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Practical Implications of Supreme Court’s Decision Related to SEC’s Disgorgement Remedy  

Author:  Gayle E. Littleton.; Charles D. Riely.; Philip B. Sailer.; Grace C. Signorelli-Cassady.

Source: Volume 53, Number 18, October 15 2020 , pp.223-226(4)

Review of Securities & Commodities Regulation

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In this article on the Supreme Court’s recent decision in the Liu v. SEC case, the authors find significant potential limitations of the SEC’s disgorgement remedy and a roadmap for parties to argue for a reduced disgorgement amount. They conclude with discussions of a possible growing role for SEC civil penalties and the implications of the decision for FCPA actions.

Keywords: Liu v. SEC; Securities Exchange Act Section 21(d)(5); Civil Penalties; FCPA Actions

Affiliations:  1: Jenner & Block; 2: Jenner & Block; 3: Jenner & Block; 4: Jenner & Block.

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