Individual, SEC Debate   Interpretation Of Liu, Definition Of Disgorgement

( April 21, 2026, 11:06 AM EDT) -- WASHINGTON, D.C. —The U.S. Supreme Court on April 20 heard oral arguments in a case asking it to determine whether the Securities and Exchange Commission may seek equitable disgorgement under federal securities laws without showing that investors suffered pecuniary harm; the SEC and an individual it brought a civil enforcement action against debated the definition and purpose of disgorgement, as well as the proper interpretation of Liu v. SEC....