SEC files Notice of Appeal from Rakoff Rejection of Settlement

Robert Khuzami,  Director of Enforcement at the SEC issued today a statement and notice of appeal from the decision of Judge Jed Rakoff rejecting the SEC's proposed settlement with Citigroup.  The SEC Director said, in part:

The court’s new standard is at odds with decades of court decisions that have upheld similar settlements by federal and state agencies across the country. In fact, courts have routinely approved settlements in which a defendant does not admit or even expressly denies liability, exactly because of the benefits that settlements provide.