Title

SEC acknowledges that disgorgement principles in Liu apply to administrative proceedings
Client Memorandum

Created date

2/9/2021

In a recently issued administrative order, the SEC implicitly acknowledged that the limiting principles for disgorgement that the Supreme Court outlined in Liu v. Securities and Exchange Commission apply to administrative proceedings.  This opens the door for counsel and settling parties to use the limiting principles when negotiating an administrative order at the end of an investigation.