-- The U.S. Supreme Court agreed to consider stripping the Securities and Exchange Commission of its power to recoup illegal profits from wrongdoers, taking up a challenge to one of the agency’s most potent legal weapons.
The SEC won disgorgement orders totaling $2.5 billion in fiscal 2018, compared with $1.4 billion in other types of penalties. The 2002 Sarbanes-Oxley Act says judges hearing SEC enforcement actions can award “any equitable relief” they deem appropriate for the protection of investors.But Liu and Wang’s attorneys say the SEC has sought so much money through disgorgement that it’s become a punitive measure, much like a penalty.
Liu and Wang point to a 2017 Supreme Court decision that said disgorgement is covered by a five-year statute of limitations that applies to penalties. That ruling explicitly declined to say whether the SEC has power to seek disgorgement in the first place.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Law Law Latest News, Law Law Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Supreme Court Weighs SEC Clawback ChallengeThe Supreme Court said it would consider a challenge to a key SEC enforcement tool: the ability to claw back ill-gotten gains from those who commit financial fraud So even though corporations are 'people' they don't get penalized like people who commit crimes! That makes sense! We all would be in a bind. The payoff is not worth it except those usage statistics of user identifiable information corporations treat like so many nickels and dimes. Let's square up with them. lets see how high the corruption goes
Source: WSJ - 🏆 98. / 63 Read more »
U.S. Supreme Court to review SEC's power to recover ill-gotten gainsThe U.S. Supreme Court on Friday agreed to hear a challenge to the ability of th... Charles Liu and Xin Wang? GUILTY! Need I say more? Late stage capitalism about to go into hyperspeed mode 🤔 who would want to weaken the FEC 's enforcement abilities? Class war anybody?
Source: Reuters - 🏆 2. / 97 Read more »
Supreme Court will consider stripping SEC of power to seize illegal profitsThe U.S. Supreme Court agreed to consider stripping the Securities and Exchange Commission of its power to recoup illegal profits from wrongdoers. SEC it just means more The title mentioned 'SEC' and the first and only thing that came to mind was the College 'Southeastern Conference' (Sports) 🤷🏻♂️
Source: latimes - 🏆 11. / 82 Read more »
Bencic points finger at Shenzhen court as withdrawals mountSwitzerland's Belinda Bencic questioned the quality of the court used at th... Why did they choose China? Shenzhen for the next 10 years? First the NBA and now Tennis. Maybe China needs a sporting time out so they may reflect. Why China? Shenzhen for the next 10 years? that’s ridiculous!
Source: Reuters - 🏆 2. / 97 Read more »
Disabled Stuntwoman Leslie Hoffman Wins Another Court Battle In Long-Running Feud With SAG Pension PlanDisabled stuntwoman Leslie Hoffman has won another legal battle in her years-long fight with the Screen Actors Guild Pension Plan. A federal judge ruled that “the Plan abused its discretion” by den… Jesus, why not just take care of your people? In 2012, Actors Equity had unemployment rates for actors at around 90%. God knows what it is now. These people all pay their dues, they pay into their health care and their pension. Just pay what you owe them!
Source: DEADLINE - 🏆 109. / 63 Read more »
Bad day in court for Giuliani associate Igor FrumanRachel Maddow reports on the difficult day Rudy Giuliani associate Igor Fruman had in court today as his lawyer tried to ease some of the restrictions of his bail with a less-than-convincing argument that Fruman's one-way plane ticket was not an indication that he was trying to flee the United States. Sad if the courts try to cover for a party’s action by attacking individuals who are bound to try to uncover the truth on corruption! Guess we will see how this ends! Another warlock to add to the so called witch hunt.
Source: MSNBC - 🏆 469. / 51 Read more »