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Charles C. Liu, et al. v. Securities and Exchange Commission

Paid petition · United States Court of Appeals for the Ninth Circuit, No. 17-55849 · judgment October 25, 2018

Decided · June 22, 2020
Pre-decision estimate: 4% cert probability

Before the decision, roughly the 4.1% base rate. The model weighted this up for a Ninth Circuit decision below, a dissent in the court below (flagged in the petition), and counsel who has filed here before.

Question presented

Whether the Securities and Exchange Commission may seek and obtain disgorgement from a court as "equitable relief" for a securities law violation even though this Court has determined that such disgorgement is a penalty.

Counsel of record

For petitioner
Michael K. Kellogg
Kellogg, Hansen, Todd, Figel & Frederick, P.L.L.C.

For respondent
Noel John Francisco
Jones Day

Case

Conference history
Distributed for 4 conferences

Amicus briefs
19 merits
(12 supporting pet./neither, 7 respondent)

Argument & decision

Argued March 3, 2020 — Gregory G. Rapawy · Malcolm L. Stewart. Audio and transcript

Decided June 22, 2020. Opinion by Sotomayor.

Proceedings

  1. Jul 24 2020
    JUDGMENT ISSUED.
  2. Jun 22 2020
    Judgment VACATED and case REMANDED. Sotomayor, J., delivered the opinion of the Court, in which Roberts, C. J., and Ginsburg, Breyer, Alito, Kagan, Gorsuch, and Kavanaugh, JJ., joined. Thomas, J., filed a dissenting opinion.
  3. Mar 03 2020
    Argued. For petitioners: Gregory G. Rapawy, Washington, D. C. For respondent: Malcolm L. Stewart, Deputy Solicitor General, Department of Justice, Washington, D. C.
  4. Feb 14 2020
    Reply of petitioners Charles C. Liu, et al. filed. (Distributed)
  5. Jan 22 2020
    Brief amici curiae of Members of Congress filed. (Distributed)
  6. Jan 22 2020
    Brief amici curiae of Better Markets, Inc., et al. filed. (Distributed)
  7. Jan 22 2020
    Brief amicus curiae of North American Securities Administrators Association, Inc. filed. (Distributed)
  8. Jan 22 2020
    Brief amici curiae of Former Commissioners and Staff of the Securities and Exchange Commission filed. (Distributed)
  9. Jan 21 2020
    CIRCULATED
  10. Jan 21 2020
    Brief amici curiae of State of Illinois, et al. filed. (Distributed)
  11. Jan 20 2020
    Brief amici curiae of Former Federal Trade Commission Officials filed. (Distributed)
  12. Jan 20 2020
    Brief amici curiae of Securities Law Professors filed. (Distributed)
  13. Jan 15 2020
    Brief of respondent Securities and Exchange Commission filed.
  14. Jan 09 2020
    Record requested from the U.S.C.A. 9th Circuit.
  15. Jan 09 2020
    The record of the USCA 9th Circuit is available on PACER. Sealed record material of the USDC Central District of California received electronically.
  16. Dec 23 2019
    Brief amicus curiae of Chamber of Commerce of the United States of America filed.
  17. Dec 23 2019
    Brief amicus curiae of Washington Legal Foundation filed.
  18. Dec 23 2019
    Brief amici curiae of Law Professors filed.
  19. Dec 23 2019
    Brief amici curiae of Parker R. Hallam and Frederick A. Voight filed.
  20. Dec 23 2019
    Brief amicus curiae of The New Civil Liberties Alliance filed.
  21. Dec 23 2019
    Brief amicus curiae of Cato Institute filed.
  22. Dec 23 2019
    Brief amici curiae of Remedies and Restitution Scholars in support of neither party filed.
  23. Dec 20 2019
    Brief amicus curiae of Americans for Prosperity Foundation filed.
  24. Dec 20 2019
    Brief amicus curiae of Oak Management Corporation in support of neither party filed.
  25. Dec 20 2019
    Brief amicus curiae of Andy Altahawi filed.
  26. Dec 20 2019
    Brief amicus curiae of Securities Industry and Financial Markets Association filed.
  27. Dec 20 2019
    Brief amicus curiae of New England Legal Foundation filed.
  28. Dec 16 2019
    Joint appendix filed. (Statement of costs filed)
  29. Dec 16 2019
    Brief of petitioners Charles C. Liu, et al. filed.
  30. Nov 26 2019
    SET FOR ARGUMENT on Tuesday, March 3, 2020.
  31. Nov 19 2019
    Blanket Consent filed by Petitioners, Charles C. Liu, et al.
  32. Nov 01 2019
    Petition GRANTED.
  33. Oct 28 2019
    DISTRIBUTED for Conference of 11/1/2019.
  34. Oct 15 2019
    DISTRIBUTED for Conference of 10/18/2019.
  35. Oct 08 2019
    Rescheduled.
  36. Sep 18 2019
    DISTRIBUTED for Conference of 10/11/2019.
  37. Sep 18 2019
    Reply of petitioners Charles C. Liu, et al. filed. (Distributed)
  38. Sep 04 2019
    Brief of respondent Securities and Exchange Commission in opposition filed.
  39. Aug 01 2019
    Motion to extend the time to file a response is granted and the time is extended to and including September 4, 2019.
  40. Jul 31 2019
    Motion to extend the time to file a response from August 5, 2019 to September 4, 2019, submitted to The Clerk.
  41. Jul 05 2019
    Response Requested. (Due August 5, 2019)
  42. Jun 19 2019
    DISTRIBUTED for Conference of 10/1/2019.
  43. Jun 13 2019
    Waiver of right of respondent Securities and Exchange Commission to respond filed.
  44. May 31 2019
    Petition for a writ of certiorari filed. (Response due July 3, 2019)
  45. Mar 22 2019
    Application (18A958) to extend the time to file a petition for a writ of certiorari from April 3, 2019 to May 31, 2019, submitted to Justice Kagan.
    Main DocumentLower Court Orders/OpinionsProof of Service
  46. Mar 22 2019
    Application (18A958) granted by Justice Kagan extending the time to file until May 31, 2019.