SEC profit repayment limits
Zhiying Yvonne Gasarch v. Securities and Exchange Commission
In brief
- Where it stands
- Petition Pending
Awaiting an order on the petition
- What it’s about
- Zhiying Gasarch asks the Supreme Court to review a lower-court order that made her responsible along with other defendants for paying back money, despite a finding that the evidence did not show she received funds, and required payment beyond a five-year limit based on a jury finding of negligence rather than intent.
- What's at stake
- The dispute concerns Gasarch's responsibility for repayment with other defendants and for amounts covering more than five years; the Supreme Court has not agreed to review it.
Summary: written with AI from the case record.
What it's about
The case is an SEC enforcement dispute about the scope of the money repayment ordered against Gasarch.
Question presented
1. Whether a district court, having found that the evidence does not demonstrate receipt of funds by Ms. Gasarch, erred in imposing joint-and-several disgorgement based solely on “concerted wrongdoing,” notwithstanding the strong presumption against joint-and-several liability and the absence of any of the relevant factors this Court identified in Liu v. SEC, 591 U.S. 71 (2020). 2. Whether the district court erred in ordering disgorgement outside the relevant five-year statutory period where the jury verdict supported only a finding of negligence and not scienter, and thus violated Ms. Gasarch’s jury trial rights under the Seventh Amendment.
What happens next
The petition was distributed for the Court's Dec. 4, 2026 conference, where the justices may consider whether to hear it. That date is not a promised decision date.
Documents
Docket activity
New analysis added
AI analysis generated: Case Briefing
Case data updated: summary, question_presented, generation_metadata
Case data updated: question_presented, extraction_metadata
Brief added: Petition
More questions
- What does Gasarch say the jury found?
- She says the jury found negligence, not intent, and argues that this does not support repayment beyond five years.
Sources
Primary materials plus reporting. Best-effort analysis: this explainer relies on a mix of primary materials and trusted secondary sources. Official filings and opinions remain authoritative.