Is the SEC Complying with Liu On Disgorgement? – SEC ACTIONS

Insider trading has long been a focus for the Commission’s Enforcement Division. While the cases can be difficult to detect, over the years the agency had developed a huge data base and critical data analytics that often aid in fretting out large and small potential cases. When insider trading is found, the actions are brought. The difficult for the agency with these cases today may be compliance with the decision in Liu v. SEC, No. 18-1501 (decided June 22, 2020). There the Supreme Court defined disgorgement in terms of traditional equitable principles keyed to the return of the net wrongful amounts obtained rather than transferring the money to the U.S. Treasury, the traditional agency approach. The question is, are they? Consider the following…

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