Brown plays catch-up

California's Attorney General filed suit against Bev Hills (now NY) investment adviser Stanley Chais, who directed hundreds of millions of dollars of investments to Bernie Madoff. Brown's action, which seeks restitution for victims and at least $25 million in civil penalties, comes several months after the SEC filed a complaint against Chais in U.S. District Court in NY, alleging that he committed fraud. Brown announced the lawsuit at a news conference this morning in L.A. I'm still wondering what a state case brings to the party, and Brown's actions are bound to be interpreted as politically motivated (he's a likely candidate for governor). But who knows? (Business Journal, KPCC)