Fw: Corrected: News Alert: Federal Judge Blocks Citigroup's Mortgage Settlement With S.E.C.

[Keith Davis]

Yep.
On Nov 28, 2011 1:51 PM, "Mark Kohut" <markekohut at yahoo.com> wrote:

> OccupySEC
>
>  ----- Forwarded Message -----
> *From:* NYTimes.com News Alert <nytdirect at nytimes.com>
> *To:* markekohut at yahoo.com
> *Sent:* Monday, November 28, 2011 1:08 PM
> *Subject:* Corrected: News Alert: Federal Judge Blocks Citigroup's
> Mortgage Settlement With S.E.C.
>
> Breaking News Alert
> The New York Times
> Monday, November 28, 2011 -- 1:00 PM EST
> -----
>
> Federal Judge Blocks Citigroup’s Mortgage Settlement With S.E.C.
>
> Correction: An earlier e-mail alert misstated the size of the settlement.
> It was for $285 million, not $28 million.
>
> A federal judge in New York on Monday threw out a settlement between the
> Securities and Exchange Commission and Citigroup over a 2007 mortgage
> derivatives deal, saying that the S.E.C.’s policy of settling cases by
> allowing a company to neither admit nor deny the agency’s allegations did
> not satisfy the law.
>   The judge, Judge Jed S. Rakoff of the Federal District Court in
> Manhattan, ruled that the S.E.C.’s $285 million settlement, announced last
> month, is “neither fair, nor adequate, nor in the public interest” because
> it does not provide the court with evidence on which to judge the
> settlement.
>   The ruling could throw the S.E.C.’s enforcement efforts into chaos,
> because a majority of the fraud and other cases that the agency brings
> against Wall Street firms are settled out of court, most often with a
> condition that the defendant does not admit that it violated the law while
> also promising not to deny it.
>
> Read More:
>
> http://www.nytimes.com/2011/11/29/business/judge-rejects-sec-accord-with-citi.html?emc=na
>
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