Document ID: ./input/supremecourt_opinions/opinions/19pdf/18-1501_8n5a.pdf
Page Number: 34

Cite as:  591 U. S. ____ (2020) 

11 

THOMAS, J., dissenting 

the  Court  should  at  least  do  more  to  identify  the  circum-
stances in which the Government may keep the money.  In-
stead, the Court asks lower courts to improvise a solution.
If past is prologue, this uncertainty is sure to create oppor-
tunities for the SEC to continue exercising unlawful power. 

* 

* 

* 
I would reverse for the straightforward reason that dis-
gorgement  is not “equitable relief ” within the meaning of 
§78u(d)(5).  Because the majority acquiesces in the contin-
ued use of disgorgement under that statute, I respectfully 
dissent.