An article from Paul Hastings on 23 June commented on the recent US Supreme Court decision that the SEC had authority to seek disgorgement from defendants in a federal action. In an 8-1 decision, the Court held that the SEC does have statutory authority to seek disgorgement as equitable relief. However, that authority is not without limitations, and the decision raises a number of questions regarding the application of that authority. The article considers the underlying case, and the implications of the decision going forward. One implicatiuon the article suggests will be the increasing attractiveness of using the SEC administrative process to resolve ongoing investigations going forward, allowing the SEC to take the position that the Supreme Court decision does not therefore apply.
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