New York Federal Judge Rejects Settlement Of Citigroup Market Crisis Case

"But the S.E.C., of all agencies, has a duty, inherent in its statutory mission, to see that the truth emerges; and if it fails to do so, the Court must not, in the name of deference or convenience, grant judicial enforcement to the agency's contrivances." With these words Judge Rakoff...

2nd Circuit Rejects Judge Rakoff's Reasoning In Denying Citigroup Settlement

In a sharply worded March 15, 2012 per curiam opinion ( here ), a three-judge panel of the Second Circuit granted the motions of Citigroup and the SEC to stay district court proceedings in the SEC's enforcement action against the company, so that the appellate court could consider the merits of the...

The Week in Securities Litigation: SEC Issues Record Number Of Trading Suspensions

The Commission issued a record number of trading suspensions for one day this week as part of an on-going effort to prevent microcap manipulations. A House Committee heard testimony from the Director of the Enforcement Division on its long standing policy of settling cases on a neither admit nor deny...

Judge Preliminarily OKs $590 Million Citigroup Securities Class Action Settlement

NEW YORK - (Mealey's) A federal judge in New York on Aug. 29 granted preliminary approval of a $590 million settlement between shareholders, Citigroup Inc. and certain of its current and former executive officers and directors on claims that the defendants misrepresented Citigroup's exposure...

The Week In Securities Litigation: $600 Million Insider Trading Settlement Reached

The Second Circuit's pending decision in the Commission's Citigroup market crisis case continues to loom as Judge Marreno approved the over $600 million insider trading settlement involving SAC Capital - conditioned on the outcome of Citigroup. New Chairman Mary Jo White's former partner...

Judge Approves $730 Million Securities Settlement With Citigroup, Shareholders

NEW YORK — (Mealey’s) A federal judge in New York on August 20 granted final approval of a securities class action settlement between investors and Citigroup Inc. and others, ruling that the terms of the settlement meet the statutory guidelines ( In re Citigroup Inc. Bond Litigation , No...