Reuters: U.S.: Judge rules against SEC in Stanford claims case

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Judge rules against SEC in Stanford claims case Jul 3rd 2012, 16:02 WASHINGTON | Tue Jul 3, 2012 12:02pm EDT WASHINGTON (Reuters) - In a blow to the victims of Allen Stanford's $7 billion Ponzi scheme, a federal district judge ruled on Tuesday that U.S. securities regulators cannot force an industry-backed fund to start court proceedings so that victims can file claims. The Securities and Exchange Commission had sought to force the Securities Investor Protection Corp to start liquidation proceedings for the victims. SIPC argued that the law does not apply in the Stanford case. In his ruling, Judge Robert Wilkins for the U.S. District Court for the District of Columbia dismissed the SEC lawsuit, saying the agency "failed to meet its burden" of showing why SIPC should be compelled to act. (Reporting By Sarah N. Lynch; editing by John Wallace)

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