On June 22, 2020, in Liu v. SEC, the Supreme Court affirmed in an 8-1 ruling that the Securities and Exchange Commission may continue to pursue disgorgement awards under the federal securities law provided that the award is capped at the defendant’s net profits, and further, provided that the award is made for the
Many counterparties are dealing with the impact of market volatility, unprecedented margin calls and the combined effects on their financial contracts, many of which are active master agreements executed years ago. It is important to check for terms like, “may” verses “shall”, applicable notice requirements and cure periods associated with default triggers and finally, the