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Elizabeth Yingling

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Elizabeth L. Yingling is a securities litigator, defending clients in SEC investigations and enforcement actions, as well as in securities class action and derivative suits. She assists broker dealers with regulatory and compliance issues, including inspections, investigations and enforcement actions instituted by the SEC, FINRA and other self-regulatory organizations. She also counsels non-U.S. based clients on U.S. securities litigation risks and risk avoidance.

On August 23, 2017, the Second Circuit issued a 2-1 opinion overruling its previous decision in U.S. v. Newman, which required proof that gifts of inside information were made to those with a “meaningfully close personal relationship” with the tipper before insider trading liability could be imposed.

On June 5, 2017, the United States Supreme Court held that the power of the SEC to take the profit out of violations of the securities laws through the remedy of disgorgement as practiced by the SEC is limited to the five-year period immediately preceding the filing of an enforcement action by the SEC because it operates as a penalty.

When the SEC seeks disgorgement, is it asking for a fine, a forfeiture, or an equitable remedy outside the reach of the current statute of limitations? On Friday, 13 January 2017, the Supreme Court in Kokesh v. SEC, No. 16-529, granted review of the Tenth Circuit’s ruling in that an…