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Securities and Exchange Commission (SEC) › Disgorgement › Appellate Courts

Holland & Knight LLP

SEC Feels the Heat

Holland & Knight LLP on

Earlier this year, the U.S. Court of Appeals for the First Circuit vacated and remanded a $93 million district court judgment entered against a broker-dealer and investment adviser for allegedly inadequate disclosures of...more

Wiley Rein LLP

$140 million SEC Disgorgement Payment Not a “Penalty” and Insurable Under New York Law

Wiley Rein LLP on

The New York Court of Appeals has held that a $140 million disgorgement payment in an SEC settlement is not a non-covered “penalty” under a professional liability policy. According to the court, the payment had compensatory...more

Akin Gump Strauss Hauer & Feld LLP

Second Circuit Provides Guidance on Delegation of Beneficial Ownership in Short-Swing Trading Case Brought Under Section 16 of the...

Akin Gump Strauss Hauer & Feld LLP on

In a recent precedential decision, the 2nd Circuit held that funds could delegate beneficial ownership to their investment managers, thereby eliminating the funds’ disgorgement liability under Section 16(b) of the Securities...more

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