Liu v. SEC

Decided June 22, 2020. Sonia Sotomayor delivered the opinion of the Court.

Docket 18-1501 · 591 U.S. 71 · Cited 308 times

In a Securities and Exchange Commission enforcement action, a disgorgement award that does not exceed a wrongdoer’s net profits and is awarded for victims is equitable relief permissible under 15 U. S. C. §78u(d)(5).

The Court’s statement of the holding, from the opinion’s syllabus. The syllabus is prepared by the Reporter of Decisions and is not part of the opinion of the Court — read the official opinion for authority.

Read the official opinion (PDF, supremecourt.gov) (opens primary source in a new tab)

Sonia Sotomayor’s profile · All opinions since October Term 2017 · The Supreme Court

Source: Supreme Court of the United States, slip opinions (2020). Citation count from the Free Law Project’s CourtListener bulk data. Data last verified 2026-07-02. Informational only; verify against the primary source before relying. Not a consumer report (FCRA).