2nd Circ. Judge Grills Rakoff Atty Over Rejected Citi Deal

Law360, New York (February 8, 2013, 3:52 PM EST) -- A Second Circuit judge butted heads with an attorney for Judge Jed Rakoff during a highly anticipated court hearing Friday, claiming he didn’t appreciate the troubling implications of Rakoff’s decision to reject a $285 million U.S. Securities and Exchange Commission settlement.

During oral arguments in the SEC’s mortgage-backed securities case against Citigroup Inc., Second Circuit Judge Raymond J. Lohier sharply questioned Judge Rakoff’s November 2011 finding that the parties had not justified the settlement with sufficient evidence. At the time, Judge Rakoff criticized the SEC’s longstanding...
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