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L-R: Kirby Hsu, Ben Turner, Perrie M. Weiner and Aaron Goodman of Baker McKenzie.

On March 3, the U.S. Supreme Court held a long-awaited argument in Liu v. SEC, No. 18-501, regarding the Securities and Exchange Commission’s authority to seek and obtain disgorgement. The remedy is controversial, and not simply because of the lack of any clear Congressional authorization. Indeed, the SEC’s position is that it may seek disgorgement notwithstanding that victims, in many instances, may not be compensated.

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