The Supreme Court’s decision in Sripetch v. SEC gives the SEC a meaningful win, holding that the agency may seek disgorgement of ill-gotten gains without proving that investors suffered financial losses.

But the Court stopped short of resolving the broader questions that could prove even more consequential. It left open whether statutory disgorgement remains an equitable remedy subject to Liu’s limitations and whether defendants are entitled to a jury trial when the SEC seeks disgorgement under the Exchange Act.

Our latest blog post examines what Sripetch decided, the critical issues it left unanswered, and why those unresolved questions are likely to shape the next wave of SEC enforcement litigation.