Inside Rakoff's Rejection Of SEC-Citigroup Settlement
November 30, 2011, 6:22 PM EST
Law360, New York (November 30, 2011, 6:22 PM EST) -- U.S. District Court Judge Jed S. Rakoff’s recent opinion rejecting a proposed settlement between the U.S. Securities and Exchange Commission and Citigroup Global Markets Inc. (CGMI), the principal broker-dealer subsidiary of Citigroup Inc., could significantly affect the SEC enforcement. Simultaneously with the filing of the SEC’s complaint against CGMI (the “Complaint”), the SEC and CGMI program submitted a proposed consent judgment to Judge Rakoff.
The SEC, like many federal agencies, has long had a practice of resolving civil enforcement actions through the entry of judgments in...
Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.