Supreme Court has cut the Securities and Exchange Commission's ability to extract millions of dollars from alleged wrongdoers. Critics of the commission say it's not enough. In arguments Monday they are asking the justices to put new limits on "disgorgement," one of the SEC's most potent enforcement tools, designed to recoup illicit profits and return them to victims. The dispute will shape a panoply of SEC cases in which victims aren't easy to pinpoint, from low-profile record-keeping violations to major insider trading allegations.
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Media Coverage · April 20, 2026
The Supreme Court heard argument on whether to further restrict the SEC's disgorgement power — the agency's tool for clawing back profits from securities violators and returning money to victims. The Court had already trimmed disgorgement in Liu v. SEC (2020), but defendants are pushing for tighter limits, particularly in cases where identifiable victims are hard to find. The outcome will cut across a wide range of
newspaper Read articleSupreme Court has cut the Securities and Exchange Commission's ability to extract millions of dollars from alleged wrongdoers. Critics of the commission say it's not enough. In arguments Monday they are asking the justices to put new limits on "disgorgement," one of the SEC's most potent enforcement tools, designed to recoup illicit profits and return them to victims. The dispute will shape a panoply of SEC cases in which victims aren't easy to pinpoint, from low-profile record-keeping violation
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The Supreme Court heard argument on whether to further restrict the SEC's disgorgement power — the agency's tool for clawing back profits from securities violators and returning money to victims. The Court had already trimmed disgorgement in Liu v. SEC (2020), but defendants are pushing for tighter limits, particularly in cases where identifiable victims are hard to find. The outcome will cut across a wide range of SEC enforcement actions, from insider trading to record-keeping violations.
Supreme Court has cut the Securities and Exchange Commission's ability to extract millions of dollars from alleged wrongdoers. Critics of the commission say it's not enough. In arguments Monday they …
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