Aug 17, 2010
Judge Refuses to Approve Citi’s Landmark $75 Million Subprime Settlement With SEC
On Monday, Washington, D.C., federal Judge Ellen Segal Huvelle, who is overseeing the Securities and Exchange Commission’s case against Citigroup, refused to approve the proposed settlement, pressed the SEC about the extent of its investigation, and asked how it determined the proposed $75 million penalty. Huvelle said she was “baffled” by the proposed pact, adding, “I look at this and say, ‘Why would I find this fair and reasonable?’ You expect the court to rubber-stamp, but we can’t.”