SEC Appeals Rejection of Citigroup Settlement, Objects to ‘New and Unprecedented Standard”

Today, the SEC announced that it has filed papers seeking appellate review of Judge Rakoff’s Citigroup decision in the U.S. Court of Appeals for the Second Circuit. In a statement today, Enforcement Director Robert Khuzami stated today that the agency believes Judge Rakoff erroneously applied a “new and unprecedented standard” in “requiring an admission of facts — or a trial — as a condition of approving a proposed consent judgment.”

Read more: SEC Appeals Rejection of Citigroup Settlement, Objects to ‘New and Unprecedented Standard” — Enforcement Action

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