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Email On June 22, 2020, the U.S. Supreme Court threw the SEC a lifeline in the highly-anticipated decision of Liu v. SEC. In an 8-to-1 decision, the Justices held that the SEC may continue to obtain disgorgement in federal court, albeit in a significantly narrowed fashion. https://www.cadwalader.com/resources/clients-friends-memos/disgorgements-role-in-sec-enforcement-actions-an-analysis-of-the-supreme-courts-decision-in-liu-v-sec