SEC Negligence Not Protected Under FTCA, Ponzi Victims Say

Law360, Los Angeles (December 3, 2013, 7:43 PM EST) -- Plaintiffs in a putative class action accusing the U.S. Securities and Exchange Commission of facilitating Robert Allen Stanford’s $7 billion Ponzi scheme asked the Fifth Circuit on Monday to revive the case, arguing a law barring suits over federal officials' discretionary choices did not apply.

The plaintiffs asked the Fifth Circuit to overturn a lower court’s dismissal, which ruled that the discretionary function exception of the Federal Tort Claims Act shielded the SEC from the victims' suit. The alleged decision of former SEC official Spencer Barasch...
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Case Information

Case Title

Reuel Anderson, et al v. USA


Case Number

13-30897

Court

Appellate - 5th Circuit

Nature of Suit

2360 Other Personal Liability

Date Filed

August 27, 2013

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