As courts, the Securities and Exchange Commission (SEC) and defendants wrangle with new limits on the Commission's authority to seek disgorgement of ill-gotten gains, one question has dominated: How will courts determine which business expenses are legitimate and which are not?
How Will Courts Determine Business Expense Legitimacy Under SEC's New Disgorgement Authority?
Answering that question will force defendants facing SEC enforcement actions to focus on demonstrating the legitimacy of expenses in developing their litigation strategies.
By
Jorge deNeve, Michael Simeone and David Cohen
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