By Max Stendahl (June 4, 2014, 10:28 AM EDT) -- The Second Circuit on Wednesday vacated U.S. District Judge Jed Rakoff's controversial 2011 decision to reject a settlement between the U.S. Securities and Exchange Commission and Citigroup Inc. in which the bank neither admitted nor denied wrongdoing, saying the judge had overstepped his authority.
A three-judge panel vacated the November 2011 ruling and sent the case back to district court. The landmark appeal relates to the SEC's settlement with Citigroup over allegations the bank failed to disclose that it had bet heavily against a doomed $1 billion collateralized debt obligation, even as it touted the complex security to unwitting investors. Judge...
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