Harry Markopolos

A Boston-based law firm announced a lawsuit Friday against the Securities and Exchange Commission on behalf of investors conned by Bernie Madoff. The suit brought by Kacheroo Legal Services seeks class-action status, and if it goes forward, it will be the first such suit ever.

As whistleblower Harry Markopolos's new book reveals, there were many warning signs when it came to Bernie Madoff's investment firm. Among them were its unbelievably consistent and high returns and the fact that investors couldn't tell anybody about their investment. Why didn't anyone but Markopolos see all the red flags?

When Bernie Madoff confessed in December 2008 that he had been running a Ponzi scheme for decades, everyone was surprised, but not Harry Markopolos and his team. Markopolos, Frank Casey, Neil Chelo and Mike Ocrant had been tracking Madoff's boldface lies for 10 years. They had, in fact, reported...

If lawyers helped get us into this mess by ignoring warnings at the SEC that Bernie Madoff was a fraud, can we use a coalition of lawyers to get us out of it? That's the idea being put forth by the Madoff Case Global Alliance of Law Firms -- an alliance of 45 law firms, and counting, representing...