Behind The Scenes Of The SEC-Citigroup Settlement Drama

Law360, New York (October 19, 2012, 3:49 PM EDT) -- The appeal of Judge Jed Rakoff’s rejection of the settlement between the U.S. Securities and Exchange Commission and Citigroup is spectacular theater. Behind the scenes, however, is a highly serious issue: Does a federal district judge have the power, as a condition to approving a consent judgment, to require an admission of liability or to otherwise impose collateral estoppel effects?

The briefing is complete. I commend it to you (if you have a couple of hours to spare); it is excellent and entertaining. Oral argument has...
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