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March 19, 2012

SEC-Citigroup Trial Delayed as Appeals Court Reviews Accord

“The U.S. Securities and Exchange Commission and Citigroup Inc. (C) won a delay in the trial of a lawsuit the agency brought against the bank while an appeals court considers a judge’s refusal to approve their $285 million settlement.”

“’The SEC and Citigroup have made a strong showing of likelihood of success in setting aside the district court’s rejection of their settlement,’” the U.S. Court of Appeal in Manhattan wrote yesterday.”

“’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,’ Dennis Kelleher, chief executive officer of Washington-based Better Markets, which seeks to improve financial-market transparency, said in an e-mail.”

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Read full Bloomberg article here.

 
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