The much-anticipated Supreme Count decision for SEC v. Liu, published June 22, 2020, is a win for the SEC after a string of losses. The Supreme Court held that disgorgement award that does not exceed a wrongdoer’s net profits and is awarded for “the benefit of investors” is “equitable relief” permissible under 15 U. S. C. §78u(d)(5) and analyzed categories of equitable relief available. However, the ruling on the SEC’s authority may result in some limitations to the tools available to settle cases, and may extend litigation in unsettled cases. Therefore, while the SEC may seek disgorgement, there are more challenges ahead.