Manhattan U.S. District Judge Jed Rakoff abused his discretion when he blocked a consent decree between the Securities and Exchange Commission and Citigroup in 2011, according to the Second Circuit.
June 05, 2014 at 12:00 AM
1 minute read
Manhattan U.S. District Judge Jed Rakoff’s refusal to approve a settlement 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.
The court said Rakoff applied the wrong standard when he blocked a consent decree between the SEC and Citigroup Global Markets over mortgage-backed securities in November 2011.
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