The SEC has asked the 2d Circuit Court of Appeals for a stay pending appeal from the rejection of its settlement agreement with Citigroup Global Securities, and apparently has gotten it - at least until January 17. District Judge Jed Rakoff - who rejected the proposed settlement - ordered SEC to proceed to a June trial, consolidating the action with an SEC negligence claim against individual - based on the same occurrences.
Rakoff denied the stay and explained that the SEC cannot show irreparable harm from being forced to proceed to trial in a case it had agreed to settle. Joe Palazzolo explains and provides links to key documents. - GWC
As Second Circuit Holds Citi Case, Rakoff Slams the SEC - Law Blog - WSJ:'via Blog this'
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