Holding his nose, a federal judge in Brooklyn has approved Securities and Exchange Commission settlements with Ralph Cioffi and Matthew Tannin, the two former Bear Stearns hedge fund managers accused with great fanfare of helping to usher in the great recession….
“The court is constrained to accept the settlement,” [U.S. District Judge Frederic] Block wrote. “In doing so it notes the limited powers that Congress has afforded the SEC to recoup investor losses — as well as obstacles that it has placed in the path of litigation by the private bar — and invites Congress to consider whether more should be done by the government to come to the aid of the victims of Wall Street predators.”
via Judge ‘Reluctantly’ OKs SEC Deals with Ex-Bear Stearns Fund Managers — The Litigation Daily
