Guest Post: Liu v. SEC: What Is “Disgorgement”?

In a guest post on D&O Diary, Wiley’s David Topol discusses the Supreme Court’s decision in Liu v SEC, in which the court held that SEC may collect disgorgements as “equitable relief” subject to certain constraint. The article summarizes the Court’s ruling in Liu, including the Court’s characterization of the term disgorgement and limitations on the SEC’s ability to obtain the remedy, and identifies practical implications of the decision in the context of SEC enforcement, as well as potential insurance coverage implications of the decision.