Article

Kokesh Footnote Three Notwithstanding: The Future of the Disgorgement Penalty in SEC Cases

Author: Stephen M. Bainbridge (William D. Warren Distinguished Professor of Law, UCLA School of Law)

  • Kokesh Footnote Three Notwithstanding: The Future of the Disgorgement Penalty in SEC Cases

    Article

    Kokesh Footnote Three Notwithstanding: The Future of the Disgorgement Penalty in SEC Cases

    Author:

Abstract

This article, by Professor William D. Warren of UCLA School of Law, analyzes Kokesh v. SEC where the Supreme Court held that disgorgement – a tool used by the SEC to recover ill-gotten gains through the courts – was a penalty rather than a remedy for the purposes of determining the appropriate statute of limitations. Warren contends that Kokesh raises questions about the validity of disgorgement as a sanction, especially considering issues of SEC authority, judicial power, and interstitial lawmaking.

Keywords: disgorgement, Rule 10b-5, Kokesh, statute of limitations, Texas Gulf Sulphur, penalty, equitable remedy, legal remedy, deterrence

Downloads:
Download pdf
View PDF

Published on
01 Jan 2018