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John Berry and Elaine Goldenberg are partners at Munger Tolles & Olson, LLP (Photo: Courtesy Photo) John Berry and Elaine Goldenberg are partners at Munger, Tolles & Olson, LLP (Photo: Courtesy Photo)

On March 3, the Supreme Court will hear argument in Liu v. SEC, a case presenting yet another challenge to the Securities and Exchange Commission’s enforcement powers. The petitioners in that case are facing a $35 million judgment for disgorgement and penalties, obtained by the SEC for their role in an offering fraud. They are challenging whether the SEC has the power to seek the disgorgement remedy, which—after years of unfettered use—has come under heightened scrutiny by the Supreme Court. Much has been written about this case, but we hope to provide a unique perspective because one of us litigated the Liu case as an SEC trial attorney and the other argued for the government in a Supreme Court case, Kokesh v. SEC, that is at the heart of the Liu appeal.

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