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Article
Publication date: 4 December 2020

M. Alexander Koch, Carmen J. Lawrence, Aaron Lipson, Russ Ryan, Richard H. Walker, Jessica Rapoport and Katie Barry

To analyze the impact of the U.S. Supreme Court’s decision in Liu v. SEC, where the Court confronted the issue of whether the SEC can obtain disgorgement in federal…

Abstract

Purpose

To analyze the impact of the U.S. Supreme Court’s decision in Liu v. SEC, where the Court confronted the issue of whether the SEC can obtain disgorgement in federal district court proceedings.

Design/methodology/approach

This paper provides an overview of the authors’ prior work analyzing courts’ treatment of SEC disgorgement and a summary of the background and opinion in Liu v. SEC. This article then focuses on the practical implications of Liu on SEC disgorgement by considering questions left open by the decision.

Findings

The Court in Liu held that the SEC is authorized to seek disgorgement as “equitable relief” as long as it “does not exceed a wrongdoer’s net profits and is awarded for victims.” But the Court left many unanswered questions, such as whether disgorged funds must always be returned to investors for disgorgement to be a permissible equitable remedy, whether the SEC can obtain joint-and-several disgorgement liability from unrelated co-defendants, what “legitimate expenses” should be deducted in disgorgement calculations, and to what extent the SEC can seek disgorgement in cases when victims are difficult to identify.

Originality/value

Original, practical guidance from experienced lawyers in financial services regulatory and enforcement practices, many of whom have previously worked in the SEC’s Division of Enforcement.

Details

Journal of Investment Compliance, vol. 21 no. 2/3
Type: Research Article
ISSN: 1528-5812

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Article
Publication date: 8 April 2021

Russ Ryan, Matthew H. Baughman, Carmen J. Lawrence, Aaron W. Lipson, Richard H. Walker, Jessica Rapoport, Katie Barry and Scott Hiers

To analyze the impact of recent legislation that amended the Securities Exchange Act of 1934 to expressly empower the U.S. Securities and Exchange Commission (SEC) to seek…

Abstract

Purpose

To analyze the impact of recent legislation that amended the Securities Exchange Act of 1934 to expressly empower the U.S. Securities and Exchange Commission (SEC) to seek disgorgement in federal district court proceedings and to codify applicable statutes of limitations.

Design/methodology/approach

This article provides an overview of the authors’ prior work analyzing courts’ treatment of SEC disgorgement and summarizes how the scope of the remedy has evolved since Kokesh v. SEC (2017). Then, the article analyzes the changes to the Securities Exchange Act of 1934 contained in Section 6501 the 2021 National Defense Authorization Act (NDAA), which statutorily empowered the SEC to seek and obtain disgorgement in federal court actions. Finally, the authors discuss the impact of the legislation on the Supreme Court’s decisions in Kokesh and Liu v. SEC (2020).

Findings

The availability and appropriateness of SEC disgorgement have been the subject of vigorous debate. Just as courts began to iron out the contours of SEC disgorgement in the wake of Kokesh and Liu, Congress intervened by granting to the SEC explicit statutory authority to seek a remedy traditionally obtained at equity. In passing this legislation, Congress answered some questions that remained after Liu but also raised many new ones. These new questions will likely take years to resolve through subsequent litigation and potentially additional legislation.

Originality/value

Original, practical analysis and guidance from experienced lawyers in financial services regulatory and enforcement practices, many of whom have previously worked in the SEC’s Division of Enforcement.

Details

Journal of Investment Compliance, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1528-5812

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Book part
Publication date: 13 August 2018

Robert L. Dipboye

Abstract

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The Emerald Review of Industrial and Organizational Psychology
Type: Book
ISBN: 978-1-78743-786-9

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Book part
Publication date: 30 September 2020

Marie Gottschalk

Discussion of the 2016 electorate has centered on two poles: results of public opinion and voter surveys that attempt to tease out whether racial, cultural, or economic…

Abstract

Discussion of the 2016 electorate has centered on two poles: results of public opinion and voter surveys that attempt to tease out whether racial, cultural, or economic grievances were the prime drivers behind the Trump vote and analyses that tie major shifts in the political economy to consequential shifts in the voting behavior of certain demographic and geographic groups. Both approaches render invisible a major development since the 1970s that has been transforming the political, social, and economic landscape of wide swaths of people who do not reside in major urban areas or their prosperous suburban rings: the emergence and consolidation of the carceral state. This chapter sketches out some key contours of the carceral state that have been transforming the polity and economy for poor and working-class people, with a particular focus on rural areas and the declining Rust Belt. It is meant as a correction to the stilted portrait of these groups that congealed in the aftermath of the 2016 election, thanks to their pivotal contribution to Trump's victory. This chapter is not an alternative causal explanation that identifies the carceral state as the key factor in the 2016 election. Rather, it is a call to aggressively widen the analytical lens of studies of the carceral state, which have tended to focus on communities of color in urban areas.

