Supreme Court to Review SEC’s Authority to Seek Disgorgement
Client Memorandum

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On Friday, November 1, 2019,  the Supreme Court granted certiorari in Liu v. Securities and Exchange Commission, a case that challenges the SEC’s long-held position that it has authority to seek disgorgement for securities laws violations as a form of equitable relief. Any decision that restricts the SEC’s ability to obtain disgorgement could have major ramifications for the agency’s enforcement efforts because disgorgement is its largest financial remedy.