9th Circ. Shoots Down Madoff Investors' Suit Against SEC

Law360, New York (January 28, 2013, 4:46 PM EST) -- The Ninth Circuit on Monday affirmed a California federal court's decision to toss a lawsuit brought by investors who said U.S. Securities and Exchange Commission investigators should have done more to stop Bernard L. Madoff's Ponzi scheme — and spent less time browsing porn sites.

A three-judge panel ruled the lower court correctly concluded it lacked jurisdiction in the case, finding the appellants' claims — that the SEC's “incompetence” foiled its ability to stop Madoff sooner — fell within the “discretionary function” exception to the United...
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