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U.S. District Judge Laura Taylor Swain has dismissed a lawsuit filed by two of Bernard Madoff’s investors, who accused the U.S. Securities and Exchange Commission of negligence for failing to uncover Madoff’s misdeeds.
Judge Swain ruled that the plaintiffs failed to identify any statute on how the SEC should have investigated Madoff prior to his December 2008 arrest. Attorney Howard Elisofon, who represents the two investors, said he is considering what steps should be taken next to appease his clients.
Gambling911.com readers may recognize Judge Swain as the individual who ruled in favor of this website’s Motion to Intervene at the beginning stages of an investigation into Full Tilt Poker and PokerStars. The two largest online poker firms were indicted last Friday in a move that shocked the poker world.
Her ruling was precedent-setting, allowing a media company access to an ongoing investigation that would ultimately prove to cripple an entire industry, at least in the short term.
- Aaron Goldstein, Gambling911.com
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