Second Circuit Overturns Lower Court's Refusal to Approve SEC Settlement With Citigroup

June 19, 2014

In an eagerly anticipated decision, the U.S. Court of Appeals for the Second Circuit vacated the 2011 decision of Judge Jed S. Rakoff of the U.S. District Court for the Southern District of New York, rejecting a proposed settlement between the Securities and Exchange Commission (SEC) and Citigroup Global Markets, Inc. (Citigroup). Judge Rakoff had ruled that, because the proposed Consent Judgment, in which the SEC requested injunctive relief, lacked any proven or acknowledged facts, he was unable to determine that it was fair, reasonable, adequate and in the public interest.

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