Second Circuit Hears Arguments over Rakoff’s Rejection of SEC/Citi Deal

February 11, 2013

Lawyers for both the SEC and Citigroup tried to convince a Second Circuit panel on Friday that Judge Jed Rakoff erred in rejecting a $285 million settlement between the agency and the bank. But a lawyer appointed by the court to argue Rakoff's position maintained that the judge simply wanted more facts in order to evaluate the settlement.