{"argument_date":"2020-03-03T00:00:00Z","arguments":[{"argument_date":"2020-03-03T00:00:00Z","heading":"What happened at the argument","official_detail_url":"https://www.supremecourt.gov/oral_arguments/argument_transcript/2019","official_transcript_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2019/18-1501_8n59.pdf","paragraphs":["the sides that brought the case claim disgorgement is a penalty under Kokesh.","The SEC claims disgorgement is equitable relief for victims.","Justice Alito questioned if Congress meant to incorporate old equity rules."],"reargument":false,"sequence":1,"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 10, lines 14-16","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2019/18-1501_8n59.pdf","page_label":"file page 10, lines 14-16"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 10, lines 32-34","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2019/18-1501_8n59.pdf","page_label":"file page 10, lines 32-34"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 10, lines 50-34","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2019/18-1501_8n59.pdf","page_label":"file page 10, lines 50-34"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 11, lines 52-10","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2019/18-1501_8n59.pdf","page_label":"file page 11, lines 52-10"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 12, lines 14-18","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2019/18-1501_8n59.pdf","page_label":"file page 12, lines 14-18"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 13, lines 24-30","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2019/18-1501_8n59.pdf","page_label":"file page 13, lines 24-30"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 13, lines 52-8","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2019/18-1501_8n59.pdf","page_label":"file page 13, lines 52-8"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 15, lines 28-36","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2019/18-1501_8n59.pdf","page_label":"file page 15, lines 28-36"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 16, lines 34-40","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2019/18-1501_8n59.pdf","page_label":"file page 16, lines 34-40"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 30, lines 28-54","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2019/18-1501_8n59.pdf","page_label":"file page 30, lines 28-54"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 10-20","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2019/18-1501_8n59.pdf","page_label":"file page 4, lines 10-20"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 22-28","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2019/18-1501_8n59.pdf","page_label":"file page 4, lines 22-28"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 30-40","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2019/18-1501_8n59.pdf","page_label":"file page 6, lines 30-40"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 28-34","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2019/18-1501_8n59.pdf","page_label":"file page 8, lines 28-34"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 10-26","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2019/18-1501_8n59.pdf","page_label":"file page 9, lines 10-26"}]}],"caption":"Liu v. SEC","case_history":[{"changed_at":"2026-08-29T20:06:19.340057Z","explanation":"An official oral-argument transcript was verified.","status":"argued"}],"case_status":"argued","dek":"the sides that brought the case argue disgorgement is a penalty. The SEC argues it is equitable relief.","dek_sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 30, lines 28-54","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2019/18-1501_8n59.pdf","page_label":"file page 30, lines 28-54"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 22-28","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2019/18-1501_8n59.pdf","page_label":"file page 4, lines 22-28"}],"dispositions":[],"latest_court_document_date":"2020-03-03T00:00:00Z","maturity":"official_transcript","official_detail_url":"https://www.supremecourt.gov/oral_arguments/argument_transcript/2019","official_disposition_urls":[],"official_docket_url":"https://www.supremecourt.gov/docket/docketfiles/html/public/18-1501.html","primary_docket":"18-1501","revisions":[{"correction_note":"Rewritten to the concise citizen-facing editorial standard.","created_at":"2026-08-30T17:32:31.528492Z","maturity":"official_transcript","revision_number":1},{"correction_note":"Migrated to the dated official Court activity contract without model use.","created_at":"2026-09-05T03:22:24Z","maturity":"official_transcript","revision_number":2}],"schema_version":"1.1","sections":[{"heading":"What this case is about","paragraphs":["The case tests whether disgorgement is a penalty or equitable relief."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 30, lines 28-54","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2019/18-1501_8n59.pdf","page_label":"file page 30, lines 28-54"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 22-28","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2019/18-1501_8n59.pdf","page_label":"file page 4, lines 22-28"}]},{"heading":"How the case got here","paragraphs":["The Supreme Court heard oral argument in this case on March 3, 2020."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 10-20","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2019/18-1501_8n59.pdf","page_label":"file page 4, lines 10-20"}]},{"heading":"What each side wants","paragraphs":["the sides that brought the case want the Court to strike the disgorgement order.","The SEC wants the Court to keep the disgorgement order."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 30, lines 28-54","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2019/18-1501_8n59.pdf","page_label":"file page 30, lines 28-54"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 22-28","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2019/18-1501_8n59.pdf","page_label":"file page 4, lines 22-28"}]},{"heading":"What each side says","paragraphs":["the sides that brought the case argue disgorgement is a penalty requiring statutory authorization.","The SEC argues disgorgement is equitable relief for investors."