By Maranda Fritz and Brian Steinwascher (July 3, 2017, 11:47 AM EDT) -- While a number of commentators have discussed the specific holding of Kokesh v. U.S. Securities and Exchange Commission, 581 U.S. ___ (2017), regarding the statute of limitations applicable to disgorgement, the more impactful aspect of the case lies in its reasoning, and counsel should now incorporate that analysis into arguments in any pending disgorgement case. In Kokesh, the U.S. Supreme Court unequivocally pronounced, with respect to statute-of-limitations issues, that disgorgement in SEC civil enforcement proceedings is punitive. In flatly rejecting the SEC's position that disgorgement is "remedial," the Kokesh court determined that in any number of circumstances in which the SEC has sought and the court has ordered disgorgement, the effect is punitive, often placing the defendant in a worse position than where he began....