On January 9, 2026, the U.S. Supreme Court granted certiorari in SEC v. Sripetch, in which Waymaker filed an amicus brief on behalf of CalALTs in support of the certiorari petition. The Supreme Court only grants certiorari about 1 percent of the time, so this was a big win for CalALTs and the Waymaker team!
The question presented in Sripetch is whether the SEC may seek disgorgement without showing investors suffered pecuniary harm. The Ninth Circuit held that pecuniary harm was not a precondition for disgorgement. In its amicus brief to the Supreme Court, Waymaker argued that this decision is inconsistent with Supreme Court precedent and would chill the alternative investment industry in the United States, particularly when applied to novel investments.
The briefing in Sripetch, including the Waymaker amicus brief, was highlighted in a recent FinOps Report article, https://finopsinfo.com/operations/outlook-2026-ccos-worry-over-supreme-court-ruling-on-disgorgement/.
CaLALTs is a San Francisco-based nonprofit promoting the California alternative investment industry. The Waymaker team on the amicus brief was partner Keri Axel, appellate specialist Becky James, and associate Viviana Andazola Marquez.