A federal judge expressed deep skepticism about a proposed $285 million civil settlement between the top U.S. market regulator and Citigroup Inc. over charges that the bank defrauded investors…. Rakoff directed the SEC and Citigroup to answer nine questions about the settlement. These go to fundamental issues such as the size of the fine imposed, why no individuals were held financially responsible, and why the SEC did not demand any admission of wrongdoing for a “serious securities fraud.”
Read more: U.S. judge skeptical of Citigroup-SEC accord — Reuters
