Rakoff Says SEC, Citi Want Rubber Stamp On $285M MBS Deal

Law360, New York (August 13, 2012, 11:09 PM EDT) -- U.S. District Judge Jed S. Rakoff fought back Monday against the U.S. Securities and Exchange Commission and Citigroup Inc., saying they never provided enough evidence for him to determine if their $285 million mortgage-backed securities settlement was fair and in the public interest.

In a brief filed with the Second Circuit, Judge Rakoff accused the bank and its regulator of wanting the court to merely rubber stamp their agreement despite the judge's responsibility to make an independent assessment of the fairness and reasonableness of the settlement....
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