News and commentary about white-collar crime, enforcement, and compliance
Harry Cassin
Publisher and Editor
Andy Spalding
Senior Editor
Jessica Tillipman
Senior Editor
Bill Steinman
Senior Editor
Richard L. Cassin
Editor at Large
Elizabeth K. Spahn
Editor Emeritus
Cody Worthington
Contributing Editor
Julie DiMauro
Contributing Editor
Thomas Fox
Contributing Editor
Marc Alain Bohn
Contributing Editor
Bill Waite
Contributing Editor
Russell A. Stamets
Contributing Editor
Richard Bistrong
Contributing Editor
Eric Carlson
Contributing Editor
[…] 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 […]
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.