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In an 8-to-1 decision, written by Justice Sonia Sotomayor, the court said the money must be for the benefit of investors and cannot exceed the actual profits that came from the wrongdoing. 


  1. Which justice voted against the majority saying that the law does not give authority to the SEC for the practice of disgorgement?
  2. How much does the SEC typically win each year in disgorgement orders from federal courts?
  3. How many cases are remaining for the Supreme Court this term?
  4. With respect to the court case, what was decided about the amount of the $27 million defrauded by Charles Liu and his wife Xin “Lisa” Wang?


Barnes, R. (2020). Supreme Court affirms SEC’s ability to recoup profits from fraud but places limits. The Washington Post, June 22 (Retrievable online at