Congress Weighs In On SEC Disgorgement Power Challenge
Law360 (January 22, 2020, 9:47 PM EST) -- Two dozen members of Congress told the U.S. Supreme Court on Wednesday that stripping the U.S. Securities and Exchange Commission's power to seek disgorgement in civil cases would upend decades of legislation and buck sound precedent undergirding the nation's securities laws.
Congress repeatedly affirmed the SEC's authority to seek disgorgement over the past three decades by structuring securities laws around that power, the Democratic lawmakers wrote, urging the justices to respect their plans and leave undisturbed the agency's power to claw back ill-gotten gains in securities cases.
"As amici well know, disgorgement is a critical tool to deter violations of the...
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