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SEC – Citigroup Settlement Is Rejected by the Court

"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...

A Closer Look at Judge Rakoff's Rejection of the SEC's Settlement with Citigroup

In a strongly worded November 28, 2011 opinion ( here ), Southern District of New York Judge Jed Rakoff rejected the proposed $285 million settlement of the enforcement action that the SEC brought against Citigroup Capital Markets. But while he emphatically rejected the proposed settlement, his opinion...