Professors Back Rakoff In 2nd Circ. On Nixed $285M Citi Deal

Law360, New York (August 17, 2012, 7:07 PM EDT) -- A group of law professors told the Second Circuit on Friday that U.S. District Judge Jed S. Rakoff correctly rejected the $285 million mortgage-backed securities settlement between the U.S. Securities and Exchange Commission and Citigroup Inc., saying the agreement was not in the public interest.

Judge Rakoff appropriately tossed the settlement because he had insufficient facts to gauge the agreement's contribution to the public interest, according to an amici curiae brief penned by 20 law professors and submitted by Barbara Black, the director of the corporate...
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