Article

Commentary: Disgorgement Considerations for Pension and Other Funds after Liu vs. SEC

Pensions & Investments

26 Aug 2020

Kelley Howes and Haima Marlier authored an article for Pensions & Investments covering the Supreme Court’s decision in Liu v. Securities and Exchange Commission to preserve the SEC’s ability to collect disgorgement to deprive wrongdoers of the “ill-gotten gains” resulting from illegal conduct.

“The Supreme Court’s decision makes it clear that disgorgement that does not exceed a wrongdoer’s net profits and that is awarded for the benefit of victims of the wrongdoing constitutes equitable relief,” the authors wrote. “Left unresolved, however, is how SEC disgorgement might be structured to be for the ‘benefit of investors’ if it is not structured to be returned to individual victims of the wrongdoing.”

Read the full article.

Close
Feedback

Disclaimer

Unsolicited e-mails and information sent to Morrison & Foerster will not be considered confidential, may be disclosed to others pursuant to our Privacy Policy, may not receive a response, and do not create an attorney-client relationship with Morrison & Foerster. If you are not already a client of Morrison & Foerster, do not include any confidential information in this message. Also, please note that our attorneys do not seek to practice law in any jurisdiction in which they are not properly authorized to do so.