No. 18-1501October Term 2019Decided Jun 22, 2020
Liu v. SEC
This case asked whether the SEC can make people who violated securities laws give up their ill-gotten gains through disgorgement in a civil enforcement action.
Case status
- Current stage
- Decided
- Latest event
- Decision released Jun 22, 2020
- What it's about
This case asked whether the SEC can make people who violated securities laws give up their ill-gotten gains through disgorgement in a civil enforcement action. The Court held that disgorgement is allowed as equitable relief under federal law, but only when it is limited to a wrongdoer’s net profits and is generally returned to victims.
Question 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 path
United States Court of Appeals for the Ninth Circuit / Decision released Jun 22, 2020
- Area
Business and Regulation
Timing
Decided June 22, 2020
The Court released its decision on June 22, 2020 without hearing oral argument.
Related cases
Grounding
- Grounding
- Primary-source trail available.
- Note
- Plain-English explainer. Official filings and opinions remain authoritative.
- Checked
- Jun 1, 2026
- Method
- Methodology