Law360, New York (November 28, 2011, 1:06 PM EST) -- With Judge Jed S. Rakoff’s stinging rejection of the U.S. Securities and Exchange Commission's $285 million mortgage-backed securities settlement with Citigroup Inc. on Monday, the agency will now have a far tougher standard to meet for no admit, no deny deals going forward, attorneys say.
The SEC and Citigroup agreed in October to settle a case over the packaging and sale of a collateralized debt obligation stuffed with subprime mortgages that the company allegedly knew would fail, all the while making a side-bet against the securities.
But while the two sides tentatively reconciled for $285 million, Judge Rakoff refused to go...
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!