Federal judge's ruling could change prosecution of Wall Street

Gavel

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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