Citi Can't Claim Privilege On Advice Used As Defense: SEC

Law360, New York (April 5, 2012, 8:55 PM EDT) -- The U.S. Securities and Exchange Commission told a federal judge Thursday that a former Citigroup Inc. executive sued for allegedly marketing a $1 billion collateralized debt obligation Citigroup bet against can't use legal advice as a defense while Citigroup calls relevant correspondence privileged.

The SEC asked U.S. District Judge Jed S. Rakoff to either order Citigroup to turn over documents relating to legal advice about the marketing of the so-called Class V Funding III CDO or bar former executive Brian H. Stoker from saying as a...
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