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On Jan. 1, 2021, the U.S. Congress rang in the new year by passing the William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021. Buried in the massive spending bill is §6501, a provision authorizing the U.S. Securities and Exchange Commission (SEC) to seek disgorgement of unjust enrichment within 10 years for certain securities law violations, and five years for others. Congress passed this legislation in apparent response to a pair of U.S. Supreme Court decisions that limited disgorgement in SEC enforcement actions to a five-year statute of limitations and required that the remedy not exceed a wrongdoer’s net profits and be awarded for the benefit of victims. See, Kokesh v. Sec. & Exch. Comm’n, 137 S. Ct. 1635 (2017); Liu v. Sec. & Exch. Comm’n, 140 S. Ct. 1936, 1940 (2020).
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By Nicholas Gaffney
A Q&A with Bobby Malhotra, Munger, Tolles & Olson LLP, Los Angeles
By Colin Jennings, David Meadows, Nicole Wells and John Winkler
The landscape of corporate investigations has changed dramatically in the last year. New regulations, new market pressures, new data sources and more challenging…
By Tomas Suros
A summary of the key technology principles addressed in Formal Opinion 498, in which the ABA revised Model Rule 1.1 addresses virtual work environments and practices.
By Elkan Abramowitz and Jonathan S. Sack
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA’s new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.