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EB-5 Ruling Shows Viability Of SEC Disgorgement Challenges

Tiomkin Law Offices of Elliott Tiomkin > Legal News  > EB-5 Ruling Shows Viability Of SEC Disgorgement Challenges

EB-5 Ruling Shows Viability Of SEC Disgorgement Challenges

Law360 (August 25, 2020, 6:49 PM EDT) — The U.S. Supreme Court’s landmark decision in Liu v. U.S. Securities and Exchange Commission[1] is just over two months old, yet the ramifications of the decision on the SEC’s enforcement powers are already taking shape.

In Liu, the Supreme Court preserved the SEC’s ability to seek disgorgement of ill-gotten gains in federal court — despite the lack of an express disgorgement remedy in statutes — on the theory that disgorgement is one form of the equitable relief that statutes authorize the SEC to obtain. In upholding the disgorgement remedy, however, the court held that disgorgement awards must be limited to wrongdoers’…

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