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The Securities and Exchange Commission cannot be sued for failing to detect Bernard Madoff’s massive Ponzi scheme, the U.S. Court of Appeals for the Second Circuit said yesterday. Plaintiff investors claimed the SEC was liable and could be sued under the Discretionary Function Exception to the Federal Tort Claims Act because the agency negligently failed to investigate Bernard L. Madoff Investment Securities after being warned in a number of complaints about the business over a 16-year period, a violation of federal statutes and regulations as well as internal agency policies.

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