In a November 9, 2010 order ( here ) in the Citigroup subprime-related securities suit, Southern District of New York Judge Sidney Stein dismissed a host of allegations and a number of individual defendants. However, Judge Stein denied the motion... Read More
The battle lines have been drawn over the proposed settlement in the SEC's action against Citigroup Global Markets, Inc. SEC v. Citigroup Global Markets, Inc., Civil Action No. 1:11-cv-07387 (S.D.N.Y.) ( here ). Judge Rakoff entered an order posing... Read More
On July 12, 2010, in one of the more high-profile investor actions filed as part of the subprime securities litigation wave, Southern District of New York Judge Sidney Stein substantially denied in part the defendants' motions to dismiss in the... Read More
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... Read More
"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... Read More
On Wednesday, November 7, 2011 Judge Rakoff will hold a hearing on the proposed settlement in SEC v. Citigroup Global Markets Inc., 11 Civ. 07387 (S.D.N.Y.). This is the Commission's latest, significant market crisis case ( here ). In anticipation... Read More
The Division of Enforcement altered its long standing policy on one of its key settlement terms last week. Traditionally, the Division has permitted defendants to settle enforcement actions without admitting or denying the allegations in the complaint... Read More
The SEC faces a variety of issues in protecting U.S. investors in the capital markets of this country. Other regulators in this country and abroad face similar issues in protecting investors. A sample of recent actions from other regulators includes:... Read More