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Settled: Both Sides Gain in SEC’s Fight With Judge Rakoff

Bruce Carton | June 10, 2014

This month the Securities and Exchange Commission got a strong endorsement of its ability to independently reach settlements with corporate defendants.

After sitting on the case for two-and-a-half years, the U.S. Court of Appeals for the Second Circuit finally issued an opinion in favor of the SEC on its high-profile appeal involving a proposed settlement with Citigroup Global Markets.

 The SEC’s appeal followed U.S. District Judge Jed  Rakoff’s November 2011 order in which he refused to approve a $285 million agreement between the SEC and Citigroup. While the holding is a significant victory for the SEC and backs its view of how a regulatory...

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