Judge rejects $285M Citigroup settlement, says the case should go to trial so the public can know the truth

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Judge rejects $285M Citigroup settlement, says the case should go to trial so the public can know the truth

Judge rejects $285M Citigroup settlement, says the case should go to trial so the public can know the truth

Get all these cases away from the regulators reach and into the hands of the people.

One by one they all will go down.

Seek the Truth.

 AP-

A federal judge in New York has struck down a $285 million settlement that Citigroup reached with the Securities and Exchange Commission, citing a need for truth about the financial markets.

Judge Jed Rakoff rejected the settlement Monday. The deal would have imposed penalties on Citigroup even as it allowed the company to deny allegations that it misled investors on a complex mortgage investment. The SEC has accused the bank of betting against the investment in 2007 and making $160 million, while investors lost millions.

The judge wrote that there is an overriding public interest in knowing the truth about the financial markets. He set a July 16 trial date for the case.

[ASSOCIATED PRESS]

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