Individual: Liu Shows That Disgorgement Is Equitable Remedy, Not Punishment

( April 15, 2026, 2:31 PM EDT) -- WASHINGTON, D.C. — In a reply brief to the U.S. Supreme Court, an individual argues that under the high court’s decision in Liu v. SEC¸ “disgorgement is a traditional equitable remedy” and “cannot be used as a punishment or deterrent,” urging the court to find that the Securities and Exchange Act cannot seek disgorgement under the Securities Exchange Act of 1934 without showing pecuniary harm....