Word: legalism
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Dates: during 2000-2009
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...Howard Elisofan, a partner at Herrick, Feinstein LLP and a former SEC enforcement attorney, launched a legal action against the SEC on behalf of a victim, Phyllis Molchatsky, last December. He has since filed eight similar complaints. "We're arguing that the SEC was negligent on multiple occasions for many reasons over multiple years, and had they detected the fraud a long time ago, thousands of people would not have been so gravely injured," he said...
...many legal experts see suits against the SEC as a steep uphill battle because government entities enjoy sovereign immunity. "To sue the government is a very tough proposition," says Dan Reinberg, a partner at Polsinelli Shughart PC. He adds that government entities have sovereign immunity for good reason. "The regulators are there to do a job that the public has asked them to do, and if they can be sued for negligence or mismanagement in their official function, then who's going to want to be a regulator?" he asks...
...Still, some legal eagles believe Congress could set a dangerous precedent if it approved a bailout package for Madoff victims...
...Colombia is a phantom candidate with a long shadow. Prohibited by his country's constitution from seeking a third consecutive term, Uribe, who has already won the presidency twice by landslide, is nevertheless the solid frontrunner in next year's race. And so, as he maneuvers for the legal right to run again, several rival candidates have put their campaigns...
...candidate by March 13, 2010. But there are several steps to go through before then. After Uribe signs the referendum bill, the new law must be sanctioned by the Constitutional Court, which, though dominated by pro-Uribe magistrates, could take up to five months to get through numerous legal challenges, according to Rafael Pardo, a presidential candidate for the opposition Liberal Party. Valencia Cassio, the interior minister, predicts a decision by December. But even if the court gives its seal of approval, the National Registry would then need three more months to organize the referendum. (See pictures of Colombia...