Saturday, December 27, 2008

No Damages in Suit vs. SEC

I didn't want to be the first to say it, but now that Professor Chemerinksy of UC Irvine School of Law has said it out loud, there is no stopping me - it seems that no one sees a viable suit for money damages against the SEC for the Madoff Mess. There just isn't a statute or rule of law that would support such a suit.

Not to mention sovereign immunity. Remember, you can't sue the King.

I wish Howard all the luck in the world with this one. If he makes it through discovery we will all be saying how innovative he was in bringing the suit, but for now, not so much.

Nice catch by Securities Docket.
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