companies through fraudulent practice, provided that such award...more
Three years ago, in a footnote to its unanimous opinion in Kokesh v. S.E.C., the Supreme Court left open two questions: “whether courts possess authority to order disgorgement in SEC enforcement proceedings” and “whether...more
In an important case decided in June 2020, the Supreme Court, in Liu et al v. SEC, addressed the SEC’s ability to seek “equitable relief” in civil proceedings. In 2017, the Supreme Court, in Kokesh v. SEC, ruled that a...more
On June 22, 2020, the Court issued its 8-1 opinion in Liu et al. v. Securities and Exchange Commission, No. 18-1501, 591 U.S. ____, 2020 U.S. LEXIS 3374 (2020) (Sotomayor, J.), holding that a disgorgement award is “equitable...more
On June 22, 2020, the U.S. Supreme Court issued its highly anticipated decision in Liu v. Securities and Exchange Commission, which found that disgorgement awards that do not exceed a wrongdoer’s net profits (gross profits...more
Last week, the Supreme Court decided in Liu v. SEC that the SEC may continue to seek disgorgement in judicial proceedings as a form of equitable relief under the Securities Exchange Act. A ruling to the contrary would have...more
- In Liu v. SEC, No. 18-1501, the Supreme Court upheld the SEC’s ability to obtain disgorgement as a form of equitable relief in civil actions in federal court, pursuant to 15 U.S.C. § 78u(d)(5). - However, the Court...more
Liu v. Securities And Exchange Commission, Case No. 18–1501 (2020). Equitable relief, including disgorgement, is permissible under the Securities Act of 1933, 15 U. S. C. §77a et seq., so long as it does not exceed a...more
The Supreme Court’s 2017 decision in Kokesh v. SEC found that, for statute of limitations purposes, the Securities and Exchange Commission’s disgorgement remedy represents a “penalty.” This created peril for the SEC’s...more