2nd Circ. Urged To Resurrect Suit Over SEC Madoff Snafus

Law360, New York (March 14, 2013, 8:37 PM EDT) -- Investors in Bernard Madoff's Ponzi scheme asked the Second Circuit on Thursday to revive a lawsuit aimed at forcing the U.S. Securities and Exchange Commission to pay for botching multiple investigations into him.

The SEC repeatedly fouled up investigations into the fraudster, but a district judge wrongly did not let investors seek compensation from the commission, Patricia M. Graham of Herrick Feinstein LLP, a lawyer for Madoff victims, said at oral arguments in Manhattan.

The SEC has found that investigators missed chances to uncover Madoff's scheme...
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