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Posted by Mr. Usman S. on Jun 5th, 2014 11:51am

Judge Rakoff Overturned: SEC-Citigroup Settlement Sent Back for Reconsideration
Authors: Alan P. Gardner and Usman M. Sheikh

In a long-awaited decision, the United States Court of Appeals for the Second Circuit today overturned Judge Rakoff's highly controversial decision which refused to approve a $285-million settlement between the United States Securities and Exchange Commission (SEC) and Citigroup Global Markets Inc. The settlement contained no admission of liability by Citigroup to wrongdoing.

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