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Court Approves SEC Settlement In Citgroup – But Questions Remain

Two cases in recent months have peered into the SEC's normally opaque charging and settlement processes and raised disturbing questions. Bank of America , resolved earlier this year took repeated hearings to secure approval of the SEC's settlement with the Bank. The case was significant,...

The Battle Lines are Drawn over the Citigroup Settlement

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 ...

A Very High Stakes Gamble

The SEC and Judge Rakoff are squaring off in what can only be viewed as a very high stakes game of poker. At the center of the battle is the question of whether Judge Rakoff acted within his discretion in refusing to enter the settlement the Commission negotiated with Citigroup Global Markets, Inc...

Neither Admit Nor Deny Is Not the Issue in SEC Settlements

The SEC's long established settlement practice of resolving enforcement actions without requiring an admission of liability - that is, on a neither admit nor deny basis - came under scrutiny again last week. On May 17, 2012 a House Committee held hearings on the question. Earlier in the week...