Congress Passes NDAA Legislation Extending SEC’s Disgorgement Powers
By EsqSocial Corporation 12/01/21
On January 1, 2021, the U.S. Congress voted to override a presidential veto of the National Defense Authorization Act (NDAA)1, the annual military spending bill. Tucked away in the 1,400-page legislation are provisions granting the Securities and Exchange Commission (SEC) statutory authority to pursue disgorgement in federal court actions and extending the statute of limitations for the SEC to recover disgorgement from five to 10 years for scienter-based claims. The legislation also provides...
By: Foley & Lardner LLP