News & Analysis as of August 8, 2025

Disgorgement

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The United States Supreme Court is the highest court of the United States and is charged with interpreting federal law, including the United States Constitution. The Court's docket is largely discretionary with only a limited number of cases granted review each term. The Court is comprised of one chief justice and eight associate justices, who are nominated by the President and confirmed by the Senate to hold lifetime positions. less -

SEC Disgorgement Stuck in Circuit Split After Supreme Court Declines to Intervene

Bradley Arant Boult Cummings LLP on 6/19/2025

On June 6, 2025, the U.S. Supreme Court denied a petition for certiorari in Navellier & Associates, Inc. v. SEC, declining to resolve a circuit split regarding the circumstances under which the U.S. Securities and Exchange...more

Supreme Court Denies Certiorari in SEC Disgorgement Case

Troutman Pepper Locke on 6/12/2025

On June 6, the U.S. Supreme Court denied the petition for certiorari in the case of Navellier & Associates, Inc. v. Securities and Exchange Commission (SEC). This decision effectively upholds the lower courts’ rulings,...more

Nutter Securities Enforcement Update: Oct. 1 Quarterly Review

Nutter McClennen & Fish LLP on 10/14/2024

The Nutter Securities Enforcement Update is a periodic update of noteworthy recent securities enforcement activity, settlements, decisions, and charges. We provide brief summaries that highlight recent enforcement action...more

Supreme Court Case Watch: Securities and Exchange Commission v. Jarkesy and Its Impact on Independent Agencies

Venable LLP on 7/10/2023

With the end of the Supreme Court’s term in June, most eyes have been on the release of the last remaining merits decisions. In the midst of issuing the final opinions of the term, the Court also granted certiorari on a...more

Jarkesy Gets His Day: SCOTUS to Review SEC ALJs

Burr & Forman on 7/6/2023

On June 20, 2023, the Supreme Court granted certiorari to review three questions about the Securities and Exchange Commission’s (SEC’s) administrative courts...more

A Changing Climate: the Rising Tide of ESG Liability and Implications for D&O Coverage

White and Williams LLP on 8/3/2022

The latest legal buzzword, ESG, represents the environmental, social and governance factors that many corporations are now required to consider and disclose alongside traditional financial information such as operating...more

JONES DAY TALKS®: Consumer Protection Enforcement Changes Likely After SCOTUS AMG Decision

Jones Day on 9/23/2021

In AMG Capital Management v. FTC, the U.S. Supreme Court ruled the Federal Trade Commission Act does not allow the FTC to seek, from violators of the Act, "equitable monetary relief" in the form of restitution or...more

State Attorneys General Update – June 2021

Orrick, Herrington & Sutcliffe LLP on 6/4/2021

Washington, D.C., Attorney General Racine Sues Amazon - On May 25, 2021, Washington, D.C., Attorney General Karl Racine sued Amazon in the Superior Court of the District of Columbia for alleged antitrust violations under...more

FTC Loses Disgorgement Remedy Under 13(b) of the FTC Act

Epstein Becker & Green on 5/7/2021

On April 22, 2021, the Supreme Court of the United States issued an opinion finding that the Federal Trade Commission (“FTC”) does not have the authority to order disgorgement (i.e., monetary relief) under Section 13(b) of...more

Congress Expands SEC’s Disgorgement Power in Defense Spending Bill

Foley Hoag LLP - White Collar Law &... on 1/8/2021

On January 1, 2021, Congress significantly expanded the SEC’s authority to seek disgorgement as a remedy for violations of the federal securities laws, responding to recent decisions by the U.S. Supreme Court that had limited...more

Nevada Finds Disgorgement Is No Penalty

Allen Matkins on 12/11/2020

In 2017, the U.S. Supreme Court held that disgorgement in an SEC enforcement action is subject to the five-year limitations period in 28 U.S.C. § 2462 that applies to an "action, suit or proceeding for the enforcement of a...more

Third Circuit Sharply Limits FTC Authority to Obtain Monetary Relief as Supreme Court Prepares to Weigh In

Wiley Rein LLP on 10/6/2020

Last week, in FTC v. AbbVie et al., the Third Circuit joined the Seventh Circuit in holding that the Federal Trade Commission (FTC) was not authorized to seek disgorgement as a remedy under Section 13(b) of the FTC Act –...more

KT Sound Bytes Episode 1 | The Effects of the Supreme Court Decision in Liu v. SEC

Kilpatrick on 10/6/2020

We're pleased to announce the launch of our podcast, KT Sound Bytes! Our first episode features Partner Adria Perez and Associate Jessica Nwokocha, with assistance from Summer Associate Davis Brooke Caswell, discussing the...more

Regulatory Monitor: SEC Update

WilmerHale on 10/1/2020

Liu v. SEC: The US Supreme Court Upholds the SEC’s Power to Obtain Disgorgement in Civil Actions, but with Important Limitations - On June 22, the Supreme Court held in Liu v. SEC that the Securities and Exchange...more

Liu v. SEC Decision Leaves Ambiguity on Disgorgement Limitations – How to Measure 'Business Expenses' Deductible From 'Illegal...

