Sripetch v. SEC · ¶60

Congress's decision to enumerate disgorgement as a remedy in the Exchange Act further suggests that it is now a legal remedy. As Judge Smith explained, “explicitly authorizing a remedy in a statute's text” is generally “inconsistent with that remedy's being rooted in equity,” as the “historical role for equity” was providing relief where law did not. Hallam, 42 F. 4th, at 340. In fact, the core of equity jurisdiction involves cases “where a plain, adequate, and complete remedy cannot be had” through law. 1 Story § 33; see id., § 61; S. Bray & P. Miller, Getting Into Equity, 97 Notre Dame L. Rev. 1763, 1764 (2022) (describing equity as “patching holes” in the system provided by law). Section 78u(d)(7) now expressly provides for disgorgement, so granting that remedy is hardly flling a remedial gap left by the law.

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