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 Citigroup Bond Litigation. A copy of the opinion...
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 to dismiss as to plaintiffs' claims regarding...
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...
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 expect as to jurisdiction. Under a revision to the...
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:
FINRA: Citigroup Global Markets was fined $3.5...