On April 22, 2021, the United States Supreme Court unanimously ruled that § 13(b) of the Federal Trade Commission Act does not permit the Federal Trade Commission (FTC) to seek, or a court to award, equitable monetary relief (e.g., restitution or disgorgement). This decision denies the FTC one of its most important enforcement tools, one that had frequently been used in both consumer protection and antitrust litigations. Our team of antitrust, regulatory, and consumer protection lawyers review the decision and how companies will be impacted in this in-depth report.