Citigroup Fallout And SEC’s Strategic Resource Allocations

17 February 2015
In November 2011, for neither the first nor the last time, Judge Jed Rakoff of the Southern District of New York initiated a headline-grabbing conflict with the U.S. Securities and Exchange Commission by rejecting the agency’s multimillion-dollar consent judgment with Citigroup Inc. Judge Rakoff’s target was the SEC’s long-standing “neither admit nor deny” settlement policy, which dates back to the 1970s and permits defendants to settle cases without admitting facts or the SECs’ allegations of wrongdoing.