Liu v. Securities and Exchange Commission

Docket No.	Argument	Opinion	Vote	Author	Term
18-1501	Mar 3, 2020	Jun 22, 2020	8-1	Sotomayor	OT 2019

Holding: 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).

Judgment: Vacated and remanded, 8-1, in an opinion by Justice Sotomayor on June 22, 2020. Justice Thomas filed a dissenting opinion.

SCOTUSblog Coverage

Live blog of orders and opinions (Update: Completed) (Kalvis Golde, June 22, 2020)
Opinion analysis: Justices accept, but cabin, SECs right to disgorgement in securities litigation (Ronald Mann, June 22, 2020)
Argument analysis: Justices seek middle ground on SECs right to disgorgement in securities litigation (Ronald Mann, March 4, 2020)
Argument preview: Justices to consider availability of disgorgement to SEC in securities litigation (Ronald Mann, February 25, 2020)
Abortion, CFPB cases scheduled for February sitting (Amy Howe, November 26, 2019)
Justices add securities-law case to merits docket, extend DACA argument (Amy Howe, November 1, 2019)
Relist Watch (John Elwood, October 29, 2019)
Petitions of the week (Aurora Barnes, August 2, 2019)

Date	Proceedings and Orders (key to color coding)
03/22/2019	Application (18A958) to extend the time to file a petition for a writ of certiorari from April 3, 2019 to May 31, 2019, submitted to Justice Kagan.
03/22/2019	Application (18A958) granted by Justice Kagan extending the time to file until May 31, 2019.
05/31/2019	Petition for a writ of certiorari filed. (Response due July 3, 2019)
06/13/2019	Waiver of right of respondent Securities and Exchange Commission to respond filed.
06/19/2019	DISTRIBUTED for Conference of 10/1/2019.
07/05/2019	Response Requested. (Due August 5, 2019)
07/31/2019	Motion to extend the time to file a response from August 5, 2019 to September 4, 2019, submitted to The Clerk.
08/01/2019	Motion to extend the time to file a response is granted and the time is extended to and including September 4, 2019.
09/04/2019	Brief of respondent Securities and Exchange Commission in opposition filed.
09/18/2019	DISTRIBUTED for Conference of 10/11/2019.
09/18/2019	Reply of petitioners Charles C. Liu, et al. filed. (Distributed)
10/08/2019	Rescheduled.
10/15/2019	DISTRIBUTED for Conference of 10/18/2019.
10/28/2019	DISTRIBUTED for Conference of 11/1/2019.
11/01/2019	Petition GRANTED.
11/19/2019	Blanket Consent filed by Petitioners, Charles C. Liu, et al.
11/26/2019	SET FOR ARGUMENT on Tuesday, March 3, 2020.
12/16/2019	Joint appendix filed. (Statement of costs filed)
12/16/2019	Brief of petitioners Charles C. Liu, et al. filed.
12/20/2019	Brief amicus curiae of Americans for Prosperity Foundation filed.
12/20/2019	Brief amicus curiae of Oak Management Corporation in support of neither party filed.
12/20/2019	Brief amicus curiae of Andy Altahawi filed.
12/20/2019	Brief amicus curiae of Securities Industry and Financial Markets Association filed.
12/20/2019	Brief amicus curiae of New England Legal Foundation filed.
12/23/2019	Brief amicus curiae of Chamber of Commerce of the United States of America filed.
12/23/2019	Brief amicus curiae of Washington Legal Foundation filed.
12/23/2019	Brief amici curiae of Law Professors filed.
12/23/2019	Brief amici curiae of Parker R. Hallam and Frederick A. Voight filed.
12/23/2019	Brief amicus curiae of The New Civil Liberties Alliance filed.
12/23/2019	Brief amicus curiae of Cato Institute filed.
12/23/2019	Brief amici curiae of Remedies and Restitution Scholars in support of neither party filed.
01/09/2020	Record requested from the U.S.C.A. 9th Circuit.
01/09/2020	The record of the USCA 9th Circuit is available on PACER. Sealed record material of the USDC Central District of California received electronically.
01/15/2020	Brief of respondent Securities and Exchange Commission filed.
01/20/2020	Brief amici curiae of Former Federal Trade Commission Officials filed. (Distributed)
01/20/2020	Brief amici curiae of Securities Law Professors filed. (Distributed)
01/21/2020	CIRCULATED
01/21/2020	Brief amici curiae of State of Illinois, et al. filed. (Distributed)
01/22/2020	Brief amici curiae of Members of Congress filed. (Distributed)
01/22/2020	Brief amici curiae of Better Markets, Inc., et al. filed. (Distributed)
01/22/2020	Brief amicus curiae of North American Securities Administrators Association, Inc. filed. (Distributed)
01/22/2020	Brief amici curiae of Former Commissioners and Staff of the Securities and Exchange Commission filed. (Distributed)
02/14/2020	Reply of petitioners Charles C. Liu, et al. filed. (Distributed)
03/03/2020	Argued. For petitioners: Gregory G. Rapawy, Washington, D. C. For respondent: Malcolm L. Stewart, Deputy Solicitor General, Department of Justice, Washington, D. C.
06/22/2020	Judgment VACATED and case REMANDED. Sotomayor, J., delivered the opinion of the Court, in which Roberts, C. J., and Ginsburg, Breyer, Alito, Kagan, Gorsuch, and Kavanaugh, JJ., joined. Thomas, J., filed a dissenting opinion.
07/24/2020	JUDGMENT ISSUED.