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 30, lines 28-54","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2019/18-1501_8n59.pdf","page_label":"file page 30, lines 28-54"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 22-28","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2019/18-1501_8n59.pdf","page_label":"file page 4, lines 22-28"}]},{"heading":"What the justices asked","paragraphs":["Justice Ginsburg asked if Kokesh limited the penalty label to statutes of limitations.","Justice Sotomayor asked about statutes granting equitable relief for investors."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 10, lines 14-16","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2019/18-1501_8n59.pdf","page_label":"file page 10, lines 14-16"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 10, lines 32-34","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2019/18-1501_8n59.pdf","page_label":"file page 10, lines 32-34"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 10, lines 50-34","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2019/18-1501_8n59.pdf","page_label":"file page 10, lines 50-34"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 11, lines 52-10","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2019/18-1501_8n59.pdf","page_label":"file page 11, lines 52-10"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 12, lines 14-18","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2019/18-1501_8n59.pdf","page_label":"file page 12, lines 14-18"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 13, lines 24-30","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2019/18-1501_8n59.pdf","page_label":"file page 13, lines 24-30"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 13, lines 52-8","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2019/18-1501_8n59.pdf","page_label":"file page 13, lines 52-8"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 15, lines 28-36","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2019/18-1501_8n59.pdf","page_label":"file page 15, lines 28-36"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 16, lines 34-40","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2019/18-1501_8n59.pdf","page_label":"file page 16, lines 34-40"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 30-40","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2019/18-1501_8n59.pdf","page_label":"file page 6, lines 30-40"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 28-34","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2019/18-1501_8n59.pdf","page_label":"file page 8, lines 28-34"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 10-26","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2019/18-1501_8n59.pdf","page_label":"file page 9, lines 10-26"}]},{"heading":"Why it matters","paragraphs":["This case defines the scope of SEC enforcement powers. It determines whether disgorgement requires specific statutory approval. It affects how agencies recover funds from violators."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 30, lines 28-54","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2019/18-1501_8n59.pdf","page_label":"file page 30, lines 28-54"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 22-28","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2019/18-1501_8n59.pdf","page_label":"file page 4, lines 22-28"}]},{"heading":"What happens next","paragraphs":["This article currently covers the argument record. Use the official docket link for later case activity."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 10, lines 14-16","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2019/18-1501_8n59.pdf","page_label":"file page 10, lines 14-16"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 10, lines 32-34","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2019/18-1501_8n59.pdf","page_label":"file page 10, lines 32-34"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 10, lines 50-34","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2019/18-1501_8n59.pdf","page_label":"file page 10, lines 50-34"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 11, lines 52-10","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2019/18-1501_8n59.pdf","page_label":"file page 11, lines 52-10"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 12, lines 14-18","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2019/18-1501_8n59.pdf","page_label":"file page 12, lines 14-18"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 13, lines 24-30","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2019/18-1501_8n59.pdf","page_label":"file page 13, lines 24-30"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 13, lines 52-8","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2019/18-1501_8n59.pdf","page_label":"file page 13, lines 52-8"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 15, lines 28-36","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2019/18-1501_8n59.pdf","page_label":"file page 15, lines 28-36"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 16, lines 34-40","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2019/18-1501_8n59.pdf","page_label":"file page 16, lines 34-40"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 10-20","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2019/18-1501_8n59.pdf","page_label":"file page 4, lines 10-20"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 30-40","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2019/18-1501_8n59.pdf","page_label":"file page 6, lines 30-40"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 28-34","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2019/18-1501_8n59.pdf","page_label":"file page 8, lines 28-34"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 10-26","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2019/18-1501_8n59.pdf","page_label":"file page 9, lines 10-26"}]}],"slug":"2019-18-1501-liu-v-sec","term":"2019","title":"Does SEC disgorgement count as a penalty?","title_sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 30, lines 28-54","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2019/18-1501_8n59.pdf","page_label":"file page 30, lines 28-54"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 22-28","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2019/18-1501_8n59.pdf","page_label":"file page 4, lines 22-28"}],"topics":[],"undated_disposition_date_fallback":null,"updated_at":"2026-09-05T03:22:24Z"}