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SEC v. Citigroup Global Markets, Inc.
United States District Court for the Southern District of New York
827 F. Supp. 2d 328, No. 11-Civ-7387 (2011)
The Securities and Exchange Commission (SEC) (plaintiff) accused Citigroup Global Markets, Inc. (Citigroup) (defendant) of misrepresenting certain securities that it sold. Citigroup and the SEC settled the case, proposing a consent judgment that required Citigroup to pay a $95 million fine and to enact compliance measures that would prevent future securities violations. In the proposed consent judgment, Citigroup neither admitted nor denied any wrongdoing. No-admit/deny settlements such as Citigroup’s were consistent with SEC policy because, in 1972, the SEC adopted a policy that explicitly allowed defendants accused of securities violation to settle a case without admitting or denying wrongdoing. The policy was favored by defendants because, in future litigation related to the alleged wrongdoing, the settlements could not be used for collateral estoppel purposes to prove wrongdoing.
Rule of Law
Holding and Reasoning (Rakoff, J.)
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