In an opinion today, Judge Rakoff, following a remand from the Second Circuit (see our post here), relucutantly approved the $285 million SEC-Citibank settlement that he had previously rejected and that involved no admission of wrongdoing. Judge Rakoff offered a few criticisms of the Second Circuit’s decision, even as he concluded that it compelled
11 Civ. 07387
Second Circuit Reverses Judge Rakoff’s Rejection of “No Admission” SEC Settlement With Citi
By Charles Michael on
In an opinion today reversing Judge Rakoff’s highly publicized decision to reject Citi’s $285 million settlement between the SEC and Citi that involved no admission of wrongdoing, the Second Circuit held that, in reviewing consent decrees with the SEC, district courts should not address the “adequacy” of settlements:
It is an abuse of discretion to
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