As a reminder, look for the R number to the left of the new opinion on the court's OT 2019 opinions page. If an R number appears right away, that means there is just that one opinion for the day. If the box remains blank, then more opinions are expected, at 10-minute intervals.
And we're waiting . . . .
Because that's what we have.
It is by Justice Sotomayor. The vote is 8-1.
The decision of the 9th Circuit is vacated and remanded.
And who called one opinion? That's what we have today as the R number is posted. (See FAQ)
The court holds that a disgorgement award in an SEC enforcement action that does not exceed a wrongdoer's net profits and is awarded for victims is equitable relief permissible under a federal law that historically excludes punitive sanctions.
The decision below is vacated and the case is remanded for the courts below to ensure the award is so limited.
Liu was argued March 3, on the second-to-last day of the "February" sitting.
This is the time of year when Marshal of the Court Pamela Talkin might announce the next opinion day from her perch at the side of the bench, before gaveling the day's session to a close. I guess word about any additional opinion days will come by other means.
He says that the Court "correctly declines to affirm the Ninth Circuit's decision upholding the District Court's disgorgement order," but he "disagree[s] with the Court's decision to vacate and remand for the lower courts to 'limi[t]' the disgorgement award."
"Disgorgement," Thomas writes, "can never be awarded under 15 U.S.C. [sec.] 78u(d)(5)." He would reverse altogether.
Submit Event
