In an important case for the SEC’s enforcement powers, the Supreme Court has affirmed the SEC’s ability to impose a disgorgement award as an equitable remedy – but at the same time has limited that equitable award to the amount of the wrongdoer’s net profits.
In a 5-4 decision written by Associate Justice Brett Kavanaugh, the U.S. Supreme Court found that two retired participants in a defined benefit plan did not have standing under Article III of the Constitution.
The state parties’ petition claimed that the rule exceeds the SEC’s statutory authority and violates the Administrative Procedure Act and the First Amendment.
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