A federal judge in Washington has outlined the reasons why he dismissed a suit that sought to hold securities regulators accountable for alleged negligence rooted in the Bernie Madoff fraud scheme.
The judge, Paul Friedman of the U.S. District Court for the District of Columbia, ruled Tuesday for the U.S. Securities and Exchange Commission, throwing out a suit from victims who collectively lost more than $2 million in investments with Madoff. Similar complaints in other federal trial courts also have failed.
