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March 15, 2012

Appeals Court Ruling Shows Need For Further Examination of SEC-Citigroup Settlement

Statement from Better Markets President and CEO Dennis Kelleher on the Second Circuit Court of Appeals ruling in the SEC-Citigroup settlement case:

“The New York Circuit Court’s decision today allowing the SEC to appeal the district court decision was not on the merits.  But, in allowing the appeal, the court recognized that it raises major questions of national importance that should be further examined. There are two key issues presented by this case: how a district court judge can meaningfully review SEC settlements and whether this particular settlement with Citigroup serves the public interest.  We continue to believe Judge Rakoff got it right in rejecting this settlement and are confident that the circuit court, when it hears the case on the merits, will conclude that the SEC and settling parties must present significantly more information to evaluate a proposed settlement. That is the only way a court can do its job and not just be a rubber stamp.”

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