Madoff Investors’ Lawsuit Against U.S. Dismissed by Court
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Two of Bernard L. Madoff’s investors lost their bid to bring a $2.5 million suit against the U.S. Securities and Exchange Commission for allegedly gross negligent oversight in failing to uncover his fraudulent scheme.
U.S. District Judge Laura Taylor Swain in New York today threw out the 2009 lawsuit by investors Phyllis Molchatsky and Steven Schneider which blamed the SEC for failing to detect and end the scheme.