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 of the hearing, and in response to a series of...
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 a series of questions to the parties ( here ...
"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...
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...