This month, we discuss SEC v. Citigroup Global Markets,1 in which a panel of the U.S. Court of Appeals for the Second Circuit unanimously reversed a district court order refusing to approve a consent judgment between the Securities and Exchange Commission and Citigroup, concluding that the refusal constituted an abuse of discretion. Co-author Brad S. Karp represents Citigroup Global Markets in this matter.
The panel’s decision, written by Second Circuit Judge Rosemary S. Pooler and joined by Judges Raymond Lohier, Jr. and Judge Susan L. Carney, vacated the order of the district court judge and remanded the case for further proceedings in accordance with the legal standard articulated by the Second Circuit. Lohier filed a brief concurring opinion, expressing the opinion that the factual record supported a reversal and direction to enter the consent decree without further proceedings.
