Supreme Court of the United States · Official docket →
Paul Sexton, et al. v. Securities and Exchange Commission
Paid petition · United States Court of Appeals for the First Circuit, No. 24-1771, 24-1772, 24-1774 · judgment February 19, 2026
(petition-stage, structural)
About 2.5× the 4.1% base rate. The model weights this up for a First Circuit decision below, a circuit split argued in the petition, and a petition citing three to ten dissents.
Question presented
Whether a district court, having found that the evidence does not demonstrate receipt of funds by individual defendants, can nonetheless impose jointand-several disgorgement based solely on “concerted wrongdoing,” notwithstanding the strong presumption against joint-and-several liability and the absence of any of the relevant factors this Court identified in Liu v. SEC, 591 U.S. 71 (2020).
Counsel of record
For petitioner
Robert Scott Silverblatt
K&L Gates LLP
For respondent
D. John Sauer
Solicitor General
Case
Subject area
Economic Activity (estimated from the questions presented, in the Supreme Court Database’s categories)
Conference history
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Proceedings
- Oct 15 2026Waiver of right of respondent Federal Respondents to respond filed.
- Aug 31 2026Petition for a writ of certiorari filed. (Response due October 23, 2026)
- May 13 2026Application (25A1241) granted by Justice Jackson extending the time to file until August 31, 2026.
- May 08 2026Application (25A1241) to extend the time to file a petition for a writ of certiorari from July 30, 2026 to August 31, 2026, submitted to Justice Jackson.