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Supreme Court Reins In SEC’s Disgorgement Power

This week the Supreme Court trimmed the SEC’s power to seek disgorgement of unlawful gains by securities law violators by unanimously holding in Kokesh v. Securities and Exchange Commission that SEC disgorgement constitutes a penalty and such claims must be brought within five years of their accrual. This decision resolved the circuit split described in … Continue Reading

Enforcing the STOCK Act: Public Interest v. Public Interest

In a somewhat rare decision, U.S. District Judge Gardephe of the SDNY granted a motion to stay his previous order regarding the scope of the SEC’s ability to subpoena information from Congress, pending its appeal to the Second Circuit.  As noted in our previous post, the SEC is investigating the House Ways and Means Committee … Continue Reading