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Second Circuit Reverses Judge Rakoff’s Rejection of S.E.C.-Citigroup “No-Admit No-Deny” Settlement

Last week, a three-judge Second Circuit panel vacated U.S. District Judge Jed Rakoff’s November 2011 decision to reject a “no-admit no-deny” settlement between the US Securities and Exchange Commission (“SEC”) and Citigroup Global Markets Inc. (“Citigroup”). The Second Circuit’s decision relates to a settlement agreement in which Citigroup neither admitted nor denied the SEC’s underlying […]