Federal judge's ruling could change prosecution of Wall Street


Judge Jed Rakoff's rejection of Citi's settlement with the US Securities and Exchange Commission (SEC) could provoke a change in the way such cases are handled, experts say.

Rakoff refused to approve a $285 million settlement between Citi and the SEC on November 28 concerning Citi's alleged mishandling of a $1 billion collateralised debt obligation (CDO), dismissing it as being "neither fair, nor reasonable, nor adequate, nor in the public interest".

He expressed concern over the SEC's 40-year

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Investment banks: the future of risk control

This Risk.net survey report explores the current state of risk controls in investment banks, the challenges of effective engagement across the three lines of defence, and the opportunity to develop a more dynamic approach to first-line risk control

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