Ninth Circuit Reverses SEC Disgorgement Award and Remands in First Decision Post-Liu

For the first time outdoors of the originating scenario alone, a federal appeals court was termed on to implement the rules governing disgorgement in SEC enforcement steps proven by the United States Supreme Court’s substantial-profile selection in Liu v. Securities & Trade Comm’n, No. 18-1501, 2020 WL 3405845 (U.S. June 22, 2020) (site write-up listed here). In Securities & Trade Comm’n v. Yang, No. 19-55289, 2020 WL 4530630 (9th Cir. Aug. six, 2020), the United States Courtroom of Appeals for the Ninth…
By: Sheppard Mullin Richter & Hampton LLP