Month: June 2009

Big Ponzi Scheme, Big Sentence — But Big Questions Remain

Bernard Madoff’s Ponzi scheme of the ages resulted in a sentence for the ages. Yesterday, after Mr. Madoff faced some of his victims for the first time, the court imposed the statutory maximum 150 year sentence. That sentence far exceeds

Do The Merits Matter In SEC Enforcement?

During the legislative hearings which lead to the passage of the Private Securities Litigation Reform Act of 1995 (“PSLRA”), Congress was repeatedly told that “the merits don’t matter” in private securities litigation. That settlements routinely occurred which were all out