Faegre Drinker Biddle & Reath LLP on 8/27/2020

While the U.S. Supreme Court’s decision in Liu v. SEC limited the SEC’s disgorgement power, it also left open certain complicated issues that are now subject to interpretation. As we previously summarized, in an 8–1 vote, the...more

Ninth Circuit Reverses SEC Disgorgement Award and Remands in First Decision Post-Liu

Sheppard Mullin Richter & Hampton LLP on 8/21/2020

For the first time outside of the originating case itself, a federal appeals court was called upon to apply the principles governing disgorgement in SEC enforcement actions established by the United States Supreme Court’s...more

A Liu Look at Disgorgement: Ninth Circuit Vacates SEC Disgorgement Award

Cadwalader, Wickersham & Taft LLP on 8/11/2020

The U.S. Supreme Court’s landmark decision in Liu v. SEC is less than two months old, yet the ramifications of the decision on the SEC’s enforcement powers are already taking shape....more

Strange Bedfellows – How a Recent Security Fraud Opinion May Impact Consumer Fraud Class Actions

Faegre Drinker Biddle & Reath LLP on 8/7/2020

The U.S. Supreme Court’s recent decision in Liu v. SEC, No. 18-1501 (June 22, 2020), limiting the SEC’s ability to obtain monetary equitable relief in securities fraud litigation, may seem an odd topic for this blog. But Liu...more

Disgorgement/Restitution Defense Continues to Lose Steam in Wake of Supreme Court Decision in Liu v. SEC

Pillsbury - Policyholder Pulse blog on 7/24/2020

Late in June, the U.S. Supreme Court issued a decision in Liu v. SEC, a closely watched case in which the Court in an 8-1 opinion curtailed the authority of the Securities and Exchange Commission (SEC) to seek disgorgement of...more

Limits To ERISA’s Equitable Remedies — What The Supreme Court’s Latest Securities Act Decision Tells Us

Seyfarth Shaw LLP on 7/22/2020

Seyfarth Synopsis: A recent Supreme Court decision on federal securities law may hold ramifications for ERISA practitioners by addressing whether disgorgement is an equitable remedy....more

Voluntary Disclosure: Newsflash July 2020

K&L Gates LLP on 7/17/2020

A government inquiry can result in serious consequences for a company or individual. Our new podcast series, Voluntary Disclosure—brought to you by the lawyers in our investigations, enforcement, and white collar practice—is...more

Maybe the FTC Can’t Take That to the Bank: The Supreme Court’s Decision in Liu v. SEC and Its Implications for the FTC’s Ability...

Sheppard Mullin Richter & Hampton LLP on 7/14/2020

On July 9, 2020, the U.S. Supreme Court granted petitions for certiorari in FTC v. Credit Bureau Center and AMG Capital Management, LLC v. FTC, cases that question the Federal Trade Commission’s authority to demand equitable...more

Liu v. SEC: Foreshadowing a Challenge to the FTC’s Disgorgement Authority

Wilson Sonsini Goodrich & Rosati on 7/14/2020

In Liu v. Securities & Exchange Commission, the Supreme Court upheld, but circumscribed, the Securities and Exchange Commission's (SEC's) disgorgement authority by holding 8-1 that the SEC may seek disgorgement through its...more

Are Disgorgement Payments to the SEC Tax-Deductible? U.S. Supreme Court’s Decision in Liu v. SEC Complicates the Analysis

Foley Hoag LLP - White Collar Law &... on 7/13/2020

The U.S. Supreme Court’s decision last month in Liu v. SEC raises the question of whether disgorgement payments in SEC enforcement actions should now be deductible for federal income tax purposes. The Court held that a...more

What is New After Liu: Unsettled Questions Surrounding SEC Disgorgement

King & Spalding on 7/13/2020

On June 22, 2020, in Liu v. SEC, the Supreme Court held in an 8-1 decision that the SEC is authorized under 15 U.S.C. § 78u(d)(5) (2015) to seek disgorgement as “equitable relief” in district court actions, as long as the...more

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Supreme Court of the United States › Enforcement Actions › Disgorgement

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