Judge dismisses suit by Madoff investors against SEC

Some investors went after the Securities and Exchange Commission in a civil suit, claiming the agenyc failed to protect them by taking action against Bernie Madoff. It didn’t go their way, exactly. Ashby Jones at the Wall Street Journal says “a federal judge on Tuesday dismissed the suit, which alleged the SEC had acted with ‘gross negligence.’ U.S. District Judge Laura Swain ruled that the plaintiffs had failed to ‘identify any specific, mandatory duty that the SEC violated,’” but at the same time, she ripped the agency, “calling its behavior ‘sloppy,’ ‘uninformed,’ and ‘irresponsible.’”

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