Securities

Recent Posts

Citigroup Subprime Securities Suit Narrowed, "Principal" CDO Claims Survive
Posted on 12 Nov 2010 by Kevin M. LaCroix

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 are Drawn over the Citigroup Settlement
Posted on 10 Nov 2011 by Thomas O. Gorman

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

Dismissal Motion Denied in Massive Citigroup Subprime-Related Bondholder Action
Posted on 14 Jul 2010 by Kevin M. LaCroix

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

A Closer Look at Judge Rakoff's Rejection of the SEC's Settlement with Citigroup
Posted on 30 Nov 2011 by Kevin M. LaCroix

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

SEC – Citigroup Settlement Is Rejected by the Court
Posted on 30 Nov 2011 by Thomas O. Gorman

"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

The Citigroup Settlement: the SEC Responds to the Court
Posted on 9 Nov 2011 by Thomas O. Gorman

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 NEW ENFORCEMENT SETTLEMENT POLICY
Posted on 9 Jan 2012 by Thomas O. Gorman

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

PROTECTING INVESTORS IN THE U.S. AND ABROAD
Posted on 24 May 2012 by Thomas O. Gorman

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