Federal Judge Dismisses Lawsuit Against SEC for Failing to Notice a $65 Billion Ponzi Scheme


“The plaintiffs fail to identify any specific mandatory duty that the S.E.C. violated,” Judge Laura Taylor Swain said in her 28-page ruling, adding, “… in its numerous instances of sloppy, uninformed, irresponsible behavior.” Judge Swain urged Madoff investors who put 27 similar cases on her docket to consider whether “further proceedings are appropriate,” in light of her ruling that the SEC was incompetent but not liable. SEC FTW? [NYT]