Rakoff Reluctant To Bless $285M Citi, SEC Deal

Law360, New York (November 9, 2011, 7:44 PM EST) -- The New York federal judge reviewing Citigroup Inc.'s $285 million proposed settlement with the U.S. Securities and Exchange Commission expressed doubts Wednesday about the agreement, which some observers have said lets Citigroup off too easily for alleged misdeeds over mortgage-related securities.

Though U.S. District Judge Jed Rakoff stopped short of saying he would reject the settlement — which aims to resolve agency claims that Citigroup secretly shorted elements of about $1 billion in collateralized debt obligations it hawked — he seemed reluctant to give his unqualified blessing to the deal.

“The adversary system really doesn't operate well when the court is...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Beta
Ask a question!