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On March 3, 2020, the U.S. Supreme Court will hear oral argument in Liu v. SEC, a potentially groundbreaking case that will address whether SEC disgorgement is lawful. The key issue in Liu is whether SEC disgorgement is a penalty—in which case, it is unlawful—or a form of equitable relief—in which case, it is lawful. In this Briefing, you will hear from two securities litigation experts, Elizabeth Gingold Clark and Timothy J. Fitzmaurice of Alston & Bird LLP who will discuss the Liu case.
Specific issues to be addressed include:
- What are the potential outcomes of the Liu case?
- If the Supreme Court abolishes SEC disgorgement, what impact would that have on SEC enforcement?
- How will Liu impact pending SEC enforcement actions until the Supreme Court issues its decision?
Program Level: Update
Intended Audience: In-house counsel, outside attorneys, investment managers, bankers, corporate officers, and other allied professionals involved with securities regulation compliance
Advanced Preparation: None