Eric Lewis Fair and Unfair in Creating Funds for Securities Fraud
A discussion of 'Liu v. SEC,' where the Supreme Court clarified the scope of the disgorgement remedy, and limited the SEC's discretion in making restitution to victims of securities fraud.
August 13, 2020 at 10:25 AM
6 minute read
In an important ruling on the scope of the powers of the Securities and Exchange Commission to order disgorgement of the proceeds of fraud as well as disbursement to victims, the United States Supreme Court issued an 8-1 opinion in the case of Liu v. SEC. Justice Sonia Sotomayor, writing for the majority, affirmed the power of the SEC to order disgorgement as a remedy independent from civil money penalties but circumscribed the scope of the remedy.
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