High Court Preserves SEC Disgorgement, With Limits

Law360 (June 22, 2020, 10:15 AM EDT) -- The U.S. Supreme Court said Monday that the U.S. Securities and Exchange Commission could continue collecting disgorgement, holding that an award that does not exceed a wrongdoer's illicit profits and goes to victims can be considered "equitable relief."

The U.S. Supreme Court found in an 8-1 decision that the U.S. Securities and Exchange Commission could continue collecting disgorgement. (AP Photo/J. Scott Applewhite)

The ruling comes after the justices signaled in March that they might try to rein in the securities regulator's powers in a bid to ensure that disgorgement is being properly calculated and used to reimburse victims of securities fraud,...

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