By Russell Ryan ( April 16, 2020, 6:19 PM EDT) -- Judging from last month's U.S. Supreme Court oral argument in Liu v. U.S. Securities and Exchange Commission,[1] a case challenging the SEC's decades-old practice of demanding disgorgement of illicit gains from securities law violators, it appears likely (1) that the SEC's disgorgement victory in that case will be set aside — with a likely remand for further proceedings — but (2) that the court will stop short of ruling categorically that the SEC can never obtain disgorgement in federal court cases....
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