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United States Securities & Exc v. Citigroup Global Markets Inc.
Case Number:
11-5227
Court:
Nature of Suit:
1850 STATUTES-Secur Comm Exchange
Companies
Sectors & Industries:
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June 04, 2014
Rakoff Reversal Won't Defang Judicial Review Of SEC Deals
The Second Circuit rebuked Judge Jed Rakoff's historic rejection of the U.S. Securities and Exchange Commission's settlement with Citigroup Inc. on Wednesday, but it also made clear that judges should not merely "rubber-stamp" agency settlements, issuing a clarified standard of review that experts say retains an important — if limited — role for the judiciary.
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June 04, 2014
2nd Circ. Vacates Rakoff Decision Nixing SEC-Citigroup Pact
The Second Circuit on Wednesday vacated U.S. District Judge Jed Rakoff's controversial 2011 decision to reject a settlement between the U.S. Securities and Exchange Commission and Citigroup Inc. in which the bank neither admitted nor denied wrongdoing, saying the judge had overstepped his authority.