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April 11, 2013

Court Expresses Antipathy for S.E.C. in Handling of Madoff Case

A federal appeals court ruled on Wednesday that Bernard L. Madoff’s investors cannot sue the Securities and Exchange Commission for not uncovering his fraud, but at the same time blasted the agency for its failings.

“‘Despite our sympathy for plaintiffs’ predicament (and our antipathy for the S.E.C.’s conduct),’ the investors claims are barred because of a law protecting government agencies from lawsuits related to their use of investigatory powers, the United States Appeals Court for the Second Circuit said.

Notwithstanding the S.E.C.’s “regrettable inaction,” the court added, the commission is shielded from a negligence suit. The ruling upheld the 2011 dismissal of the case by the trial court judge in 2011.”

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Read full New York Times article here

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