Howard A. Fischer Quoted in Thomson Reuters Tax & Accounting

June 23, 2020

Howard A. Fischer was quoted in Thomson Reuters Tax & Accounting in an article Supreme Court Limits - But Refuses to Throw Out - SEC's Disgorgement Power saying that the 8-1 opinion in Liu "reaffirms the centrality of the disgorgement remedy to the SEC's enforcement program and that "in confirming that any disgorgement must allow a defendant to deduct expenses andonly allow 'net profits' after deducting for 'legitimate expenses' will provide defendants strong ammunition for battling back against the SEC's tendency to seek aggressive disgorgement remedies."The decision, according to Fischer, "preserves the SEC's disgorgement power while at the same time conferring on defendants a valuable tool for limiting it."