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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Court rejects the view that disgorgement is a penalty that the SEC may not impose, but limits equitable relief to recovery of the defendant's *net profits* from wrongdoing.pic.twitter.com/KYqlZu6n3k
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Court rejects the SEC's view that a government action is by definition "for the benefit of investors" but leaves for another day what restrictions that places on the government's ability to squeeze funds out of wrongdoers just to fill its own coffers.pic.twitter.com/9AjRarlyqe
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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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