The Liu decision also planted a big, leafy money tree for securities lawyers by expressly declining to answer a number of related questions and sending them all back down to the lower courts to figure out over the course of many more years of litigation. Oddly enough, however, the Court didn’t mention perhaps the thorniest unanswered question of all: What about the scores of other illegal disgorgement awards the SEC has obtained over the past five decades?
‘Enforcement 40’ for 2020
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