Always great to see the SEC and the ones that commits the fraud team up! This is Team Work Ya’ll!!
Update: SEC releases Statement on 2nd Circuit Decision:
Andrew Ceresney
Director, SEC Division of EnforcementJune 4, 2014
“We are pleased with today’s ruling by the Second Circuit Court of Appeals reaffirming the significant deference accorded to the SEC in determining whether to settle with parties and on what terms. While the SEC has and will continue to seek admissions in appropriate cases, settlements without admissions also enable regulatory agencies to serve the public interest by returning money to harmed investors more quickly, without the uncertainty and delay from litigation and without the need to expend additional agency resources.”
NY Times-
A federal appeals court on Wednesday overturned a judge’s decision to reject a federal settlement deal with Citigroup, undercutting the judge’s concerns that the bank got off with little more than a slap on the wrist.
In a long-awaited 28-page opinion, a three-judge panel of the United States Court of Appeals for the Second Circuit concluded that the trial judge “abused its discretion by applying an incorrect legal standard in its review” of the case. The harsh rebuke of the judge, Jed S. Rakoff, now sets in motion a process that will most likely lead to the deal being approved.
The opinion, coming nearly three years after the bank settled the case with the Securities and Exchange Commission, represents a turning point in the debate over how to punish Wall Street misdeeds. As Wall Street remains under the federal spotlight, facing both criminal and civil scrutiny, banks looked to the Citigroup case as a barometer for the broader crackdown.
image: Justin Maxon/The New York Times
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