Rakoff Reversal Won't Defang Judicial Review Of SEC Deals
Law360, Washington (June 4, 2014, 8:39 PM EDT) -- The Second Circuit rebuked Judge Jed Rakoff’s historic rejection of the U.S. Securities and Exchange Commission’s settlement with Citigroup Inc. on Wednesday, but it also made clear that judges should not merely “rubber-stamp” agency settlements, issuing a clarified standard of review that experts say retains an important — if limited — role for the judiciary.
The appeals court found that Judge Rakoff had shown too little deference to the SEC in rejecting the $285 million consent decree, which allowed Citigroup to avoid any admission of wrongdoing. Crucially, it said that Judge Rakoff erred in requiring the SEC to establish the truth...
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