Sripetch v. SEC · ¶61

The statutory structure confirms that Congress provided for disgorgement as a legal remedy in other ways, too. The statute now “twice distinguishes between disgorgement and equitable remedies.” Hallam, 42 F. 4th, at 339. In § 78u(d)(5), the Act authorizes “any equitable relief,” but two subsections later, § 78u(d)(7) provides for “disgorgement,” which would be entirely superfuous if disgorgement were a kind of equitable relief. And, in § 78u(d)(8), the Act specifes one limitations period for actions seeking disgorgement and another for actions seeking “any equitable remedy.” “The obvious implication is that `disgorgement' is not `equitable relief.' ” Hallam, 42 F. 4th, at 340.

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