Munger, Tolles & Olson LLP partners John W. Berry and Elaine Goldenberg, securities experts with experience in the SEC and U.S. Solicitor General's Office, discuss the appeal 'Liu v. SEC,' where defendants who ran a fraudulent investment-for-visa racket claim their $27 million disgorgement order was beyond the agency's authority.

Plus, Tom Hiltachk discusses the Cal. Supreme Court's ruling blocking a recent state law that sought to keep presidential candidates from the primary ballot unless they disclosed tax returns.