Securities and Exchange Commission (SEC), Disgorgement, Reversal

SEC Feels the Heat

Holland & Knight LLP on 7/31/2025

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

SEC Must Return $93 Million Penalty, First Circuit Says

Venable LLP on 5/1/2025

The First Circuit, in a closely watched securities case, reversed a $93 million summary judgment ruling for the Securities and Exchange Commission this April. ...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

SEC Injunctions: A New Standard?

Dorsey & Whitney LLP on 10/16/2019

The remedy of choice for the SEC Enforcement Division has always been the statutory injunction. For many years the only remedy available to the Division was the obey-the-law statutory injunction....more

Ninth Circuit Permits SEC to Assert Standalone Claim for False Sarbanes-Oxley Certification and Confirms Disgorgement Remedy...

Sheppard Mullin Richter & Hampton LLP on 9/13/2016

In Securities & Exchange Commission v. Jensen, No. 14-55221, 2016 WL 4537377 (9th Cir. Aug. 31, 2016), the United States Court of Appeals for the Ninth Circuit broke new ground by providing the Securities & Exchange...more

Ninth Circuit Holds That SOX Disgorgement of Incentive Compensation Does Not Depend on Executives’ Own Misconduct

Proskauer - Corporate Defense and Disputes on 8/31/2016

The U.S. Court of Appeals for the Ninth Circuit held today that the Sarbanes-Oxley Act’s disgorgement provision – which requires disgorgement of certain CEO and CFO compensation when an issuer restates its financial...more