Supreme Court of the United States · Official docket →
Ongkaruck Sripetch v. Securities and Exchange Commission
Paid petition · United States Court of Appeals for the Ninth Circuit, No. 24-3830 · judgment September 3, 2025
Before the decision, about 3.9× the 4.1% base rate. The model weighted this up for a petition filed soon after the judgment below, counsel who has won certiorari before, and a Ninth Circuit decision below.
Question presented
This case presents a clear and acknowledged conflict over an exceptionally important question regarding the SEC's civil-enforcement power. In Liu v. SEC, 591 U.S. 71 (2020), this Court held the SEC may seek equitable "disgorgement" in civil-enforcement actions if an award "does not exceed a wrongdoer's net profits" and "is awarded for victims." 591 U.S. at 74- 75 (emphasis added). In the proceedings below, the Ninth Circuit held that investors can be ''victims" for disgorgement purposes despite not suffering pecuniary harm. In so holding, the Ninth Circuit recognized a direct "split" on this question, "reject[ed] the reasoning of the Second Circuit," and "joined the First Circuit in holding that a finding of pecuniary harm is not required." This statutory holding was the sole basis of the Ninth Circuit's decision, and it leaves the SEC's enforcement power in disarray: disgorgement requests are ubiquitous in SEC actions, and there are now conflicting rules in the two main circuits (the Second and Ninth) where enforcement actions are most prominent. There are millions (if not billions) of dollars at stake. The question presented is: Whether the SEC may seek equitable disgorgement under 15 U.S.C. 78u(d)(5) and (d)(7) without showing investors suffered pecuniary harm.
Counsel of record
For petitioner
Daniel L. Geyser
Haynes and Boone, LLP
For respondent
D. John Sauer
Solicitor General
Case
Conference history
Distributed for 1 conference
Amicus briefs
3 cert-stage · 11 merits
(8 supporting pet./neither, 3 respondent)
Argument & decision
Argued April 20, 2026 — Daniel L. Geyser · Malcolm L. Stewart. Audio and transcript
Decided June 4, 2026. Opinion by Gorsuch.
Proceedings
- Jul 06 2026Judgment Issued.
- Jun 04 2026Adjudged to be AFFIRMED. Gorsuch, J., delivered the opinion for a unanimous Court. Thomas, J., filed a concurring opinion.
- Apr 20 2026Argued. For petitioner: Daniel L. Geyser, Dallas, Tex. For respondent: Malcolm L. Stewart, Deputy Solicitor General, Department of Justice, Washington, D. C.
- Apr 10 2026Reply of petitioner Ongkaruck Sripetch filed. (Distributed)
- Apr 01 2026Brief amici curiae of Remedies and Restitution Scholar Douglas Laycock, et al. filed. (Distributed)
- Apr 01 2026Brief amicus curiae of Consumer Federation of America filed. (Distributed)
- Apr 01 2026Brief amicus curiae of Better Markets, Inc. filed. (Distributed)
- Mar 30 2026CIRCULATED
- Mar 25 2026Brief of respondent not accepted for filing. (To be resubmitted - March 27, 2026)
- Mar 25 2026Brief of respondent filed. (Distributed)
- Mar 20 2026Sealed material received electronically from the United States Court of Appeals for the Ninth Circuit and available with the Clerk. The remainder of the record is electronic and is available on PACER.
- Mar 02 2026Brief amicus curiae of Chamber of Commerce filed.
- Mar 02 2026Brief amicus curiae of Investor Choice Advocates Network filed.
- Mar 02 2026Brief amicus curiae of The Cato Institute filed.
- Mar 02 2026Brief amici curiae of Kalistratos Kabilafkas, et al. filed.
- Mar 02 2026Brief amicus curiae of Washington Legal Foundation filed.
- Mar 02 2026Brief amicus curiae of California Alternative Investments Association filed.
- Mar 02 2026Brief amici curiae of Pacific Legal Foundation, et al. filed.
- Mar 02 2026Brief amici curiae of Former Securities and Exchange Commission Attorneys filed.
- Feb 23 2026Motion to dispense with printing the joint appendix filed by petitioner GRANTED.
- Feb 23 2026Brief of petitioner Ongkaruck Sripetch filed.
- Feb 18 2026Record requested from the United States Court of Appeals for the Ninth Circuit.
- Feb 11 2026SET FOR ARGUMENT on Monday, April 20, 2026.
- Jan 27 2026Motion to dispense with printing the joint appendix filed by petitioner Ongkaruck Sripetch.
- Jan 09 2026Petition GRANTED.
- Dec 23 2025DISTRIBUTED for Conference of 1/9/2026.
- Dec 17 2025Waiver of the 14-day waiting period for the distribution of the petition pursuant to Rule 15.5 filed by petitioners.
- Dec 17 2025Brief of Federal Respondents filed.
- Nov 18 2025Motion to extend the time to file a response is granted and the time is extended to and including December 17, 2025.
- Nov 17 2025Brief amicus curiae of Cato Institute filed.
- Nov 17 2025Amicus brief of Brenda Barry, et al. not accepted for filing. (To be corrected - December 1, 2025)
- Nov 17 2025Brief amicus curiae of Brenda Barry, et al. filed. (Corrected)
- Nov 15 2025Brief amicus curiae of California Alternative Investments Association filed.
- Nov 14 2025Motion to extend the time to file a response from November 17, 2025 to December 17, 2025, submitted to The Clerk.
- Oct 14 2025Petition for a writ of certiorari filed. (Response due November 17, 2025)