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JUDGE REJECTS 285-MILLION SETTLEMENT BETWEEN SEC CITIGROUP

December 6, 2011

Federal Judge Jed Rakoff in his order criticizes the SEC for its 'relatively modest' punishments on big Wall Street banks for wrongdoing during the financial crisis and describes the proposed settlement amount as 'pocket change to any entity as large as Citigroup.' A federal judge in New York issued a stern challenge to the government's recent history of imposing "relatively modest" punishments ...



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