SEC to appeal federal judge’s rejection of Citigroup deal
http://dervishcom.blogspot.com/2011/12/sec-to-appeal-federal-judges-rejection.html
The Securities and Exchange Commission said Thursday that it will challenge a federal judge's rejection of the agency's $285 million fraud settlement with Citigroup.
The agency is asking an appeals court to overturn the decision by U.S. District Court Judge Jed S. Rakoff in Manhattan.
In rejecting the deal, Rakoff argued that the penalty amounted to mere pocket change for Citigroup and that he had no basis to assess whether it was appropriate because the firm neither admitted nor denied wrongdoing.
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Source: http://feeds.washingtonpost.com/click.phdo?i=04268312f05e1fdbd9adba57aa880e69
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