Securities and Exch. Commn. v. Team Resources Inc., 2019 WL 5704525, at *4 n.4 (5th Cir. Nov. 5, 2019):
True, during the Kokesh oral argument some members of the Supreme Court questioned the source of courts’ authority to order disgorgement in civil enforcement proceedings. See, e.g., Oral Argument at 5:00, Kokesh v. S.E.C., ––– U.S. ––––, 137 S. Ct. 1635, 198 L.Ed.2d 86 (2017) (No. 16-529), https://www.supremecourt.gov/oral_arguments/audio/2016/16-529. And one scholar has argued that Kokesh “cast considerable doubt on the validity of the seemingly well-established disgorgement sanction.” Stephen M. Bainbridge, Kokesh Footnote Three Notwithstanding: The Future of the Disgorgement Penalty in SEC Cases, 56 Wash. U. J.L. & Pol’y 17 (2018). But neither oral argument questions nor academic literature constitutes an intervening change in the law that would liberate this panel from its obligation to follow circuit precedent.
