Liu v. Securities and Exchange Commission
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 Sonia Sotomayor on Jun 22, 2020. Justice Thomas filed a dissenting opinion.
Mar 22, 2019Application (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.
Mar 22, 2019Application (18A958) granted by Justice Kagan extending the time to file until May 31, 2019.
May 31, 2019Petition for a writ of certiorari filed. (Response due July 3, 2019)Jun 13, 2019Waiver of right of respondent Securities and Exchange Commission to respond filed.Jun 19, 2019DISTRIBUTED for Conference of 10/1/2019.
Jul 5, 2019Response Requested. (Due August 5, 2019)
Jul 31, 2019Motion to extend the time to file a response from August 5, 2019 to September 4, 2019, submitted to The Clerk.Aug 1, 2019Motion to extend the time to file a response is granted and the time is extended to and including September 4, 2019.
Sep 4, 2019Brief of respondent Securities and Exchange Commission in opposition filed.Sep 18, 2019DISTRIBUTED for Conference of 10/11/2019.
Sep 18, 2019Reply of petitioners Charles C. Liu, et al. filed. (Distributed)Oct 8, 2019Rescheduled.
Oct 15, 2019DISTRIBUTED for Conference of 10/18/2019.
Oct 28, 2019DISTRIBUTED for Conference of 11/1/2019.
Nov 1, 2019Petition GRANTED.
Nov 19, 2019Blanket Consent filed by Petitioners, Charles C. Liu, et al.Nov 26, 2019SET FOR ARGUMENT on Tuesday, March 3, 2020.
Dec 16, 2019Joint appendix filed. (Statement of costs filed)Dec 16, 2019Brief of petitioners Charles C. Liu, et al. filed.Dec 20, 2019Brief amicus curiae of Americans for Prosperity Foundation filed.Dec 20, 2019Brief amicus curiae of Oak Management Corporation in support of neither party filed.Dec 20, 2019Brief amicus curiae of Andy Altahawi filed.Dec 20, 2019Brief amicus curiae of Securities Industry and Financial Markets Association filed.Dec 20, 2019Brief amicus curiae of New England Legal Foundation filed.Dec 23, 2019Brief amicus curiae of Chamber of Commerce of the United States of America filed.Dec 23, 2019Brief amicus curiae of Washington Legal Foundation filed.Dec 23, 2019Brief amici curiae of Law Professors filed.Dec 23, 2019Brief amici curiae of Parker R. Hallam and Frederick A. Voight filed.Dec 23, 2019Brief amicus curiae of The New Civil Liberties Alliance filed.Dec 23, 2019Brief amicus curiae of Cato Institute filed.Dec 23, 2019Brief amici curiae of Remedies and Restitution Scholars in support of neither party filed.Jan 9, 2020Record requested from the U.S.C.A. 9th Circuit.
Jan 9, 2020The record of the USCA 9th Circuit is available on PACER. Sealed record material of the USDC Central District of California received electronically.
Jan 15, 2020Brief of respondent Securities and Exchange Commission filed.Jan 20, 2020Brief amici curiae of Former Federal Trade Commission Officials filed. (Distributed)Jan 20, 2020Brief amici curiae of Securities Law Professors filed. (Distributed)Jan 21, 2020CIRCULATED
Jan 21, 2020Brief amici curiae of State of Illinois, et al. filed. (Distributed)Jan 22, 2020Brief amici curiae of Members of Congress filed. (Distributed)Jan 22, 2020Brief amici curiae of Better Markets, Inc., et al. filed. (Distributed)Jan 22, 2020Brief amicus curiae of North American Securities Administrators Association, Inc. filed. (Distributed)Jan 22, 2020Brief amici curiae of Former Commissioners and Staff of the Securities and Exchange Commission filed. (Distributed)Feb 14, 2020Reply of petitioners Charles C. Liu, et al. filed. (Distributed)Mar 3, 2020Argued. For petitioners: Gregory G. Rapawy, Washington, D. C. For respondent: Malcolm L. Stewart, Deputy Solicitor General, Department of Justice, Washington, D. C.
Jun 22, 2020Judgment 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.
Jul 24, 2020JUDGMENT ISSUED.
Recommended Citation: Liu v. Securities and Exchange Commission, SCOTUSblog, https://www.scotusblog.com/cases/liu-v-securities-and-exchange-commission/