SEC's Actions Investigating Madoff Shielded By Statute Exception, Panel Rules

SEC's Actions Investigating Madoff Shielded By Statute Exception, Panel Rules

NEW YORK - A federal district court judge did not err in dismissing a lawsuit filed by victims of Bernard L. Madoff's massive Ponzi scheme against the federal government because the Securities and Exchange Commission's conduct in investigating Madoff is shielded by the discretionary function exception of the Federal Tort Claims Act (FTCA), a Second Circuit U.S. Court of Appeals panel ruled April 10 (Phyllis Molchatsky, et al. v. United States of America, Nos. 11-2510, 11-2532, 11-3142, 11-3304, 11-3306, 11-3310, 12-472, 12-476, 12-502, 12-511, 12-518 and 12-533, 2nd Cir.; 2013 U.S. App. LEXIS 7284).

Find full version on lexis Advance®
Access this news story on lexis.com®