United States Leading Case account of profitsabuse of dominance

Liu v SEC

591 US 71 (2020)

JurisdictionUnited States

CourtUS Supreme Court

Year2020

StatusBinding authority

Summary

SEC disgorgement is permissible equitable relief under §78u(d)(5) but must be limited to net profits and returned to victims.

Key Principle

The SEC may seek disgorgement as equitable relief under §78u(d)(5) of the Exchange Act, but the award must not exceed the wrongdoer's net profits and must be returned to victims.

Area of Law

corporate

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