US appeals court ruling on Citi settlement ‘too late’

Overturning judge's rejection of Citi settlement won't have much impact

us-sec
US Securities and Exchange Commission

This week, the US Federal Appeals Court overturned federal district court judge Jed Rakoff's rejection of a settlement between Citigroup and the US Securities and Exchange Commission (SEC). But the decision is too late to prevent Rakoff's ruling having an impact on similar cases, according to one legal expert.

The ruling says the district court "abused its discretion by applying an incorrect legal standard" when Rakoff refused to approve the settlement between Citigroup and the SEC in 2011. The

To continue reading...