U.S. not liable for alleged SEC negligence in Stanford fraud: court

A panel of the 11th U.S. Circuit Court of Appeals in Miami said the government is entitled to sovereign immunity. Stanford's victims accused the SEC of negligence for having waited until 2009 to uncover the Ponzi scheme, despite having had evidence of it as early as 1997. "We reach no conclusions as to the SEC's conduct, or whether the latter's actions deserve plaintiffs' condemnation," Circuit Judge Julie Carnes wrote for a three-judge panel.

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