Supreme Court of the United States

Charles C. Liu, Petitioners v. Securities and Exchange Commission

June 22, 2020140 S. Ct. 1936

Summary

The Court held that § 78u(d)(5) permits the SEC to seek disgorgement only when the award does not exceed a defendant's net profits and is directed to benefit investors, vacating the lower court’s judgment and remanding for further proceedings. Justice Thomas dissented, arguing that disgorgement is not an equitable remedy.