US Supreme Court: Disgorgement Is a Penalty, Limiting SEC’s Reach

Key Points from this Latham & Watkins Client Alert:

  • The Supreme Court decision will have a significant impact on the SEC’s ability to conduct investigations that take many years, because the statute of limitations may eliminate disgorgement claims as the investigation continues.
  • Both the SEC and those under investigation will have an additional factor to consider in deciding when and how to use tolling agreements.

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