Liu v. Securities and Exchange Commission
2020 United States Supreme Court case / From Wikipedia, the free encyclopedia
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Liu v. Securities and Exchange Commission, 591 U.S. 71 (2020), is a US Supreme Court case related to disgorgement awards sought by the Securities and Exchange Commission (SEC) for fraudulent activities. The Court ruled in an 8–1 decision that such disgorgement awards can be awarded by the courts as equitable relief under the Securities Act of 1933, 15 U.S.C. § 78u(d)(5), but they are limited to the wrongdoer's net profits and must be awarded for victims.[1]
Quick Facts Liu v. Securities and Exchange Commission, Argued March 3, 2020 Decided June 22, 2020 ...
Liu v. Securities and Exchange Commission | |
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Argued March 3, 2020 Decided June 22, 2020 | |
Full case name | Charles C. Liu, et al., v. Securities and Exchange Commission |
Docket no. | 18-1501 |
Citations | 591 U.S. 71 (more) 140 S. Ct. 1936 |
Case history | |
Prior | No. 16-00974-CJC(AGRx), 262 F.3d 957 (C.D. Ca 2017); affirmed, 754 Federal Appendix 505 (9th Cir 2018); cert. granted, 140 S. Ct. 451 (2019). |
Holding | |
A disgorgement award that does not exceed a wrongdoer's net profits and is awarded for victims is equitable relief permissible under 15 U.S.C. § 78u(d)(5). | |
Court membership | |
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Case opinions | |
Majority | Sotomayor, joined by Roberts, Ginsburg, Breyer, Alito, Kagan, Gorsuch, Kavanaugh |
Dissent | Thomas |
Laws applied | |
Securities Act of 1933 |
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