Another Judge Challenges SEC Settlement
Milwaukee Judge Randa’s objections are reminiscent of Judge Rakoff’s criticisms of the SEC’s settlement with Citigroup. Indeed, Randa cited Rakoff in his filing.
Judge Blocks, Blasts SEC-Citigroup Settlement
Judge Jed S. Rakoff on Monday rejected a settlement negotiated between the SEC and Citigroup over a $1 billion mortgage fund and said that he could not determine whether the $285 million settlement was “fair, reasonable, adequate and in the public interest.”
Citigroup to Pay $285 Million to Settle SEC Charges on CDO Deal
The SEC charged Citigroup’s principal U.S. broker-dealer subsidiary with betting against clients who invested in the CDO as the housing market showed signs of distress.
FINRA Fines Citigroup $500,000
FINRA announced Tuesday that it had fined Citigroup Global Markets Inc. $500,000 for failure to supervise a former registered sales assistant in its branch office in Palo Alto, Calif.