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ARTICLE · 09 JUNE 2014

Judge Rakoff Overturned: SEC-Citigroup Settlement Sent Back For Reconsideration

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The following comment was posted on the Bennett Jones‎ website on June 4, 2014.

CanadaCorporate/Commercial Law
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The following comment was posted on the Bennett Jones‎ website on June 4, 2014.

In a long-awaited decision, the United States Court of Appeals for the Second Circuit today overturned Judge Rakoff's highly controversial decision which refused to approve a $285-million settlement between the United States Securities and Exchange Commission (SEC) and Citigroup Global Markets Inc. The settlement contained no admission of liability by Citigroup to wrongdoing.

A three-member panel held that the lower court had "abused its discretion by applying an incorrect legal standard in assessing" the settlement and returned the case for reconsideration. The decision has significant implications both in Canada and the United States, which have seen considerable recent developments relating to the acceptance of no-contest settlements by securities regulators.

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