SEC To Appeal Rejection Of $285M Citigroup Deal

Law360, New York (December 15, 2011, 4:35 PM EST) -- The U.S. Securities and Exchange Commission will appeal a New York federal judge's rejection of the agency's $285 million settlement of a mortgage-backed securities case with Citigroup Inc., the agency said Thursday.

The SEC said in a filing in federal district court in Manhattan that it would appeal U.S. District Judge Jed S. Rakoff's Nov. 28 rejection of the consent decree it signed with Citigroup to the Second Circuit. Among Judge Rakoff's criticisms was that because Citigroup neither admitted nor denied any of the claims brought...
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