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US appeals court ruling on Citi settlement ‘too late’

A US appeals court decision to overturn a judge's rejection of a settlement between the SEC and Citibank is too late to have an impact on future settlements, one legal expert says

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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

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