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

[David Morris]

Good news!

On Mon, Nov 28, 2011 at 12:50 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 12:49 PM
> Subject: News Alert: Federal Judge Blocks Citigroup's Mortgage Settlement
> With S.E.C.
>
> Breaking News Alert
> The New York Times
> Monday, November 28, 2011 -- 12:46 PM EST
> -----
>
> Federal Judge Blocks Citigroup’s Mortgage Settlement With S.E.C.
>
> 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 $28 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/?emc=na
>
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