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In the Courts

By ALM Staff | Law Journal Newsletters |
July 02, 2014

SEC Settlement Discretion Affirmed in Citigroup Reversal

On June 4, 2014, Judge Rosemary Pooler of the United States Court of Appeals for the Second Circuit reversed District Court Judge Jed Rakoff's highly publicized rejection of the Securities and Exchange Commission's (SEC's) $285 million settlement with Citigroup. The case, SEC v. Citigroup Global Markets, 11-5227-CV L, 2014 WL 2486793 (2d Cir. June 4, 2014), dates back to a 2011 consent decree in which Citigroup agreed to pay a $95 million civil penalty and disgorge $190 million in realized profits and interest for allegedly misrepresenting its role in selling ' and shorting ' an investment fund collateralized by subprime mortgage securities.

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