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Browse: Home / 2011 / April / 20 / Madoff investors’ lawsuit against SEC tossed

Madoff investors’ lawsuit against SEC tossed

By Securities Docket on April 20, 2011, 11:04 pm

A federal judge dismissed a lawsuit by two of Bernard Madoff’s former customers accusing the U.S. Securities and Exchange Commission of negligence for failing to uncover the now-imprisoned swindler’s Ponzi scheme….

“Scandalous and outrageous as plaintiffs’ allegations are, plaintiffs fail to identify any specific, mandatory duty that the SEC violated in its numerous instances of sloppy, uninformed, irresponsible behavior,” the judge wrote.

Read more: Madoff investors’ lawsuit against SEC tossed — Reuters

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Posted in SD Insider, SEC, Top | Tagged Regulators

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