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Has the Second Circuit Mandated a Rubber Stamp Approval System for SEC Consent Decrees?



by Sally A. Clements
Coughlin Duffy LLP - Morristown Office

Suzanne C. Midlige
Coughlin Duffy LLP - Morristown Office

June 25, 2014

Previously published on June 6, 2014

In a long awaited decision, the Second Circuit Court of Appeals has overruled United States District Court Judge Rakoff’s refusal to affirm a $285 million settlement between Citigroup and the Securities and Exchange Commission (“SEC”) and has clarified the scope of the court’s review of SEC settlements. Although the Second Circuit decision is likely to curtail the recent trend of judicial activism as regards to SEC consent decrees, it does not mandate rubber stamp approvals of such settlements.


 

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Author
 
Sally A. Clements
Suzanne C. Midlige
Practice Area
 
Securities
 
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