Capital Securities of America, Inc. Jerry Manning and Adam Alves v. Faye Griffin

Summary

The court held that a public entity may not obtain disgorgement of a securities seller’s commissions under common-law restitution when the entity unlawfully purchased securities under the governing statutory scheme. Because the General Assembly specified repurchase, damages, and regulatory remedies but did not authorize disgorgement, adding that remedy would impermissibly alter the detailed remedial scheme. The court therefore reversed the court of appeals and remanded for further proceedings.