Two Madoff Victims File Lawsuit Against The SEC

03/18/2010 05:12 am ET | Updated May 25, 2011

Two victims of Bernard Madoff's Ponzi scheme filed a federal lawsuit against the U.S. Securities and Exchange Commission on Wednesday, seeking at least the $2.4 million they lost in the fraud.

The victims, believed to be the first to sue the SEC over the $65 billion fraud, said in court papers the agency was negligent and breached its duties by failing to investigate Madoff, despite numerous warnings and tips.

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