On March 3, 2020, the Supreme Court heard oral arguments for the case of Liu v. Securities and Exchange Commission (SEC). At issue is "whether the Securities and Exchange Commission may seek and obtain disgorgement from a court as “equitable relief” for a securities law violation even though the Supreme Court has determined that such disgorgement is a penalty." To discuss the case, we have Todd F. Braunstein, General Counsel - International, Willis Towers Watson.As always, the Federalist Society takes no particular legal or public policy positions. All opinions expressed are those of the speakers.

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