News & Analysis as of September 25, 2024

Kokesh v SEC

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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 -

Congressional Override Grants SEC 10-Year Statutory Disgorgement Remedy

Burr & Forman on 1/6/2021

On the new year’s first day, Congress passed the NDAA over President Trump’s veto and gave the SEC more clear – and longer – disgorgement authority for enforcement actions in the courts....more

A New Year’s Booster Shot: Congress Grants the SEC a Statutory Disgorgement Remedy and Extended Statute of Limitations

Cadwalader, Wickersham & Taft LLP on 1/5/2021

Congress opened 2021 by overturning one of President Trump’s vetoes for the first time. By large bipartisan majorities, the House and Senate overturned a presidential veto and enacted the 2021 National Defense Authorization...more

Congress Passes Law Expanding the SEC's Ability to Seek Disgorgement

Troutman Pepper on 1/4/2021

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

Congress Amends Exchange Act, Expanding SEC Enforcement Power

WilmerHale on 1/4/2021

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

US Congress Affirms and Expands SEC’s Disgorgement Authority in Annual Defense Spending Bill

Latham & Watkins LLP on 1/4/2021

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

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

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

SEC Enters Election Year Focused on Key Initiatives

Skadden, Arps, Slate, Meagher & Flom LLP on 1/24/2020

As Chairman Jay Clayton’s tenure at the Securities and Exchange Commission (SEC) likely enters its final year — regardless of the outcome of the next presidential election — the SEC remains focused on priorities such as...more

SEC’s Enforcement Division Releases 2019 Annual Report: Asset Management Industry Enforcement Leads to Record Numbers

Dechert LLP on 12/3/2019

The Enforcement Division (Division) of the Securities and Exchange Commission released its Annual Report on November 6, 2019, summarizing the year’s enforcement activity. It was a record-setting year for the Division due to...more

The SEC in 2019: Doing More With Less

Faegre Drinker Biddle & Reath LLP on 11/18/2019

Facing a 35-day government shutdown and new restrictions on the ability to recover disgorgement, it would be perfectly understandable if the SEC’s Division of Enforcement suffered a lackluster year. Nevertheless, according to...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

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

SEC Injunctions: A New Standard?

Dorsey & Whitney LLP on 10/16/2019

The remedy of choice for the SEC Enforcement Division has always been the statutory injunction. For many years the only remedy available to the Division was the obey-the-law statutory injunction....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

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Statute of Limitations › Enforcement Actions › Kokesh v SEC

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