US judge rejects 'inadequate' settlement between SEC and Citi
Manhattan federal judge refuses to approve SEC settlement relating to Citi's negligence over 2007 CDO
Federal judge Jed Rakoff of the US District Court in Manhattan has rejected a $285 million settlement between Citi and the US Securities and Exchange Commission (SEC) on November 28, dismissing it as being "neither fair, nor reasonable, nor adequate, nor in the public interest".
The SEC and Citi agreed on October 19 that Citi would pay $285 million to settle charges relating to a 2007 $1 billion collateralised debt obligation (CDO) that Citi's principal US broker-dealer subsidiary marketed to
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