Details

Rethinking Class and Social Difference
Type: Book
ISBN: 978-1-83982-020-5

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Book part
Publication date: 8 November 2019

Peter Raisbeck

Abstract

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Architecture as a Global System: Scavengers, Tribes, Warlords and Megafirms
Type: Book
ISBN: 978-1-83867-655-1

Abstract

Details

Multi-Channel Marketing, Branding and Retail Design
Type: Book
ISBN: 978-1-78635-455-6

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Article
Publication date: 19 January 2021

Mónica Ramos-Mejía, Sebastián Dueñas-Ocampo and Isabella Gomati de la Vega

The purpose of this paper is to uncover the ways in which companies either reproduce or challenge the growth-based roots of the social imaginary, in order to inform the…

Abstract

Purpose

The purpose of this paper is to uncover the ways in which companies either reproduce or challenge the growth-based roots of the social imaginary, in order to inform the degrowth debate at the firm level.

Design/methodology/approach

This paper offers an epistemic analysis of the ways companies organise, revealing underlying conceptions of organisations' identities and their corresponding ways of organising.

Findings

The epistemic analysis derives four conceptual findings allowing the authors to suggest ways of organising in a socio-environmental future not driven by economic growth. The paper suggests new research avenues to study alternative worldviews in organisations.

Originality/value

This paper creatively contributes to the discussion about alternatives to the current unsustainable economy with a special focus on the micro level, where businesses act as a vital driving force for economic growth.

Details

International Journal of Sociology and Social Policy, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0144-333X

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Article
Publication date: 1 April 2004

Georgios I. Zekos

Investigates the differences in protocols between arbitral tribunals and courts, with particular emphasis on US, Greek and English law. Gives examples of each country and…

Abstract

Investigates the differences in protocols between arbitral tribunals and courts, with particular emphasis on US, Greek and English law. Gives examples of each country and its way of using the law in specific circumstances, and shows the variations therein. Sums up that arbitration is much the better way to gok as it avoids delays and expenses, plus the vexation/frustration of normal litigation. Concludes that the US and Greek constitutions and common law tradition in England appear to allow involved parties to choose their own judge, who can thus be an arbitrator. Discusses e‐commerce and speculates on this for the future.

Details

Managerial Law, vol. 46 no. 2/3
Type: Research Article
ISSN: 0309-0558

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Book part
Publication date: 22 August 2014

Charles F. Kelliher

This chapter presents a seven-part case developed for use in a graduate-level tax planning class. The case is organized in a taxpayer/business “life-cycle” approach. Over…

Abstract

This chapter presents a seven-part case developed for use in a graduate-level tax planning class. The case is organized in a taxpayer/business “life-cycle” approach. Over the semester the case follows a married couple as they consider a number of investments, start a business, and expand the business. As the case progresses, the couple faces increasingly complex tax and business issues. The couple eventually winds down their involvement in the business and begins to plan for their retirement years. This chapter also provides a review of behavioral tax research published in the top accounting journals over the period 2004–2013. The chapter concludes with a discussion of how the case could be adapted by behavioral tax researchers in their research programs and perhaps by accounting firms in their training programs.

Details

Advances in Accounting Behavioral Research
Type: Book
ISBN: 978-1-78350-445-9

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Book part
Publication date: 10 August 2016

Jörg Freiling, Perttu Kähäri, Rebecca Piekkari and Fabian Schmutz

This study sheds light on the uncharted phenomenon of regional management in coordinating services across borders. Based on a multiple case study of four German industrial…

Abstract

This study sheds light on the uncharted phenomenon of regional management in coordinating services across borders. Based on a multiple case study of four German industrial manufacturing firms with servitization strategies we seek to better understand what kind of organizational challenges servitization poses for the MNC and whether these challenges can be met through regional management models. This chapter initiates a conversation on the available design options for running service operations regionally.

Details

Perspectives on Headquarters-subsidiary Relationships in the Contemporary MNC
Type: Book
ISBN: 978-1-78635-370-2

Keywords

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