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Madoff Victims File Novel Class Action Against SEC

Bruce Carton | November 12, 2010

Yet another lawsuit has now been filed against the SEC for its admitted failings in the Madoff matter, but this one has a twist. According to attorney Gaytri Kachroo, who announced today that she had filed the case, the lawsuit is the first class action ever brought against the SEC. HedgeFund.net reports that Kachroo, who represented Madoff whistleblower Harry Markopolos during his congressional testimony, is seeking billions of dollars on behalf of the class.

As discussed here, at least three other cases have been filed against the SEC. In April 2010, U.S. District Judge Stephen V. Wilson dismissed one of the cases, ruling that [p]laintiffs in this case largely fail to identify any mandatory ‘policies’ or ‘practices’ that were violated in this case. Their Complaint and their...

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