[…] statute of limitations for penalties because the SEC uses disgorgement “as a penalty.” Liu and Wang say Congress never gave the SEC authority to use disgorgement that way. The Supreme Court heard oral arguments in March and is likely to decide their case soon. How important is disgorgement? Of the $12 billion the SEC […]
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The Supreme Court today published an opinion that limits the SEC’s ability to use disgorgement without considering and deducting legitimate business expenses, making a significant change to how corporate FCPA settlements will be reached with the agency.