Posts tagged consent decree.
On June 4, 2014, the United States Court of Appeals for the Second Circuit vacated and remanded a November 28, 2011 order from the United States District Court for the Southern District of New York refusing to approve a consent decree entered into by the Securities and Exchange Commission ("SEC") and Citigroup Global Markets, Inc. ("Citigroup") and setting the case for trial. In doing so, the Second Circuit held that the proper standard for reviewing a consent decree with an enforcement agency requires that a district court: "determine whether the proposed consent decree is fair and ...
Posted in: SEC
I recently wrote about Judge Rakoff's refusal to enter the SEC's proposed consent decree in SEC v. Citigroup Global Markets, Inc., 827 F. Supp. 2d 328 (SDNY 2011) - and the shift in SEC enforcement policy that it prompted. Burr blog here, (April 17, 2014); Law360 Securities article here, (June 2, 2014). On June 4, the Second Circuit reversed the Citi ruling, holding the District Court "abused its discretion by applying an incorrect legal standard." United States Securities & Exchange Comm'n v. Citigroup Global Markets, Inc., Nos. 11-5227-cv(L); 11-5375-cv(con); ...
Posted in: SEC