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Home » News » SEC’s $285 Million Settlement with Citigroup Over Toxic MBS Back on Track after Appeals Court Rules
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SEC’s $285 Million Settlement with Citigroup Over Toxic MBS Back on Track after Appeals Court Rules

March 23, 2012
Last week, the 2nd Circuit Court of Appeals ruled that Judge Jed Rakoff of the District Court for the Southern District of New York erred when he blocked the $285 million agreement the Securities and Exchange Commission and Citigroup struck to settle a dispute over MBS that later turned toxic when the market tanked. Market observers think it likely means the settlement is back on track, and a good sign for the market, “with sanity and certainty prevailing,” as one put it. In U.S. Securities & Exchange Commission v. Citigroup Global Markets Inc., the district court this past November refused to approve a...
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