Occupy Movement Files Lawsuit Against Every Federal

Occupy Movement Files Lawsuit Against Every Federal Regulator of Wall Street
If there is a common thread connecting these movements and the dire media prognostications of their demise, it is likely that when either one advances, entrenched power — and its iron grip on the wealth of a nation — loses.
The lawsuit informs the court that Dodd-Frank required that regulators adopt rules relating to this section “within nine months after the completion of a study by FSOC [Financial Stabilization Oversight Council] relating to the Volcker Rule. The FSOC completed that study in January 2011.” The complaint proceeds to explain that the legislative language “is unequivocal in setting this mandatory deadline, which the Defendants and the agencies under their control have missed.”
To bring a lawsuit of this nature, plaintiffs who have a legitimate stake in the outcome must be named on the suit. Occupy the SEC has wisely selected two individuals, Eric Taylor and Kristine Ekman, who live in Brooklyn and hold insured deposit accounts with two major Wall Street firms. That’s highly relevant because the Brooklyn residences allow this case to be filed in the Federal District Court for the Eastern District of New York rather than the Southern District that covers the Wall Street area and lower Manhattan. Wall Street has been getting extremely sweet deals in that District Court for the past two decades, raising concerns as to whether the 99 percent can ever obtain justice there.