The Second Circuit panel said Judge Rakoff applied the wrong standard when he blocked the consent decree, which he criticized as the latest in a series of cases in which the SEC alleged serious securities fraud for which the defendant admitted no wrongdoing.
June 05, 2014 at 12:00 AM
1 minute read
Southern District Judge Jed Rakoff’s denial of a settlement agreement between the Securities and Exchange Commission and Citigroup in 2011 was vacated Wednesday morning by the U.S. Court of Appeals for the Second Circuit.
A three-judge panel said Rakoff (See Profile) applied the wrong standard when he blocked a consent decree between the SEC and Citigroup Global Markets over mortgage-backed securities on Nov. 28, 2011, and set a trial date.
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