Liu v SEC is a significant, but not unlimited, win for the SEC. Disgorgement authority affirmed, but Ninth Circuit's broad rule limited. https://www.supremecourt.gov/opinions/19pdf/18-1501_8n5a.pdf …
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Justice Thomas dissents alone on the grounds that the SEC's disgorgement power is untethered from common-law equity & the Court hasn't given adequate guidance on what exactly the limits of the remedy are:pic.twitter.com/96X3m26lEp
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At least one other person is interested in this stuff. Thanks, Dan.
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