Bernie Madoff became America’s poster child for financial scandal one year ago this week, though decades may pass before the mess he made is finally cleaned up. Just in time to mark this Ponzi anniversary, the Securities and Exchange Commission moved Monday to dismiss a suit by two Madoff victims who want to hold the agency accountable for failing to uncover Madoff’s scheme more quickly.
As we wrote back in October, attorneys at Herrick Feinstein sued the SEC in federal district court in Manhattan under the Federal Tort Claims Act on behalf of two Madoff investors who together lost more than $2.4 million. The suit was the first to target the government directly for alleged negligence in the face of Madoff’s long-running shenanigans, and from the beginning we wondered how the plaintiffs could overcome a sovereign immunity defense on the part of the SEC.
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