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Liu v. SEC: Disgorgement Is Alive and … Well? The Future of Disgorgement for the SEC and the FTC


Speaker(s): Alexander G. Brown, Elizabeth Gingold Clark, Kathleen Benway, Timothy J. Fitzmaurice
Recorded on: Jul. 27, 2020
PLI Program #: 304546

Alex Brown focuses his complex commercial litigation practice on high-stakes antitrust, intellectual property, consumer protection, and data privacy matters. Alex represents corporate plaintiffs and defendants in state and federal courts, including class actions and multidistrict litigation. He also represents his clients in international arbitration and before the International Trade Commission. Alex counsels large corporations, national membership organizations, and smaller companies in a variety of areas, including intellectual property licensing and compliance with antitrust, telecommunications, consumer protection, and data privacy regulations and guidelines. 

Before joining Alston & Bird, Alex completed a fellowship with the Office of the Georgia Capital Defenders, where he represented clients facing the death penalty at trial and on appeal.


Elizabeth Gingold Clark is a partner in Alston & Bird’s Securities Litigation Group, where she focuses her practice on representing publicly traded companies and financial institutions in securities class actions, shareholder derivative suits, M&A litigation, and government investigations and enforcement actions. 

Elizabeth received her J.D. from the University of North Carolina School of Law in 2009. While in school, Elizabeth served as a staff member for the First Amendment Law Review and vice president of the Carolina Public Interest Law Organization. During her third year, she also interned with the Honorable Wanda G. Bryant, Judge of the North Carolina Court of Appeals. Elizabeth received her B.S. in 2002 from Cornell University’s School of Hotel Administration. 

Before attending law school, Elizabeth worked in event management for both ARAMARK and Starwood Hotels & Resorts. 

Elizabeth serves as a board member of Synchronicity Theatre and is also active in pro bono matters. 


Kathleen Benway concentrates her practice on government investigations and corporate compliance related to consumer protection issues, including privacy, security, advertising, and FinTech. She supports clients in policy and rulemaking proceedings tied to the California Consumer Privacy Act, Children’s Online Privacy Protection Act, and Gramm–Leach–Bliley Act’s Safeguards Rule.

Kathleen’s experience makes her uniquely positioned to represent clients before the Federal Trade Commission (FTC) and other government agencies. She has over 12 years of senior-level experience with the FTC, including chief of staff to three directors of the Bureau of Consumer Protection (BCP), senior advisor to a former FTC commissioner, and counsel to two BCP directors, providing legal and policy advice across a range of investigations and litigation, rulemaking, and other consumer protection matters. Kathleen led investigations and prosecuted privacy, data security, and unfair and deceptive business practice cases.

Kathleen served two details as counsel to the U.S. Senate Committee on Commerce, Science, and Transportation, staffing investigations and hearings and providing advice to senators, staff, and other stakeholders on proposed legislation and policy issues. She was assistant chief in the Federal Communications Commission’s Enforcement Bureau.

Kathleen has extensive experience in higher education. In addition to serving as a financial aid director at a college in Boston, she conducted Title IV compliance audits of post-secondary schools across the country for the U.S. Department of Education.


Tim Fitzmaurice focuses primarily on securities fraud class actions, shareholder derivative suits, corporate investigations and other complex commercial litigation. He represents public company clients in a variety of industries, including the technology and financial services sectors.  

During law school, Tim was an articles and notes editor for the Fordham Law Review and the recipient of the Fordham Law School Prize. He graduated magna cum laude and was elected to the Order of the Coif. 

Tim received his B.A., summa cum laude, in philosophy from Boston College, where he was elected to Phi Beta Kappa.