'Big Short' Money Manager Sues SEC Over $1.5B CDO Case

Law360, Los Angeles (March 21, 2014, 10:22 PM EDT) -- Wing F. Chau, a money manager featured in Michael Lewis' book "The Big Short," sued the Securities and Exchange Commission in New York federal court Friday, claiming the agency violated his constitutional rights by bringing an administrative proceeding rather than a lawsuit over claims he misled investors in a $1.5 billion collateralized debt obligation.

Chau and his firm, Harding Advisory LLC, allege in the suit that the SEC has deprived them of the "various and significant procedural protections available in federal court" by bringing its case as...
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