Fed Judge Rejects Citi, SEC Settlement

NEW YORK CITY-Citing a need for transparency in the matter, a federal judge in New York has rejected a proposed $285 million settlement between Citigroup and the agency.

By Carl Gaines | November 28, 2011 at 11:39 AM

NEW YORK CITY-A New York federal judge has blocked Citigroup’s $285 million settlement with the Securities and Exchange Commission. As Bloomberg reports, the settlement had stemmed from allegations that the company had misled investors on a $1 billion mortgage investment. Citing the need for transparency, US District Judge Jed Rakoff set a July 16, 2012 trial date.

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