Has the Second Circuit Mandated a Rubber Stamp Approval System for SEC Consent Decrees?
|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.
The views expressed in this document are solely the views of the author and not Martindale-Hubbell. This document is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance.
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