FBN sues SEC

The FOX Business Network is reporting that it has filed a lawsuit against the Securities and Exchange Commission. The lawsuit alleges the SEC failed to respond to FBN's request for information regarding "the potential violations of the securities laws or any other potential wrongdoing by R. Allen Stanford, or Stanford Financial Group and/or its affiliates" under the Freedom of Information Act. The initial FOIA request was filed on Feb. 26. FBN's initial request "included, but was not limited to, the SEC's response to complaints, tips or information and any resulting audits, inquiries and investigations."

Executive Vice President of FOX News Kevin Magee said the latest lawsuit is part of the network's ongoing effort to "demand government accountability" and protect the "public's right to know how these economic atrocities were committed." Magee noted, "It is unacceptable that titans like R. Allen Stanford or Bernard Madoff were able to operate such massive financial frauds under the nose of institutions like the SEC." 

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