Public Interests And 'Neither Admit Nor Deny' Settlements

Law360, New York (March 29, 2012, 1:15 PM EDT) -- On March 19, the Second Circuit granted a motion by the U.S. Securities and Exchange Commission to stay the contentious district court proceedings involving the agency’s proposed settlement with Citigroup, finding that the SEC had made a strong showing of the likelihood of prevailing in its efforts to overturn Judge Jed Rakoff’s rejection of the settlement.[1] The Second Circuit’s decision is a remarkable rebuke of Judge Rakoff’s criticisms in recent years about whether SEC settlements that do not include admissions are in the public interest....
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