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November 28, 2011 at 10:51 AM
NEW YORK (AP) — The Securities and Exchange Commission is defending its $285 million settlement with Citigroup after a New York judge struck down the deal.
SEC Enforcement Director Robert Khuzami said in a statement that Judge Jed Rakoff made too much in a ruling Monday out of the fact that Citigroup was not required to admit any wrongful conduct in the deal.
Khuzami says forcing Citigroup to give up its profits and the imposition of financial penalties and mandatory business reforms outweigh the absence of an admission.
