KT Sound Bytes Episode 1 | The Effects of the Supreme Court Decision in Liu v. SEC
FCPA Compliance Report-Episode 346, Mike Skopets on Miller’s Summer 2017 FCPA Report
This Week in FCPA-Episode 56
FCPA Compliance Report-Episode 332 Marc Bohn on the Kokesh Decision
On Friday January 1, with the Senate’s floor vote to override the president’s veto, Congress passed the 60th annual National Defense Authorization Act (NDAA). Encompassed within the $740.5 billion military spending bill is an...more
On January 1, 2021, amendments to Section 21(d) of the Securities Exchange Act of 1934 (Exchange Act) codifying and expanding the power of the Securities and Exchange Commission (SEC or Commission) to obtain disgorgement in...more
The legislation - passed via the first congressional override of the Trump presidency - extends the SEC’s ability to obtain disgorgement for violations of federal securities laws. Key Points: ..As amended, the...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
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...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
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
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
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
On Monday, June 22, 2020, the Supreme Court decided in Liu v. SEC by an 8-1 vote that the Securities and Exchange Commission (SEC) can continue to collect disgorgement awards as equitable relief, but limited the award to the...more
On June 22, 2020, the U.S. Supreme Court (the “Court”) ruled 8–1 in favor of the Securities and Exchange Commission’s (“SEC”) right to seek disgorgement of ill-gotten gains in the landmark case of Liu v. SEC, 591 U.S. __...more
A near-unanimous majority of the U.S. Supreme Court recently upheld, and simultaneously reigned in, the Securities and Exchange Commission’s (SEC’s) ability to obtain disgorgement under the federal securities laws. In the...more