Forum Post: Judge Rakoff Is Back: Questions Fairness Of Citigroup's $285 Million CDO Settlement With The SEC

Judge Rakoff Is Back: Questions Fairness Of Citigroup's $285 Million CDO Settlement With The SEC

http://www.zerohedge.com/news/judge-rakoff-back-questions-fairness-citigroups-285-million-cdo-settlement-sec

Jed Rakoff is well known to frequent readers of Zero Hedge: he is the judge who nearly brought down the SEC settlement with Bank of America over the whole bonus non-disclosure issue two years ago, and where Bank of America effectively acted under the duress of Hank Paulson and Ben Bernanke. Granted at the end of the day he sided with the status quo., but this may be his chance to redeem himself. Just out from Bloomberg:

CITIGROUP'S $285 MILLION SEC SETTLEMENT QUESTIONED BY JUDGE

CITIGROUP JUDGE ASKS PARTIES TO JUSTIFY FAIRNESS OF SETTLEMENT

SEC CLAIMED CITIGROUP MISLED INVESTORS IN $1 BILLION CDO