There is little need for this in regulator-bank settlements When Judge Rakoff rejected a $285 million settlement between Citi and the Securities & Exchange Commission (SEC) in 2011, many dismissed the move as type of financial-world publicity stunt. Rakoff has long been a critic of neither-admit-nor-deny settlements, and the Citi/SEC agreement seemed to push him over the edge. Of course the bank and Commission have appealed, and of course that is still rumbling through the court system. And of course everyone expects the court to rule in favour of the appellants (a judgment is expected early this month).
April 23 2013