Abstract
This essay previews the Supreme Court case, Sripetch v. Securities and Exchange Commission, which is set for oral argument on April 20, 2026. The Court will consider whether a showing that investors suffered pecuniary harm is a prerequisite to an award of disgorgement in a civil action brought by the Securities and Exchange Commission. There is a circuit split on this issue, and the parties’ arguments depend on the complex interplay of equitable principles, prior Supreme Court precedent, and Congressional amendments to the Securities Exchange Act. This case has the potential for far-reaching monetary impacts for defendants in SEC enforcement actions, investors eligible for disgorgement funds, the SEC’s Investor Protection Fund, and whistleblowers.