U.S. Supreme Court

Case Status


Docket Number


2019 Term


Questions Presented

Whether the Securities and Exchange Commission may seek and obtain disgorgement from a court as “equitable relief” for a securities law violation even though this Court has determined that such disgorgement is a penalty.

Case Updates

U.S. Supreme Court upholds but limits SEC’s authority to seek disgorgement in civil proceedings

June 22, 2020

Click here to view the opinion.

U.S. Chamber files merits-stage amicus brief arguing that the SEC lacks statutory authority to seek disgorgement in judicial proceedings

December 26, 2019

Click here to view the Chamber’s amicus brief. Adam G. Unikowsky and Zachary C. Schauf of Jenner & Block LLP served as co-counsel for the U.S. Chamber of Commerce on behalf of the U.S. Chamber Litigation Center.

Case Documents