Mealey's Securities/D&O Liability - Panel Overturns Order Rejecting $285M Settlement Between SEC, Citigroup

NEW YORK - A Second Circuit U.S. Court of Appeals panel on June 4 vacated a federal judge's order rejecting the Securities and Exchange Commission's $285 million proposed settlement with Citigroup Global Markets Inc. over alleged misstatements made regarding the investment quality of a collateralized debt obligation (CDO), ruling that the judge abused his discretion (U.S. Securities and Exchange Commission v. Citigroup Global Markets Inc., Nos. 11-5227, 11-5375 and 11-5242, 2nd Cir.).

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