The landmark decision by the U.S. Supreme Court (Court) in Sripetch v. SEC represents the latest chapter in the Court’s ongoing examination of the SEC’s disgorgement authority. On June 4, 2026, the Court unanimously held that the SEC can seek disgorgement as a remedy for securities fraud without showing that the investors or “victims” suffered pecuniary harm. Although the decision is unquestionably a victory for the SEC, it is not the sweeping endorsement of the Commission’s disgorgement powers that some headlines may suggest. This guest article by Nelson Mullins partner Benjamin Lajoie discusses Sripetch, explores how the decision fits within the evolving securities enforcement landscape and explains why it is important for fund managers to consider the decision when evaluating enforcement risk, responding to investigations and making strategic decisions concerning settlement and litigation. See “Recalibrating Securities Enforcement and Risk: What Fund Managers Should Know About the Shifting Legal Landscape” (Jan. 15, 2026).