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Browse: Home / Supreme Court

Supreme Court

U.S. Supreme Court Agrees to Take Up Securities Suit Class Certification Issues | The D&O Diary

By Securities Docket on December 14, 2020, 2:41 pm

In the same December 11, 2020 Order in which it rejected the bid by the Texas Attorney General to overturn the results of the 2020 Presidential election, the U.S. Supreme Court also agreed to take up a case involving the effort of Goldman Sachs to overturn the certification of a class in the long-running securities […]

Posted in Class Actions, Top | Tagged Supreme Court

How the SEC Became a SCOTUS Frequent Flyer | On SECond Thought…

By Securities Docket on May 4, 2020, 8:12 am

The Liu case marks four consecutive years in which the SEC has faced a major Supreme Court challenge to its enforcement practices. It comes on the heels of the aforementioned Kokesh case in 2017, Lucia v. SEC in 2018, and Lorenzo v. SEC in 2019, continuing what appears to be the longest streak of its kind […]

Posted in SEC, Top | Tagged Supreme Court

SCOTUS Oral Argument Suggests SEC Disgorgement Will Survive—But Might Be Limited To Victim Compensation | Seyfarth Shaw LLP – JDSupra

By Securities Docket on March 11, 2020, 8:37 am

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 […]

Posted in SEC, Top | Tagged Disgorgement, Supreme Court

Can the S.E.C. Force Repayment of Ill-Gotten Gains? – The New York Times

By Securities Docket on December 2, 2019, 9:21 am

The issue before the Supreme Court will be whether a District Court can order a defendant to repay money obtained by fraud or trading on confidential information, or whether it is a penalty beyond the “equitable” power of the courts to require. The S.E.C. is sure to argue that a defendant who engages in fraud […]

Posted in SEC, Top | Tagged Disgorgement, Supreme Court

Supreme Court to Hear Case on Validity of SEC Disgorgement | Ropes & Gray LLP – JDSupra

By Securities Docket on November 8, 2019, 8:56 am

The outcome in Liu could seriously undercut the SEC’s enforcement power by taking away one of its most powerful tools, and by encouraging defendants to continue to challenge the SEC’s remedial authority in other contexts, such as suspensions and bars. Additionally, Liu could call into question the power of other regulatory agencies to seek disgorgement. […]

Posted in SEC, Top | Tagged Kokesh, Supreme Court

Remedies in SEC Enforcement Actions: The End of Disgorgement? – SEC ACTIONS

By Securities Docket on November 6, 2019, 8:48 am

The Supreme Court granted certiorari in a case that may well have a very significant impact on the remedies available in Commission enforcement actions: Liu v. Securities and Exchange Commission, No. 18-1501 (Cert. granted Nov. 1, 2019). The question the Court agreed to resolve is: “Whether the Securities and Exchange Commission may seek and obtain […]

Posted in SEC, Top | Tagged Disgorgement, Supreme Court

Supreme Court will consider stripping SEC of power to seize illegal profits – Los Angeles Times

By Securities Docket on November 4, 2019, 10:00 am

The U.S. Supreme Court agreed to consider stripping the Securities and Exchange Commission of its power to recoup illegal profits from wrongdoers, taking up a challenge to one of the agency’s most potent legal weapons. The appeal by Charles Liu and Xin Wang contends that “disgorgement” isn’t one of the remedies Congress has authorized the […]

Posted in SEC, Top | Tagged Disgorgement, Supreme Court

Taking Insider Trading Too Far: What’s Left of the ‘Personal Benefit’ Requirement After ‘U.S. v. Martoma’? | New York Law Journal

By Securities Docket on July 24, 2019, 10:02 am

When the Supreme Court declined to hear Martoma’s appeal last month, it missed an opportunity to clarify the law going forward in the Second Circuit. In a world where corporate insiders can share information outside the company for many legitimate reasons, those insiders—and the recipients of information from them—risk unfair prosecution absent a narrow, objectively defined […]

Posted in Criminal, SEC, Top | Tagged Insider Trading, Martoma, Supreme Court

Supreme Court rejects insider trading appeal brought by SAC’s Martoma – Reuters

By Securities Docket on June 3, 2019, 10:11 am

The U.S. Supreme Court on Monday rejected an appeal by Mathew Martoma, a former portfolio manager for billionaire Steven A. Cohen, challenging a conviction for insider trading. The Supreme Court left in place a June 2018 ruling by the New York-based 2nd U.S. Circuit Court of Appeals, which found there was enough evidence to establish […]

Posted in Criminal, Top | Tagged Supreme Court

The Supreme Court Hands the S.E.C. a Rare Win – The New York Times

By Securities Docket on April 17, 2019, 10:14 am

The Securities and Exchange Commission’s record in the Supreme Court has not been strong the past few years. The court limited the period during which the agency can pursue a fraud claim and required a case seeking disgorgement be filed within five years of the violation. But the justices handed the S.E.C. a significant victory […]

Posted in SEC, Top | Tagged Supreme Court

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