Supreme Court Limits SEC Enforcement Powers in Disgorgement Case While Backing Oil Industry in Louisiana Lawsuit

The US Supreme Court has been active with key developments over the past few days. On Friday, in an 8-0 decision in Chevron v. Plaquemines Parish, the justices ruled that Chevron U.S.A. could transfer a long-running lawsuit over damage to Louisiana's eroding coastline from state to federal court under the federal officer removal statute. This win for the oil industry allows private entities acting under federal direction to seek more favorable federal venues, potentially delaying state proceedings.

Shifting to today, the Court heard oral arguments in Sripetch v. SEC, where defendants challenged the Securities and Exchange Commission's use of disgorgement to recover illicit profits. Critics argue for stricter limits, saying it must restore funds only to victims who suffered direct losses and cap awards at net profits, building on prior rulings that have already curtailed the SEC's enforcement powers. The SEC defends disgorgement as a tool to strip wrongdoers of ill-gotten gains, even without direct victim compensation. A decision is expected by July.

Meanwhile, MSNBC's The Last Word with Lawrence O'Donnell highlighted claims of a major Supreme Court move dramatically impacting the Trump administration, though specifics remain tied to ongoing political coverage.

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