Anthony Sabino Supreme Court Clarifies Disgorgement in Securities Cases and Beyond
"The denouement of Liu is its confirmation that disgorgement is a component of the equitable relief available to the SEC in enforcement cases, strictly constrained in its application, and undeniably subordinate to venerable axioms of equity jurisprudence."
August 05, 2020 at 10:00 AM
8 minute read
Disgorgement, in recent years a favored tool of the U.S. Securities and Exchange Commission in its battles against securities fraud, is defined by one lay dictionary as the return of illegal profits under compulsion of court order. See www.merriam-webster.com. Yet the term evaded a more exacting definition three years ago when the U.S. Supreme Court confined itself to decreeing that the remedy is subject to a five-year statute of limitations, but reserved all other inquires for another day. See Kokesh v. S.E.C., 581U.S. ___ (2017).
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