Supreme Court Upholds but Limits the SEC's Imposition of Disgorgement of Unjust Enrichment

On Monday, June 22, 2020, the Supreme Courtroom made the decision in Liu v. SEC by an 8-1 vote that the Securities and Exchange Fee (SEC) can continue to gather disgorgement awards as equitable aid, but constrained the award to the volume of the wrongdoer’s internet profits and necessary that it be dispersed to victims….
By: Orrick, Herrington & Sutcliffe LLP