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Judge blocks Citigroup settlement With S.E.C.

Earlier this month, Judge Rakoff indicated that he had problems with the proposed settlement between the SEC and Citigroup arising from the sale of $1 billion of toxic mortgage debt.  Today he followed through, rejecting the proposed settlement and ordered a trial.

In a written opinion, Manhattan federal court judge Jed Rakoff said the proposed settlement was “neither reasonable, nor fair, nor adequate, nor in the public interest.”

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