On March 3, 2020, the US Supreme Court heard oral argument on whether the SEC has the authority to obtain disgorgement of “ill-gotten gains” in federal court for securities law violations. During the oral argument, in their questioning, the Justices frequently referred back to district courts’ inherent authority to enter equitable relief. Based on this long-recognized equitable authority, and the specific grant of that authority in the federal securities laws, we expect the Court to determine that disgorgement is properly ordered in SEC enforcement actions in federal court.
‘Enforcement 40’ for 2020
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