Seyfarth Synopsis: On Tuesday, March 3, 2020, the Supreme Court heard oral arguments in Liu et al v. Securities and Exchange Commission, in what some thought would be a landmark case on the SEC’s power to seek disgorgement from a court for violations of securities laws.[1] In questioning both parties, the Justices did not seem inclined to eliminate SEC disgorgement outright, but instead drilled down on whether that remedy should be limited to the return of net profits to victims of securities fraud.
