As Khuzami And Columbia Prof. Trade Barbs, Attys Pick Sides

By Max Stendahl (January 18, 2013, 6:48 PM EST) -- U.S. Securities and Exchange Commission top cop Robert Khuzami hasn't made many friends in the securities bar, but defense attorneys have his back in an ongoing public feud with a Columbia professor who wants the agency to outsource major fraud cases to private counsel.

The first shot was fired by John Coffee, a prominent securities academic. At a securities industry conference in December, he said the agency could overcome its persistent lack of funding by hiring private firms to pursue major cases, including those against banks and executives involved in the financial crisis.

Under the proposal, the SEC would conduct initial...

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