Liu v. SEC: Will the Supreme Court Abolish SEC Disgorgement?

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  

Prerequisites:  None 

Advanced Preparation:  None