Forcing Defendants to Disgorge What They Never Possessed

, New York Law Journal

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Wilmer Hale's Peter K. Vigeland, Douglas Davison and Chris Johnstone critique the Second Circuit's recent opinion affirming the imposition of an order that the defendant must disgorge over $7 million in profits from an insider trading scheme that only benefited the fund he managed, and question whether the SEC, in the exercise of its considerable discretion, should seek disgorgement and pre-judgment interest beyond the benefit a particular defendant obtained from the illegal scheme.

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