United States disgorgementequitable relief

Liu v SEC

591 U.S. 71 (2020)

JurisdictionUnited States

CourtSupreme Court of the United States

Year2020

StatusBinding authority

Key Principle

A disgorgement award is permissible 'equitable relief' under § 21(d)(5) of the Securities Exchange Act (15 U.S.C. § 78u(d)(5)) only if it does not exceed the wrongdoer's net profits and is awarded for the benefit of victims.

Area of Law

corporate

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